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Microsoft Soars, Meta Sinks as AI Spending Splits the Titans

By Oliver BennsJuly 30, 2026

Microsoft and Meta delivered opposite verdicts on the AI buildout. Microsoft grew revenue 18% and profits 32%, with Azure accelerating to 43% growth and $20bn of free cash flow in the quarter, sending the stock up as much as 7% after hours. Meta grew revenue 28% but profits fell 13% as costs jumped 55%, dragging operating margin from 43% to 31% and the stock down 11% after hours. Capex is still climbing at both, but only one is funding it from cash flow.

Fed Holds Rates, Bond Market Calls the Bluff

The Federal Reserve held rates steady in a 9-3 vote, with three officials dissenting in favour of a hike. The 30-year Treasury yield jumped to 5.21%, its highest since 2007, and the Dow fell 1,100 points in its worst session since April. Markets cut the odds of further hikes this year while lifting break-even inflation expectations, suggesting a higher bar for tightening even as inflation runs above target.

FIFA Spins Out Commercial Arm at $20bn Valuation

FIFA plans to sell a 20% stake in a new vehicle, FIFA Forward Enterprise, that houses its media and commercial rights, at a valuation of around $20bn. The move routes around FIFA's nonprofit charter, which bars dividends and requires funds to be spent on promoting football. UEFA has publicly opposed the deal; JP Morgan is advising, with Josh Kushner expected to lead the investor group.