It’s hard to imagine Microsoft turning in a better earnings report.

Not only did the tech giant post strong growth in its AI-powered Azure cloud-computing business, it also refrained from raising its capex-spending forecast.

Investors went nuts over the report, pushing Microsoft shares up as much as 16%. The stock is currently on pace for its biggest single-day jump since 2008.

Microsoft’s market success did well to lay out a blueprint for hyperscalers hoping to get investors excited again: Show that you’re starting to monetize AI, and don’t revise your spending projections upward. If you do that, investors will reward you.