Microsoft’s AI spending and disappointing cloud growth overshadow strong profits
Revenue rises 17% to a record $81bn, but 66% surge in capital expenditures revives debate about returns on vast AI costs
Fintech PicPay owned by Batista beef barons valued at $2.5bn in New York IPO
Brazilian digital lender raised $434mn in Nasdaq flotation
Letter: How to stop battlefield drone innovation leaking to the enemy
From Srdjan Kovacevic, Co-founder and CEO of Orqa, Osijek, Croatia
Letter: A scandal that ruined the Ulysses S Grant presidency
From Luke Popovich, Washington, DC, US
Letter: ‘The Star-Spangled Banner’ now just makes me tear up
From Jade Wu, Naples, FL, US
Letter: In age of AI, what should a university course give you?
From Tom Schuller, London N19, UK
Correction: Matt Goodwin
Matt Goodwin studied for his PhD at the University of Bath, not Manchester as wrongly stated in an article on January 28. He grew up in St Albans, not Manchester as also wrongly stated
S&P 500 tops 7,000 for first time
Optimism over earnings powers Wall Street rebound from Greenland crisis
How Singapore Inc became a safe place for investors
The city-state’s stocks have had their best year in a decade on bets they are a relative haven amid geopolitical turmoil
UK vehicle output hits lowest since 1950s as companies weigh defence shift
Sharp drop in production caused by fall-off in exports prompts carmakers to contemplate diversifying
Bishop Sarah Mullally becomes first woman to lead Church of England
FT Crossword: Number 18,280
Trump officials met group pushing Alberta independence from Canada
Separatists from oil-rich province try to capitalise on friction between White House and Mark Carney
Meta’s record sales boost shares 10% despite massive spending plans
Strong earnings appear to quiet demands from Wall Street to justify up to $135bn in capital expenditures
Meta and its peers are everything, everywhere, all of the time
Five big tech titans make up over 40% of the capital expenditure of the S&P 500
Tesla trims car line-up in pivot to AI as annual revenue falls for first time
Elon Musk’s electric-car maker invests $2bn in the billionaire’s xAI
US crypto industry raises record war chest for midterm election campaigns
Fairshake political action committee has amassed $193mn to support candidates sympathetic to the sector
Carvana shares plummet 14% after report by short seller Gotham
Firm questions related-party arrangements as online auto dealer surged in profitability
UK and China to share intelligence over people traffickers in the Channel
Prime minister hopes pact will help Britain tackle gangs bringing migrants from France in small boats
Apollo real estate trust sells $9bn loan book to group’s insurer
Listed commercial property vehicle had languished on public markets
FirstFT: Starmer vows ‘pragmatic’ approach during China trip
Also in today’s newsletter: Ford’s controversial relationship with China’s CATL, and the Fed holds rates
Federal Reserve signals no rush to cut rates as economy powers ahead
Chair Jay Powell says robust growth and steadying jobs market show borrowing costs are not ‘restrictive’
Metals surge boosts value of mining groups by almost $500bn
Moves fuelled by surge in prices of precious and base metals triggered by heightened geopolitical tensions
Universal basic income needed to cushion blow from AI job losses, says UK minister
Lord Jason Stockwood had previously suggested that tech companies could pay a windfall levy to fund the payments