Shares of data-center equipment providers jumped in the extended session Wednesday after Facebook parent Meta Platforms Inc. hiked its capital expenditure budget. Nvidia Corp. shares rallied 3.9% after hours, while Advanced Micro devices Inc. shares rose 2.4%, Marvell Technology Inc. shares surged 3.8%, and Intel Corp. shares rose 1%. In its earnings report, Meta said it expects 2022 capex of $32 billion to $33 billion, up from the prior range of $30 billion to $34 billion. For 2023, Meta expects capex in the range of $34 billion to $39 billion, “driven by our investments in data centers, servers, and network infrastructure,” and that an “increase in AI capacity is driving substantially all of our capital expenditure growth in 2023.”
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