New Delhi, Aug. 1 -- For nearly two years, the biggest question hanging over the artificial intelligence (AI) boom has been whether Big Tech's massive spending spree would eventually translate into stronger earnings or simply become an expensive race for market share. Microsoft's and Amazon's latest quarterly results suggest investors may finally be getting their answer.

Both technology giants delivered stronger-than-expected cloud growth while making one message abundantly clear: AI demand is no longer the problem-capacity is. The earnings not only eased concerns over returns on AI investments but also reinforced the view that artificial intelligence is emerging as the next major growth engine for the technology sector.

Microsoft repor...