Microsoft Corp. said Wednesday that its profit for the October-December quarter grew 10% from the same time last year as it works to capitalize on the huge amounts of money it has spent to advance its artificial intelligence technology.

The tech giant’s revenue was up 12 percent to $69.6 billion, but investors are showing their nerves after a long boom for tech stocks.

Building and operating AI systems is costly, and Microsoft has said it plans to spend 80 billion dollars (£64.38 billion) this year as it expands its global network of energy-hungry computing centres and supplies them with specialised chips to train and run AI models.