Microsoft Corp. said it will spend more than $30 billion in the current quarter to build out the data centers powering its artificial intelligence services.

Microsoft plans to invest more than $30 billion in capital spending next quarter —a new high — to meet surging AI and cloud demand.

Microsoft's Azure cloud-computing business delivered another quarter of blockbuster growth on Wednesday, powering revenue above Wall Street's expectations and showcasing the growing returns on its massive artificial intelligence bets.