Marc Filippino

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This has been your daily FT News Briefing.

Check back next week for the latest business news.

Good morning from the Financial Times.

Today is Thursday, April 30th, and this is your FT News Briefing.

Investors don't love Meta's plans for AI, and the special relationship between the US and the UK held up this week.

Plus, shouldn't war be good for defense stocks?

The adage goes, you buy the tension and you sell the war.

I'm Mark Filippino, and here's the news you need to start your day.

Meta reported quarterly earnings yesterday, and things looked pretty good on the surface.

Revenues jumped 33% in the first quarter year on year.

That beat Wall Street expectations.

And what's more, Meta expects revenues to rise this quarter.

But the tech giant lost the crowd when it started talking about plans for artificial intelligence.

Meta said it's going to expand its AI spending spree this quarter.

The company raised its expected capital expenditure for this year to be as much as $145 billion.

That ceiling is $10 billion higher from what Meta shared last quarter.

Investors weren't too thrilled with this.

Meta's share price dropped in after-hours trading.

Jay Powell gave his final press conference as chair of the Federal Reserve yesterday, but he's probably not leaving the U.S.