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 U.S. 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 Filipino, 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 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. Central Bank anytime soon.

I welcomed the announcement last Friday by the U.S. Attorney for the District of Columbia

that she had closed the criminal investigation.

He's referring there to U.S. prosecutors dropping a criminal probe against him.

It was related to cost overruns in a Fed building project.

But over the weekend,

U.S. Attorney Janine Piro said she would not hesitate to restart the investigation.

I've said that I will not leave the board until this investigation is well and truly over with transparency and finality. And I stand by that. After my term as chair ends on May 15, I will continue to serve as a governor

for a period of time to be determined. In the meantime, Powell's successor, Kevin Warsh,

cleared yet another hurdle yesterday on the road to taking up the mantle at the Fed. The Senate

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