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At Aquinore. UK. Good morning from the Financial Times. Today is Wednesday, July 31st, and this is your

F.T. News briefing. You can add Microsoft to the Big Tech sell-off, and Pakistan's banks are celebrating big profits

while their country is in an economic crisis.

Plus, the cost of renting luxury office space in Miami hit a record high.

I'm Sonia Hudson, and here's the news you need to start your day. Microsoft reported earnings yesterday and the results made investors even more

nervous about the future of artificial intelligence.

The company's overall revenue and net income both beat estimates. Its AI-fueled

Cloud Division however grew slightly less than investors expected.

That may not sound all that bad on the surface, but Wall Street has already been skittish about big tech stocks during the past several weeks.

There's a lot of scrutiny right now over whether companies like Microsoft can turn AI excitement into sales and profits.

Its stock fell as much as 8% in after hours trading. Luxury office space in Miami is a hot commodity right now.

Businesses are migrating south and rents are smashing market records, which is pretty

much the complete opposite of every other story about commercial real estate

we've heard since the pandemic. Here to explain what's got

people so excited about Miami is the FT's Madison Derbyshire. Hi Madison.

Hi, thanks for having me. So just give us some numbers here on Miami Office Rent.

How high are we talking?

So on Monday, we learned about a mid-sized Brazilian bank

that had signed the final lease in this kind of

premier property. It's called 830 brickle for close to $200 per square foot, which is

...