Meta Platforms also reported earnings after Wednesday’s close. Coming into the earnings, the option market had priced the straddle at 42 points, or 6% of the stock price. That straddle price was cheaper than six of the past 10 post-earnings moves by Meta — meaning that the odds were theoretically slightly in favor of buying the straddle.

Microsoft’s market capitalization climbed past the $4 trillion mark on Thursday morning following a spectacular set of quarterly earnings that underscored the company’s dominance in the artificial intelligence landscape. It highlights big tech’s growing influence on markets and the economy.