Strong reports from Microsoft and Meta amid AI boom; Meta stock falls

Global stock markets are experiencing an "AI frenzy," with major tech companies like Microsoft and Meta reporting robust earnings that have surpassed analyst expectations. Microsoft announced a profit of $90 billion, exceeding the anticipated $87.6 billion, while Meta's profit hit $60.8 billion against a forecast of $60.2 billion.

Despite Meta's overall profit exceeding expectations, its earnings per share came in lower than anticipated at $6.18, leading to a decline in its stock value in after-hours trading. The strong financial results from these tech giants come at a time when artificial intelligence is significantly influencing the performance of various global stock exchanges.

In other financial news, the U.S. Federal Reserve decided to maintain its benchmark interest rate at the current range of 3.5–3.75 percent, a level held since December. This decision saw three out of twelve committee members voting against it, advocating for a rate hike. Meanwhile, FIFA is facing criticism over its plan to create a new subsidiary to sell stakes in the World Cup. FIFA President Gianni Infantino described the plan as a "consultative process" and an "opportunity, not an obligation," but it has drawn strong objections from organizations like UEFA and the Swedish Football Association.

“

It is part of a democratic process – a consultation process – and above all it is an opportunity, but not an obligation.