SAN FRANCISCO — Despite doubts about a bubble, tech companies are doubling down on artificial intelligence spending, expanding a boom that is powering the stock market at a time of uncertainty.

Tech giants including Google, Meta, Amazon and Microsoft are ramping up their spending, investing billions on infrastructure, including data centers, that will expand their capacity to power AI software.

The U.S. stock market rose on Friday following strong results from Apple and Amazon. Amazon shares soared 12 percent after the company reported strong quarterly earnings, including that cloud sales had grown 20 percent to $33.0 billion. The S&P 500 rose nearly 0.5 percent, while the Nasdaq composite index advanced nearly 1 percent.

Amazon CEO Andy Jassy said Thursday the company would accelerate

See Full Page