Microsoft is set to soar past $4 trillion in market valuation for the first time on Thursday, as a burst of investor confidence in its booming Azure cloud division helps the tech behemoth become the second company after Nvidia (NASDAQ:NVDA) to surpass the milestone.

The software company forecast a record $30 billion in capital spending for the current fiscal first quarter and reported booming sales in its Azure cloud computing business on Wednesday.

Shares of Microsoft (NASDAQ:MSFT) were up 8.6% at $557.34 in early premarket trading, valuing it at $4.14 trillion.