diff --git a/.pre-commit-config.yaml b/.pre-commit-config.yaml
index 1291aa0ae4e..81dc7337ff6 100644
--- a/.pre-commit-config.yaml
+++ b/.pre-commit-config.yaml
@@ -33,7 +33,7 @@ repos:
     hooks:
       - id: flake8
         additional_dependencies:
-          - flake8-bugbear
+          - flake8-bugbear==24.2.6
           - flake8-comprehensions
           - flake8-simplify
         exclude: ^src/blib2to3/
diff --git a/CHANGES.md b/CHANGES.md
index 0820670feb3..a5933af55ba 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -6,10 +6,14 @@
 
 <!-- Include any especially major or disruptive changes here -->
 
+- Add support for the new Python 3.12 f-string syntax introduced by PEP 701 (#3822)
+
 ### Stable style
 
 <!-- Changes that affect Black's stable style -->
 
+- Fix crash involving indented dummy functions containing newlines (#4318)
+
 ### Preview style
 
 <!-- Changes that affect Black's preview style -->
@@ -46,6 +50,8 @@
 
 <!-- For example, Docker, GitHub Actions, pre-commit, editors -->
 
+- Github Action now works even when `git archive` is skipped (#4313)
+
 ### Documentation
 
 <!-- Major changes to documentation and policies. Small docs changes
diff --git a/action/main.py b/action/main.py
index 2258b5baade..2b347e149cb 100644
--- a/action/main.py
+++ b/action/main.py
@@ -19,6 +19,7 @@
 
 BLACK_VERSION_RE = re.compile(r"^black([^A-Z0-9._-]+.*)$", re.IGNORECASE)
 EXTRAS_RE = re.compile(r"\[.*\]")
+EXPORT_SUBST_FAIL_RE = re.compile(r"\$Format:.*\$")
 
 
 def determine_version_specifier() -> str:
@@ -135,7 +136,11 @@ def find_black_version_in_array(array: object) -> Union[str, None]:
     # expected format is one of:
     # - 23.1.0
     # - 23.1.0-51-g448bba7
-    if describe_name.count("-") < 2:
+    # - $Format:%(describe:tags=true,match=*[0-9]*)$ (if export-subst fails)
+    if (
+        describe_name.count("-") < 2
+        and EXPORT_SUBST_FAIL_RE.match(describe_name) is None
+    ):
         # the action's commit matches a tag exactly, install exact version from PyPI
         req = f"black{extra_deps}=={describe_name}"
     else:
diff --git a/docs/requirements.txt b/docs/requirements.txt
index 3bc058a0721..a5f5e1d80ce 100644
--- a/docs/requirements.txt
+++ b/docs/requirements.txt
@@ -1,7 +1,7 @@
 # Used by ReadTheDocs; pinned requirements for stability.
 
 myst-parser==2.0.0
-Sphinx==7.2.6
+Sphinx==7.3.7
 # Older versions break Sphinx even though they're declared to be supported.
 docutils==0.20.1
 sphinxcontrib-programoutput==0.17
diff --git a/src/black/__init__.py b/src/black/__init__.py
index 6f0e128f56c..6ba49d5ef2d 100644
--- a/src/black/__init__.py
+++ b/src/black/__init__.py
@@ -69,13 +69,7 @@
 from black.mode import FUTURE_FLAG_TO_FEATURE, VERSION_TO_FEATURES, Feature
 from black.mode import Mode as Mode  # re-exported
 from black.mode import Preview, TargetVersion, supports_feature
-from black.nodes import (
-    STARS,
-    is_number_token,
-    is_simple_decorator_expression,
-    is_string_token,
-    syms,
-)
+from black.nodes import STARS, is_number_token, is_simple_decorator_expression, syms
 from black.output import color_diff, diff, dump_to_file, err, ipynb_diff, out
 from black.parsing import (  # noqa F401
     ASTSafetyError,
@@ -91,7 +85,6 @@
     sanitized_lines,
 )
 from black.report import Changed, NothingChanged, Report
-from black.trans import iter_fexpr_spans
 from blib2to3.pgen2 import token
 from blib2to3.pytree import Leaf, Node
 
@@ -1265,7 +1258,10 @@ def _format_str_once(
     elt = EmptyLineTracker(mode=mode)
     split_line_features = {
         feature
-        for feature in {Feature.TRAILING_COMMA_IN_CALL, Feature.TRAILING_COMMA_IN_DEF}
+        for feature in {
+            Feature.TRAILING_COMMA_IN_CALL,
+            Feature.TRAILING_COMMA_IN_DEF,
+        }
         if supports_feature(versions, feature)
     }
     block: Optional[LinesBlock] = None
@@ -1337,15 +1333,14 @@ def get_features_used(  # noqa: C901
         }
 
     for n in node.pre_order():
-        if is_string_token(n):
-            value_head = n.value[:2]
-            if value_head in {'f"', 'F"', "f'", "F'", "rf", "fr", "RF", "FR"}:
-                features.add(Feature.F_STRINGS)
-                if Feature.DEBUG_F_STRINGS not in features:
-                    for span_beg, span_end in iter_fexpr_spans(n.value):
-                        if n.value[span_beg : span_end - 1].rstrip().endswith("="):
-                            features.add(Feature.DEBUG_F_STRINGS)
-                            break
+        if n.type == token.FSTRING_START:
+            features.add(Feature.F_STRINGS)
+        elif (
+            n.type == token.RBRACE
+            and n.parent is not None
+            and any(child.type == token.EQUAL for child in n.parent.children)
+        ):
+            features.add(Feature.DEBUG_F_STRINGS)
 
         elif is_number_token(n):
             if "_" in n.value:
diff --git a/src/black/linegen.py b/src/black/linegen.py
index 6a9c8b57ca0..98bffcc1366 100644
--- a/src/black/linegen.py
+++ b/src/black/linegen.py
@@ -37,6 +37,7 @@
     WHITESPACE,
     Visitor,
     ensure_visible,
+    fstring_to_string,
     get_annotation_type,
     is_arith_like,
     is_async_stmt_or_funcdef,
@@ -152,11 +153,6 @@ def visit_default(self, node: LN) -> Iterator[Line]:
 
             if any_open_brackets:
                 node.prefix = ""
-            if self.mode.string_normalization and node.type == token.STRING:
-                node.value = normalize_string_prefix(node.value)
-                node.value = normalize_string_quotes(node.value)
-            if node.type == token.NUMBER:
-                normalize_numeric_literal(node)
             if node.type not in WHITESPACE:
                 self.current_line.append(node)
         yield from super().visit_default(node)
@@ -313,8 +309,11 @@ def visit_simple_stmt(self, node: Node) -> Iterator[Line]:
                 yield from self.line(-1)
 
         else:
-            if not node.parent or not is_stub_suite(node.parent):
-                yield from self.line()
+            if node.parent and is_stub_suite(node.parent):
+                node.prefix = ""
+                yield from self.visit_default(node)
+                return
+            yield from self.line()
             yield from self.visit_default(node)
 
     def visit_async_stmt(self, node: Node) -> Iterator[Line]:
@@ -420,12 +419,11 @@ def visit_STRING(self, leaf: Leaf) -> Iterator[Line]:
             # indentation of those changes the AST representation of the code.
             if self.mode.string_normalization:
                 docstring = normalize_string_prefix(leaf.value)
-                # visit_default() does handle string normalization for us, but
-                # since this method acts differently depending on quote style (ex.
+                # We handle string normalization at the end of this method, but since
+                # what we do right now acts differently depending on quote style (ex.
                 # see padding logic below), there's a possibility for unstable
-                # formatting as visit_default() is called *after*. To avoid a
-                # situation where this function formats a docstring differently on
-                # the second pass, normalize it early.
+                # formatting. To avoid a situation where this function formats a
+                # docstring differently on the second pass, normalize it early.
                 docstring = normalize_string_quotes(docstring)
             else:
                 docstring = leaf.value
@@ -499,6 +497,13 @@ def visit_STRING(self, leaf: Leaf) -> Iterator[Line]:
             else:
                 leaf.value = prefix + quote + docstring + quote
 
+        if self.mode.string_normalization and leaf.type == token.STRING:
+            leaf.value = normalize_string_prefix(leaf.value)
+            leaf.value = normalize_string_quotes(leaf.value)
+        yield from self.visit_default(leaf)
+
+    def visit_NUMBER(self, leaf: Leaf) -> Iterator[Line]:
+        normalize_numeric_literal(leaf)
         yield from self.visit_default(leaf)
 
     def visit_atom(self, node: Node) -> Iterator[Line]:
@@ -514,6 +519,45 @@ def visit_atom(self, node: Node) -> Iterator[Line]:
 
         yield from self.visit_default(node)
 
+    def visit_fstring(self, node: Node) -> Iterator[Line]:
+        # currently we don't want to format and split f-strings at all.
+        string_leaf = fstring_to_string(node)
+        node.replace(string_leaf)
+        yield from self.visit_STRING(string_leaf)
+
+        # TODO: Uncomment Implementation to format f-string children
+        # fstring_start = node.children[0]
+        # fstring_end = node.children[-1]
+        # assert isinstance(fstring_start, Leaf)
+        # assert isinstance(fstring_end, Leaf)
+
+        # quote_char = fstring_end.value[0]
+        # quote_idx = fstring_start.value.index(quote_char)
+        # prefix, quote = (
+        #     fstring_start.value[:quote_idx],
+        #     fstring_start.value[quote_idx:]
+        # )
+
+        # if not is_docstring(node, self.mode):
+        #     prefix = normalize_string_prefix(prefix)
+
+        # assert quote == fstring_end.value
+
+        # is_raw_fstring = "r" in prefix or "R" in prefix
+        # middles = [
+        #     leaf
+        #     for leaf in node.leaves()
+        #     if leaf.type == token.FSTRING_MIDDLE
+        # ]
+
+        # if self.mode.string_normalization:
+        #     middles, quote = normalize_fstring_quotes(quote, middles, is_raw_fstring)
+
+        # fstring_start.value = prefix + quote
+        # fstring_end.value = quote
+
+        # yield from self.visit_default(node)
+
     def __post_init__(self) -> None:
         """You are in a twisty little maze of passages."""
         self.current_line = Line(mode=self.mode)
@@ -1388,7 +1432,7 @@ def normalize_invisible_parens(  # noqa: C901
                 # of case will be not parsed as a Python keyword.
                 break
 
-            elif not (isinstance(child, Leaf) and is_multiline_string(child)):
+            elif not is_multiline_string(child):
                 wrap_in_parentheses(node, child, visible=False)
 
         comma_check = child.type == token.COMMA
diff --git a/src/black/lines.py b/src/black/lines.py
index 6b65372fb3f..b9b3add9e2a 100644
--- a/src/black/lines.py
+++ b/src/black/lines.py
@@ -72,7 +72,12 @@ def append(
 
         Inline comments are put aside.
         """
-        has_value = leaf.type in BRACKETS or bool(leaf.value.strip())
+        has_value = (
+            leaf.type in BRACKETS
+            # empty fstring-middles must not be truncated
+            or leaf.type == token.FSTRING_MIDDLE
+            or bool(leaf.value.strip())
+        )
         if not has_value:
             return
 
diff --git a/src/black/mode.py b/src/black/mode.py
index 10e37ccc460..bef2f43bb31 100644
--- a/src/black/mode.py
+++ b/src/black/mode.py
@@ -46,6 +46,7 @@ class Feature(Enum):
     DEBUG_F_STRINGS = 16
     PARENTHESIZED_CONTEXT_MANAGERS = 17
     TYPE_PARAMS = 18
+    FSTRING_PARSING = 19
     FORCE_OPTIONAL_PARENTHESES = 50
 
     # __future__ flags
@@ -156,6 +157,7 @@ class Feature(Enum):
         Feature.EXCEPT_STAR,
         Feature.VARIADIC_GENERICS,
         Feature.TYPE_PARAMS,
+        Feature.FSTRING_PARSING,
     },
 }
 
diff --git a/src/black/nodes.py b/src/black/nodes.py
index c0dca6e5783..9579b715ad2 100644
--- a/src/black/nodes.py
+++ b/src/black/nodes.py
@@ -145,7 +145,13 @@
 OPENING_BRACKETS: Final = set(BRACKET.keys())
 CLOSING_BRACKETS: Final = set(BRACKET.values())
 BRACKETS: Final = OPENING_BRACKETS | CLOSING_BRACKETS
-ALWAYS_NO_SPACE: Final = CLOSING_BRACKETS | {token.COMMA, STANDALONE_COMMENT}
+ALWAYS_NO_SPACE: Final = CLOSING_BRACKETS | {
+    token.COMMA,
+    STANDALONE_COMMENT,
+    token.FSTRING_MIDDLE,
+    token.FSTRING_END,
+    token.BANG,
+}
 
 RARROW = 55
 
@@ -211,6 +217,9 @@ def whitespace(leaf: Leaf, *, complex_subscript: bool, mode: Mode) -> str:  # no
     }:
         return NO
 
+    if t == token.LBRACE and p.type == syms.fstring_replacement_field:
+        return NO
+
     prev = leaf.prev_sibling
     if not prev:
         prevp = preceding_leaf(p)
@@ -272,6 +281,9 @@ def whitespace(leaf: Leaf, *, complex_subscript: bool, mode: Mode) -> str:  # no
     elif prev.type in OPENING_BRACKETS:
         return NO
 
+    elif prev.type == token.BANG:
+        return NO
+
     if p.type in {syms.parameters, syms.arglist}:
         # untyped function signatures or calls
         if not prev or prev.type != token.COMMA:
@@ -393,6 +405,7 @@ def whitespace(leaf: Leaf, *, complex_subscript: bool, mode: Mode) -> str:  # no
             elif prevp.type == token.EQUAL and prevp_parent.type == syms.argument:
                 return NO
 
+        # TODO: add fstring here?
         elif t in {token.NAME, token.NUMBER, token.STRING}:
             return NO
 
@@ -542,31 +555,32 @@ def is_arith_like(node: LN) -> bool:
     }
 
 
-def is_docstring(leaf: Leaf, mode: Mode) -> bool:
-    if leaf.type != token.STRING:
-        return False
+def is_docstring(node: NL, mode: Mode) -> bool:
+    if isinstance(node, Leaf):
+        if node.type != token.STRING:
+            return False
 
-    prefix = get_string_prefix(leaf.value)
-    if set(prefix).intersection("bBfF"):
-        return False
+        prefix = get_string_prefix(node.value)
+        if set(prefix).intersection("bBfF"):
+            return False
 
     if (
         Preview.unify_docstring_detection in mode
-        and leaf.parent
-        and leaf.parent.type == syms.simple_stmt
-        and not leaf.parent.prev_sibling
-        and leaf.parent.parent
-        and leaf.parent.parent.type == syms.file_input
+        and node.parent
+        and node.parent.type == syms.simple_stmt
+        and not node.parent.prev_sibling
+        and node.parent.parent
+        and node.parent.parent.type == syms.file_input
     ):
         return True
 
     if prev_siblings_are(
-        leaf.parent, [None, token.NEWLINE, token.INDENT, syms.simple_stmt]
+        node.parent, [None, token.NEWLINE, token.INDENT, syms.simple_stmt]
     ):
         return True
 
     # Multiline docstring on the same line as the `def`.
-    if prev_siblings_are(leaf.parent, [syms.parameters, token.COLON, syms.simple_stmt]):
+    if prev_siblings_are(node.parent, [syms.parameters, token.COLON, syms.simple_stmt]):
         # `syms.parameters` is only used in funcdefs and async_funcdefs in the Python
         # grammar. We're safe to return True without further checks.
         return True
@@ -748,8 +762,28 @@ def is_vararg(leaf: Leaf, within: Set[NodeType]) -> bool:
     return p.type in within
 
 
-def is_multiline_string(leaf: Leaf) -> bool:
+def is_fstring(node: Node) -> bool:
+    """Return True if the node is an f-string"""
+    return node.type == syms.fstring
+
+
+def fstring_to_string(node: Node) -> Leaf:
+    """Converts an fstring node back to a string node."""
+    string_without_prefix = str(node)[len(node.prefix) :]
+    string_leaf = Leaf(token.STRING, string_without_prefix, prefix=node.prefix)
+    string_leaf.lineno = node.get_lineno() or 0
+    return string_leaf
+
+
+def is_multiline_string(node: LN) -> bool:
     """Return True if `leaf` is a multiline string that actually spans many lines."""
+    if isinstance(node, Node) and is_fstring(node):
+        leaf = fstring_to_string(node)
+    elif isinstance(node, Leaf):
+        leaf = node
+    else:
+        return False
+
     return has_triple_quotes(leaf.value) and "\n" in leaf.value
 
 
@@ -954,10 +988,6 @@ def is_rpar_token(nl: NL) -> TypeGuard[Leaf]:
     return nl.type == token.RPAR
 
 
-def is_string_token(nl: NL) -> TypeGuard[Leaf]:
-    return nl.type == token.STRING
-
-
 def is_number_token(nl: NL) -> TypeGuard[Leaf]:
     return nl.type == token.NUMBER
 
diff --git a/src/black/strings.py b/src/black/strings.py
index baa88162844..69a8c8002e9 100644
--- a/src/black/strings.py
+++ b/src/black/strings.py
@@ -5,7 +5,7 @@
 import re
 import sys
 from functools import lru_cache
-from typing import Final, List, Match, Pattern
+from typing import Final, List, Match, Pattern, Tuple
 
 from black._width_table import WIDTH_TABLE
 from blib2to3.pytree import Leaf
@@ -169,8 +169,7 @@ def _cached_compile(pattern: str) -> Pattern[str]:
 def normalize_string_quotes(s: str) -> str:
     """Prefer double quotes but only if it doesn't cause more escaping.
 
-    Adds or removes backslashes as appropriate. Doesn't parse and fix
-    strings nested in f-strings.
+    Adds or removes backslashes as appropriate.
     """
     value = s.lstrip(STRING_PREFIX_CHARS)
     if value[:3] == '"""':
@@ -211,6 +210,7 @@ def normalize_string_quotes(s: str) -> str:
             s = f"{prefix}{orig_quote}{body}{orig_quote}"
         new_body = sub_twice(escaped_orig_quote, rf"\1\2{orig_quote}", new_body)
         new_body = sub_twice(unescaped_new_quote, rf"\1\\{new_quote}", new_body)
+
     if "f" in prefix.casefold():
         matches = re.findall(
             r"""
@@ -240,6 +240,71 @@ def normalize_string_quotes(s: str) -> str:
     return f"{prefix}{new_quote}{new_body}{new_quote}"
 
 
+def normalize_fstring_quotes(
+    quote: str,
+    middles: List[Leaf],
+    is_raw_fstring: bool,
+) -> Tuple[List[Leaf], str]:
+    """Prefer double quotes but only if it doesn't cause more escaping.
+
+    Adds or removes backslashes as appropriate.
+    """
+    if quote == '"""':
+        return middles, quote
+
+    elif quote == "'''":
+        new_quote = '"""'
+    elif quote == '"':
+        new_quote = "'"
+    else:
+        new_quote = '"'
+
+    unescaped_new_quote = _cached_compile(rf"(([^\\]|^)(\\\\)*){new_quote}")
+    escaped_new_quote = _cached_compile(rf"([^\\]|^)\\((?:\\\\)*){new_quote}")
+    escaped_orig_quote = _cached_compile(rf"([^\\]|^)\\((?:\\\\)*){quote}")
+    if is_raw_fstring:
+        for middle in middles:
+            if unescaped_new_quote.search(middle.value):
+                # There's at least one unescaped new_quote in this raw string
+                # so converting is impossible
+                return middles, quote
+
+        # Do not introduce or remove backslashes in raw strings, just use double quote
+        return middles, '"'
+
+    new_segments = []
+    for middle in middles:
+        segment = middle.value
+        # remove unnecessary escapes
+        new_segment = sub_twice(escaped_new_quote, rf"\1\2{new_quote}", segment)
+        if segment != new_segment:
+            # Consider the string without unnecessary escapes as the original
+            middle.value = new_segment
+
+        new_segment = sub_twice(escaped_orig_quote, rf"\1\2{quote}", new_segment)
+        new_segment = sub_twice(unescaped_new_quote, rf"\1\\{new_quote}", new_segment)
+        new_segments.append(new_segment)
+
+    if new_quote == '"""' and new_segments[-1].endswith('"'):
+        # edge case:
+        new_segments[-1] = new_segments[-1][:-1] + '\\"'
+
+    for middle, new_segment in zip(middles, new_segments):
+        orig_escape_count = middle.value.count("\\")
+        new_escape_count = new_segment.count("\\")
+
+    if new_escape_count > orig_escape_count:
+        return middles, quote  # Do not introduce more escaping
+
+    if new_escape_count == orig_escape_count and quote == '"':
+        return middles, quote  # Prefer double quotes
+
+    for middle, new_segment in zip(middles, new_segments):
+        middle.value = new_segment
+
+    return middles, new_quote
+
+
 def normalize_unicode_escape_sequences(leaf: Leaf) -> None:
     """Replace hex codes in Unicode escape sequences with lowercase representation."""
     text = leaf.value
diff --git a/src/blib2to3/Grammar.txt b/src/blib2to3/Grammar.txt
index 5db78723cec..0c8ac99daba 100644
--- a/src/blib2to3/Grammar.txt
+++ b/src/blib2to3/Grammar.txt
@@ -163,7 +163,7 @@ atom: ('(' [yield_expr|testlist_gexp] ')' |
        '[' [listmaker] ']' |
        '{' [dictsetmaker] '}' |
        '`' testlist1 '`' |
-       NAME | NUMBER | STRING+ | '.' '.' '.')
+       NAME | NUMBER | (STRING | fstring)+ | '.' '.' '.')
 listmaker: (namedexpr_test|star_expr) ( old_comp_for | (',' (namedexpr_test|star_expr))* [','] )
 testlist_gexp: (namedexpr_test|star_expr) ( old_comp_for | (',' (namedexpr_test|star_expr))* [','] )
 lambdef: 'lambda' [varargslist] ':' test
@@ -254,3 +254,8 @@ case_block: "case" patterns [guard] ':' suite
 guard: 'if' namedexpr_test
 patterns: pattern (',' pattern)* [',']
 pattern: (expr|star_expr) ['as' expr]
+
+fstring: FSTRING_START fstring_middle* FSTRING_END
+fstring_middle: fstring_replacement_field | FSTRING_MIDDLE
+fstring_replacement_field: '{' (yield_expr | testlist_star_expr) ['='] [ "!" NAME ] [ ':' fstring_format_spec* ] '}'
+fstring_format_spec: FSTRING_MIDDLE | fstring_replacement_field
diff --git a/src/blib2to3/pgen2/driver.py b/src/blib2to3/pgen2/driver.py
index be3984437a8..71a147cbcd8 100644
--- a/src/blib2to3/pgen2/driver.py
+++ b/src/blib2to3/pgen2/driver.py
@@ -167,7 +167,9 @@ def parse_tokens(self, tokens: Iterable[GoodTokenInfo], debug: bool = False) ->
             if type in {token.INDENT, token.DEDENT}:
                 prefix = _prefix
             lineno, column = end
-            if value.endswith("\n"):
+            # FSTRING_MIDDLE is the only token that can end with a newline, and
+            # `end` will point to the next line. For that case, don't increment lineno.
+            if value.endswith("\n") and type != token.FSTRING_MIDDLE:
                 lineno += 1
                 column = 0
         else:
diff --git a/src/blib2to3/pgen2/grammar.py b/src/blib2to3/pgen2/grammar.py
index 1f3fdc55b97..804db1ad985 100644
--- a/src/blib2to3/pgen2/grammar.py
+++ b/src/blib2to3/pgen2/grammar.py
@@ -218,6 +218,7 @@ def report(self) -> None:
 //= DOUBLESLASHEQUAL
 -> RARROW
 := COLONEQUAL
+! BANG
 """
 
 opmap = {}
diff --git a/src/blib2to3/pgen2/token.py b/src/blib2to3/pgen2/token.py
index ed2fc4e85fc..3068c3157fc 100644
--- a/src/blib2to3/pgen2/token.py
+++ b/src/blib2to3/pgen2/token.py
@@ -66,7 +66,11 @@
 ASYNC: Final = 57
 ERRORTOKEN: Final = 58
 COLONEQUAL: Final = 59
-N_TOKENS: Final = 60
+FSTRING_START: Final = 60
+FSTRING_MIDDLE: Final = 61
+FSTRING_END: Final = 62
+BANG: Final = 63
+N_TOKENS: Final = 64
 NT_OFFSET: Final = 256
 # --end constants--
 
diff --git a/src/blib2to3/pgen2/tokenize.py b/src/blib2to3/pgen2/tokenize.py
index b04b18ba870..d6b684ab1aa 100644
--- a/src/blib2to3/pgen2/tokenize.py
+++ b/src/blib2to3/pgen2/tokenize.py
@@ -27,6 +27,7 @@
 function to which the 5 fields described above are passed as 5 arguments,
 each time a new token is found."""
 
+import builtins
 import sys
 from typing import (
     Callable,
@@ -49,12 +50,17 @@
     DEDENT,
     ENDMARKER,
     ERRORTOKEN,
+    FSTRING_END,
+    FSTRING_MIDDLE,
+    FSTRING_START,
     INDENT,
+    LBRACE,
     NAME,
     NEWLINE,
     NL,
     NUMBER,
     OP,
+    RBRACE,
     STRING,
     tok_name,
 )
@@ -120,14 +126,32 @@ def _combinations(*l: str) -> Set[str]:
 Single3 = r"[^'\\]*(?:(?:\\.|'(?!''))[^'\\]*)*'''"
 # Tail end of """ string.
 Double3 = r'[^"\\]*(?:(?:\\.|"(?!""))[^"\\]*)*"""'
-_litprefix = r"(?:[uUrRbBfF]|[rR][fFbB]|[fFbBuU][rR])?"
-Triple = group(_litprefix + "'''", _litprefix + '"""')
-# Single-line ' or " string.
-String = group(
-    _litprefix + r"'[^\n'\\]*(?:\\.[^\n'\\]*)*'",
-    _litprefix + r'"[^\n"\\]*(?:\\.[^\n"\\]*)*"',
+_litprefix = r"(?:[uUrRbB]|[rR][bB]|[bBuU][rR])?"
+_fstringlitprefix = r"(?:rF|FR|Fr|fr|RF|F|rf|f|Rf|fR)"
+Triple = group(
+    _litprefix + "'''",
+    _litprefix + '"""',
+    _fstringlitprefix + '"""',
+    _fstringlitprefix + "'''",
 )
 
+# beginning of a single quoted f-string. must not end with `{{` or `\N{`
+SingleLbrace = r"[^'\\{]*(?:(?:\\N{|\\.|{{)[^'\\{]*)*(?<!\\N){(?!{)"
+DoubleLbrace = r'[^"\\{]*(?:(?:\\N{|\\.|{{)[^"\\{]*)*(?<!\\N){(?!{)'
+
+# beginning of a triple quoted f-string. must not end with `{{` or `\N{`
+Single3Lbrace = r"[^'{]*(?:(?:\\N{|\\[^{]|{{|'(?!''))[^'{]*)*(?<!\\N){(?!{)"
+Double3Lbrace = r'[^"{]*(?:(?:\\N{|\\[^{]|{{|"(?!""))[^"{]*)*(?<!\\N){(?!{)'
+
+# ! format specifier inside an fstring brace, ensure it's not a `!=` token
+Bang = Whitespace + group("!") + r"(?!=)"
+bang = re.compile(Bang)
+Colon = Whitespace + group(":")
+colon = re.compile(Colon)
+
+FstringMiddleAfterColon = group(Whitespace + r".*?") + group("{", "}")
+fstring_middle_after_colon = re.compile(FstringMiddleAfterColon)
+
 # Because of leftmost-then-longest match semantics, be sure to put the
 # longest operators first (e.g., if = came before ==, == would get
 # recognized as two instances of =).
@@ -147,42 +171,70 @@ def _combinations(*l: str) -> Set[str]:
 Special = group(r"\r?\n", r"[:;.,`@]")
 Funny = group(Operator, Bracket, Special)
 
+_string_middle_single = r"[^\n'\\]*(?:\\.[^\n'\\]*)*"
+_string_middle_double = r'[^\n"\\]*(?:\\.[^\n"\\]*)*'
+
+# FSTRING_MIDDLE and LBRACE, must not end with a `{{` or `\N{`
+_fstring_middle_single = r"[^\n'{]*(?:(?:\\N{|\\[^{]|{{)[^\n'{]*)*(?<!\\N)({)(?!{)"
+_fstring_middle_double = r'[^\n"{]*(?:(?:\\N{|\\[^{]|{{)[^\n"{]*)*(?<!\\N)({)(?!{)'
+
 # First (or only) line of ' or " string.
 ContStr = group(
-    _litprefix + r"'[^\n'\\]*(?:\\.[^\n'\\]*)*" + group("'", r"\\\r?\n"),
-    _litprefix + r'"[^\n"\\]*(?:\\.[^\n"\\]*)*' + group('"', r"\\\r?\n"),
+    _litprefix + "'" + _string_middle_single + group("'", r"\\\r?\n"),
+    _litprefix + '"' + _string_middle_double + group('"', r"\\\r?\n"),
+    group(_fstringlitprefix + "'") + _fstring_middle_single,
+    group(_fstringlitprefix + '"') + _fstring_middle_double,
+    group(_fstringlitprefix + "'") + _string_middle_single + group("'", r"\\\r?\n"),
+    group(_fstringlitprefix + '"') + _string_middle_double + group('"', r"\\\r?\n"),
 )
 PseudoExtras = group(r"\\\r?\n", Comment, Triple)
 PseudoToken = Whitespace + group(PseudoExtras, Number, Funny, ContStr, Name)
 
 pseudoprog: Final = re.compile(PseudoToken, re.UNICODE)
+
+singleprog = re.compile(Single)
+singleprog_plus_lbrace = re.compile(group(SingleLbrace, Single))
+doubleprog = re.compile(Double)
+doubleprog_plus_lbrace = re.compile(group(DoubleLbrace, Double))
+
 single3prog = re.compile(Single3)
+single3prog_plus_lbrace = re.compile(group(Single3Lbrace, Single3))
 double3prog = re.compile(Double3)
+double3prog_plus_lbrace = re.compile(group(Double3Lbrace, Double3))
 
-_strprefixes = (
-    _combinations("r", "R", "f", "F")
-    | _combinations("r", "R", "b", "B")
-    | {"u", "U", "ur", "uR", "Ur", "UR"}
-)
+_strprefixes = _combinations("r", "R", "b", "B") | {"u", "U", "ur", "uR", "Ur", "UR"}
+_fstring_prefixes = _combinations("r", "R", "f", "F") - {"r", "R"}
 
 endprogs: Final = {
-    "'": re.compile(Single),
-    '"': re.compile(Double),
+    "'": singleprog,
+    '"': doubleprog,
     "'''": single3prog,
     '"""': double3prog,
+    **{f"{prefix}'": singleprog for prefix in _strprefixes},
+    **{f'{prefix}"': doubleprog for prefix in _strprefixes},
+    **{f"{prefix}'": singleprog_plus_lbrace for prefix in _fstring_prefixes},
+    **{f'{prefix}"': doubleprog_plus_lbrace for prefix in _fstring_prefixes},
     **{f"{prefix}'''": single3prog for prefix in _strprefixes},
     **{f'{prefix}"""': double3prog for prefix in _strprefixes},
+    **{f"{prefix}'''": single3prog_plus_lbrace for prefix in _fstring_prefixes},
+    **{f'{prefix}"""': double3prog_plus_lbrace for prefix in _fstring_prefixes},
 }
 
 triple_quoted: Final = (
     {"'''", '"""'}
-    | {f"{prefix}'''" for prefix in _strprefixes}
-    | {f'{prefix}"""' for prefix in _strprefixes}
+    | {f"{prefix}'''" for prefix in _strprefixes | _fstring_prefixes}
+    | {f'{prefix}"""' for prefix in _strprefixes | _fstring_prefixes}
 )
 single_quoted: Final = (
     {"'", '"'}
-    | {f"{prefix}'" for prefix in _strprefixes}
-    | {f'{prefix}"' for prefix in _strprefixes}
+    | {f"{prefix}'" for prefix in _strprefixes | _fstring_prefixes}
+    | {f'{prefix}"' for prefix in _strprefixes | _fstring_prefixes}
+)
+fstring_prefix: Final = (
+    {f"{prefix}'" for prefix in _fstring_prefixes}
+    | {f'{prefix}"' for prefix in _fstring_prefixes}
+    | {f"{prefix}'''" for prefix in _fstring_prefixes}
+    | {f'{prefix}"""' for prefix in _fstring_prefixes}
 )
 
 tabsize = 8
@@ -415,6 +467,19 @@ def untokenize(iterable: Iterable[TokenInfo]) -> str:
     return ut.untokenize(iterable)
 
 
+def is_fstring_start(token: str) -> bool:
+    return builtins.any(token.startswith(prefix) for prefix in fstring_prefix)
+
+
+def _split_fstring_start_and_middle(token: str) -> Tuple[str, str]:
+    for prefix in fstring_prefix:
+        _, prefix, rest = token.partition(prefix)
+        if prefix != "":
+            return prefix, rest
+
+    raise ValueError(f"Token {token!r} is not a valid f-string start")
+
+
 def generate_tokens(
     readline: Callable[[], str], grammar: Optional[Grammar] = None
 ) -> Iterator[GoodTokenInfo]:
@@ -433,7 +498,12 @@ def generate_tokens(
     and the line on which the token was found. The line passed is the
     logical line; continuation lines are included.
     """
-    lnum = parenlev = continued = 0
+    lnum = parenlev = fstring_level = continued = 0
+    parenlev_stack: List[int] = []
+    inside_fstring_braces = False
+    inside_fstring_colon = False
+    formatspec = ""
+    bracelev = 0
     numchars: Final[str] = "0123456789"
     contstr, needcont = "", 0
     contline: Optional[str] = None
@@ -449,7 +519,8 @@ def generate_tokens(
     async_def_nl = False
 
     strstart: Tuple[int, int]
-    endprog: Pattern[str]
+    endprog_stack: List[Pattern[str]] = []
+    formatspec_start: Tuple[int, int]
 
     while 1:  # loop over lines in stream
         try:
@@ -463,16 +534,72 @@ def generate_tokens(
             assert contline is not None
             if not line:
                 raise TokenError("EOF in multi-line string", strstart)
+            endprog = endprog_stack[-1]
             endmatch = endprog.match(line)
             if endmatch:
-                pos = end = endmatch.end(0)
-                yield (
-                    STRING,
-                    contstr + line[:end],
-                    strstart,
-                    (lnum, end),
-                    contline + line,
-                )
+                end = endmatch.end(0)
+                token = contstr + line[:end]
+                spos = strstart
+                epos = (lnum, end)
+                tokenline = contline + line
+                if fstring_level == 0 and not is_fstring_start(token):
+                    yield (STRING, token, spos, epos, tokenline)
+                    endprog_stack.pop()
+                    parenlev = parenlev_stack.pop()
+                else:
+                    if is_fstring_start(token):
+                        fstring_level += 1
+                        fstring_start, token = _split_fstring_start_and_middle(token)
+                        fstring_start_epos = (lnum, spos[1] + len(fstring_start))
+                        yield (
+                            FSTRING_START,
+                            fstring_start,
+                            spos,
+                            fstring_start_epos,
+                            tokenline,
+                        )
+                        # increase spos to the end of the fstring start
+                        spos = fstring_start_epos
+
+                    if token.endswith("{"):
+                        fstring_middle, lbrace = token[:-1], token[-1]
+                        fstring_middle_epos = lbrace_spos = (lnum, end - 1)
+                        yield (
+                            FSTRING_MIDDLE,
+                            fstring_middle,
+                            spos,
+                            fstring_middle_epos,
+                            line,
+                        )
+                        yield (LBRACE, lbrace, lbrace_spos, epos, line)
+                        inside_fstring_braces = True
+                    else:
+                        if token.endswith(('"""', "'''")):
+                            fstring_middle, fstring_end = token[:-3], token[-3:]
+                            fstring_middle_epos = end_spos = (lnum, end - 3)
+                        else:
+                            fstring_middle, fstring_end = token[:-1], token[-1]
+                            fstring_middle_epos = end_spos = (lnum, end - 1)
+                        yield (
+                            FSTRING_MIDDLE,
+                            fstring_middle,
+                            spos,
+                            fstring_middle_epos,
+                            line,
+                        )
+                        yield (
+                            FSTRING_END,
+                            fstring_end,
+                            end_spos,
+                            epos,
+                            line,
+                        )
+                        fstring_level -= 1
+                        endprog_stack.pop()
+                        parenlev = parenlev_stack.pop()
+                        if fstring_level > 0:
+                            inside_fstring_braces = True
+                pos = end
                 contstr, needcont = "", 0
                 contline = None
             elif needcont and line[-2:] != "\\\n" and line[-3:] != "\\\r\n":
@@ -491,7 +618,8 @@ def generate_tokens(
                 contline = contline + line
                 continue
 
-        elif parenlev == 0 and not continued:  # new statement
+        # new statement
+        elif parenlev == 0 and not continued and not inside_fstring_braces:
             if not line:
                 break
             column = 0
@@ -559,6 +687,98 @@ def generate_tokens(
             continued = 0
 
         while pos < max:
+            if fstring_level > 0 and not inside_fstring_braces:
+                endprog = endprog_stack[-1]
+                endmatch = endprog.match(line, pos)
+                if endmatch:  # all on one line
+                    start, end = endmatch.span(0)
+                    token = line[start:end]
+                    if token.endswith(('"""', "'''")):
+                        middle_token, end_token = token[:-3], token[-3:]
+                        middle_epos = end_spos = (lnum, end - 3)
+                    else:
+                        middle_token, end_token = token[:-1], token[-1]
+                        middle_epos = end_spos = (lnum, end - 1)
+                    # TODO: unsure if this can be safely removed
+                    if stashed:
+                        yield stashed
+                        stashed = None
+                    yield (
+                        FSTRING_MIDDLE,
+                        middle_token,
+                        (lnum, pos),
+                        middle_epos,
+                        line,
+                    )
+                    if not token.endswith("{"):
+                        yield (
+                            FSTRING_END,
+                            end_token,
+                            end_spos,
+                            (lnum, end),
+                            line,
+                        )
+                        fstring_level -= 1
+                        endprog_stack.pop()
+                        parenlev = parenlev_stack.pop()
+                        if fstring_level > 0:
+                            inside_fstring_braces = True
+                    else:
+                        yield (LBRACE, "{", (lnum, end - 1), (lnum, end), line)
+                        inside_fstring_braces = True
+                    pos = end
+                    continue
+                else:  # multiple lines
+                    strstart = (lnum, end)
+                    contstr = line[end:]
+                    contline = line
+                    break
+
+            if inside_fstring_colon:
+                match = fstring_middle_after_colon.match(line, pos)
+                if match is None:
+                    formatspec += line[pos:]
+                    pos = max
+                    continue
+
+                start, end = match.span(1)
+                token = line[start:end]
+                formatspec += token
+
+                brace_start, brace_end = match.span(2)
+                brace_or_nl = line[brace_start:brace_end]
+                if brace_or_nl == "\n":
+                    pos = brace_end
+
+                yield (FSTRING_MIDDLE, formatspec, formatspec_start, (lnum, end), line)
+                formatspec = ""
+
+                if brace_or_nl == "{":
+                    yield (OP, "{", (lnum, brace_start), (lnum, brace_end), line)
+                    bracelev += 1
+                    end = brace_end
+
+                inside_fstring_colon = False
+                pos = end
+                continue
+
+            if inside_fstring_braces and parenlev == 0:
+                match = bang.match(line, pos)
+                if match:
+                    start, end = match.span(1)
+                    yield (OP, "!", (lnum, start), (lnum, end), line)
+                    pos = end
+                    continue
+
+                match = colon.match(line, pos)
+                if match:
+                    start, end = match.span(1)
+                    yield (OP, ":", (lnum, start), (lnum, end), line)
+                    inside_fstring_colon = True
+                    formatspec_start = (lnum, end)
+                    pos = end
+                    continue
+
             pseudomatch = pseudoprog.match(line, pos)
             if pseudomatch:  # scan for tokens
                 start, end = pseudomatch.span(1)
@@ -571,7 +791,7 @@ def generate_tokens(
                     yield (NUMBER, token, spos, epos, line)
                 elif initial in "\r\n":
                     newline = NEWLINE
-                    if parenlev > 0:
+                    if parenlev > 0 or inside_fstring_braces:
                         newline = NL
                     elif async_def:
                         async_def_nl = True
@@ -588,17 +808,72 @@ def generate_tokens(
                     yield (COMMENT, token, spos, epos, line)
                 elif token in triple_quoted:
                     endprog = endprogs[token]
+                    endprog_stack.append(endprog)
+                    parenlev_stack.append(parenlev)
+                    parenlev = 0
+                    if is_fstring_start(token):
+                        yield (FSTRING_START, token, spos, epos, line)
+                        fstring_level += 1
+
                     endmatch = endprog.match(line, pos)
                     if endmatch:  # all on one line
-                        pos = endmatch.end(0)
-                        token = line[start:pos]
                         if stashed:
                             yield stashed
                             stashed = None
-                        yield (STRING, token, spos, (lnum, pos), line)
+                        if not is_fstring_start(token):
+                            pos = endmatch.end(0)
+                            token = line[start:pos]
+                            epos = (lnum, pos)
+                            yield (STRING, token, spos, epos, line)
+                            endprog_stack.pop()
+                            parenlev = parenlev_stack.pop()
+                        else:
+                            end = endmatch.end(0)
+                            token = line[pos:end]
+                            spos, epos = (lnum, pos), (lnum, end)
+                            if not token.endswith("{"):
+                                fstring_middle, fstring_end = token[:-3], token[-3:]
+                                fstring_middle_epos = fstring_end_spos = (lnum, end - 3)
+                                yield (
+                                    FSTRING_MIDDLE,
+                                    fstring_middle,
+                                    spos,
+                                    fstring_middle_epos,
+                                    line,
+                                )
+                                yield (
+                                    FSTRING_END,
+                                    fstring_end,
+                                    fstring_end_spos,
+                                    epos,
+                                    line,
+                                )
+                                fstring_level -= 1
+                                endprog_stack.pop()
+                                parenlev = parenlev_stack.pop()
+                                if fstring_level > 0:
+                                    inside_fstring_braces = True
+                            else:
+                                fstring_middle, lbrace = token[:-1], token[-1]
+                                fstring_middle_epos = lbrace_spos = (lnum, end - 1)
+                                yield (
+                                    FSTRING_MIDDLE,
+                                    fstring_middle,
+                                    spos,
+                                    fstring_middle_epos,
+                                    line,
+                                )
+                                yield (LBRACE, lbrace, lbrace_spos, epos, line)
+                                inside_fstring_braces = True
+                            pos = end
                     else:
-                        strstart = (lnum, start)  # multiple lines
-                        contstr = line[start:]
+                        # multiple lines
+                        if is_fstring_start(token):
+                            strstart = (lnum, pos)
+                            contstr = line[pos:]
+                        else:
+                            strstart = (lnum, start)
+                            contstr = line[start:]
                         contline = line
                         break
                 elif (
@@ -606,17 +881,18 @@ def generate_tokens(
                     or token[:2] in single_quoted
                     or token[:3] in single_quoted
                 ):
+                    maybe_endprog = (
+                        endprogs.get(initial)
+                        or endprogs.get(token[:2])
+                        or endprogs.get(token[:3])
+                    )
+                    assert maybe_endprog is not None, f"endprog not found for {token}"
+                    endprog = maybe_endprog
                     if token[-1] == "\n":  # continued string
+                        endprog_stack.append(endprog)
+                        parenlev_stack.append(parenlev)
+                        parenlev = 0
                         strstart = (lnum, start)
-                        maybe_endprog = (
-                            endprogs.get(initial)
-                            or endprogs.get(token[1])
-                            or endprogs.get(token[2])
-                        )
-                        assert (
-                            maybe_endprog is not None
-                        ), f"endprog not found for {token}"
-                        endprog = maybe_endprog
                         contstr, needcont = line[start:], 1
                         contline = line
                         break
@@ -624,7 +900,57 @@ def generate_tokens(
                         if stashed:
                             yield stashed
                             stashed = None
-                        yield (STRING, token, spos, epos, line)
+
+                        if not is_fstring_start(token):
+                            yield (STRING, token, spos, epos, line)
+                        else:
+                            if pseudomatch[20] is not None:
+                                fstring_start = pseudomatch[20]
+                                offset = pseudomatch.end(20) - pseudomatch.start(1)
+                            elif pseudomatch[22] is not None:
+                                fstring_start = pseudomatch[22]
+                                offset = pseudomatch.end(22) - pseudomatch.start(1)
+                            elif pseudomatch[24] is not None:
+                                fstring_start = pseudomatch[24]
+                                offset = pseudomatch.end(24) - pseudomatch.start(1)
+                            else:
+                                fstring_start = pseudomatch[26]
+                                offset = pseudomatch.end(26) - pseudomatch.start(1)
+
+                            start_epos = (lnum, start + offset)
+                            yield (FSTRING_START, fstring_start, spos, start_epos, line)
+                            fstring_level += 1
+                            endprog = endprogs[fstring_start]
+                            endprog_stack.append(endprog)
+                            parenlev_stack.append(parenlev)
+                            parenlev = 0
+
+                            end_offset = pseudomatch.end(1) - 1
+                            fstring_middle = line[start + offset : end_offset]
+                            middle_spos = (lnum, start + offset)
+                            middle_epos = (lnum, end_offset)
+                            yield (
+                                FSTRING_MIDDLE,
+                                fstring_middle,
+                                middle_spos,
+                                middle_epos,
+                                line,
+                            )
+                            if not token.endswith("{"):
+                                end_spos = (lnum, end_offset)
+                                end_epos = (lnum, end_offset + 1)
+                                yield (FSTRING_END, token[-1], end_spos, end_epos, line)
+                                fstring_level -= 1
+                                endprog_stack.pop()
+                                parenlev = parenlev_stack.pop()
+                                if fstring_level > 0:
+                                    inside_fstring_braces = True
+                            else:
+                                end_spos = (lnum, end_offset)
+                                end_epos = (lnum, end_offset + 1)
+                                yield (LBRACE, "{", end_spos, end_epos, line)
+                                inside_fstring_braces = True
+
                 elif initial.isidentifier():  # ordinary name
                     if token in ("async", "await"):
                         if async_keywords or async_def:
@@ -669,8 +995,22 @@ def generate_tokens(
                         stashed = None
                     yield (NL, token, spos, (lnum, pos), line)
                     continued = 1
+                elif (
+                    initial == "}"
+                    and parenlev == 0
+                    and bracelev == 0
+                    and fstring_level > 0
+                ):
+                    yield (RBRACE, token, spos, epos, line)
+                    inside_fstring_braces = False
                 else:
-                    if initial in "([{":
+                    if parenlev == 0 and bracelev > 0 and initial == "}":
+                        bracelev -= 1
+                        # if we're still inside fstrings, we're still part of the format spec
+                        if inside_fstring_braces:
+                            inside_fstring_colon = True
+                            formatspec_start = (lnum, pos)
+                    elif initial in "([{":
                         parenlev += 1
                     elif initial in ")]}":
                         parenlev -= 1
@@ -689,6 +1029,8 @@ def generate_tokens(
     for _indent in indents[1:]:  # pop remaining indent levels
         yield (DEDENT, "", (lnum, 0), (lnum, 0), "")
     yield (ENDMARKER, "", (lnum, 0), (lnum, 0), "")
+    assert len(endprog_stack) == 0
+    assert len(parenlev_stack) == 0
 
 
 if __name__ == "__main__":  # testing
diff --git a/src/blib2to3/pygram.py b/src/blib2to3/pygram.py
index 2b43b4c112b..70a5684bb07 100644
--- a/src/blib2to3/pygram.py
+++ b/src/blib2to3/pygram.py
@@ -70,6 +70,10 @@ class _python_symbols(Symbols):
     file_input: int
     flow_stmt: int
     for_stmt: int
+    fstring: int
+    fstring_format_spec: int
+    fstring_middle: int
+    fstring_replacement_field: int
     funcdef: int
     global_stmt: int
     guard: int
diff --git a/tests/data/cases/dummy_implementations.py b/tests/data/cases/dummy_implementations.py
index 0a52c081bcc..107bc2c506f 100644
--- a/tests/data/cases/dummy_implementations.py
+++ b/tests/data/cases/dummy_implementations.py
@@ -68,6 +68,67 @@ async def async_function(self):
 async def async_function(self):
     ...
 
+class ClassA:
+    def f(self):
+        
+        ...
+
+
+class ClassB:
+    def f(self):
+        
+        
+        
+        
+        
+        
+        
+        
+        
+        ...
+
+
+class ClassC:
+    def f(self):
+        
+        ...
+        # Comment
+
+
+class ClassD:
+    def f(self):# Comment 1
+        
+        ...# Comment 2
+        # Comment 3
+
+
+class ClassE:
+    def f(self):
+        
+        ...
+    def f2(self):
+        print(10)
+
+
+class ClassF:
+    def f(self):
+        
+        ...# Comment 2
+
+
+class ClassG:
+    def f(self):#Comment 1
+        
+        ...# Comment 2
+ 
+       
+class ClassH:
+    def f(self):
+        #Comment
+
+        ...
+
+
 # output
 
 from typing import NoReturn, Protocol, Union, overload
@@ -142,3 +203,47 @@ async def async_function(self): ...
 
 @decorated
 async def async_function(self): ...
+
+
+class ClassA:
+    def f(self): ...
+
+
+class ClassB:
+    def f(self): ...
+
+
+class ClassC:
+    def f(self):
+
+        ...
+        # Comment
+
+
+class ClassD:
+    def f(self):  # Comment 1
+
+        ...  # Comment 2
+        # Comment 3
+
+
+class ClassE:
+    def f(self): ...
+    def f2(self):
+        print(10)
+
+
+class ClassF:
+    def f(self): ...  # Comment 2
+
+
+class ClassG:
+    def f(self):  # Comment 1
+        ...  # Comment 2
+
+
+class ClassH:
+    def f(self):
+        # Comment
+
+        ...
diff --git a/tests/data/cases/pep_701.py b/tests/data/cases/pep_701.py
new file mode 100644
index 00000000000..f4a69e47413
--- /dev/null
+++ b/tests/data/cases/pep_701.py
@@ -0,0 +1,242 @@
+# flags: --minimum-version=3.12
+x = f"foo"
+x = f'foo'
+x = f"""foo"""
+x = f'''foo'''
+x = f"foo {{ bar {{ baz"
+x = f"foo {{ {2 + 2}bar {{ baz"
+x = f'foo {{ {2 + 2}bar {{ baz'
+x = f"""foo {{ {2 + 2}bar {{ baz"""
+x = f'''foo {{ {2 + 2}bar {{ baz'''
+
+# edge case: FSTRING_MIDDLE containing only whitespace should not be stripped
+x = f"{a} {b}"
+
+x = f"foo {
+    2 + 2
+} bar baz"
+
+x = f"foo {{ {"a  {2 + 2}  b"}bar {{ baz"
+x = f"foo {{ {f'a  {2 + 2}  b'}bar {{ baz"
+x = f"foo {{ {f"a  {2 + 2}  b"}bar {{ baz"
+
+x = f"foo {{ {f'a  {f"a  {2 + 2}  b"}  b'}bar {{ baz"
+x = f"foo {{ {f"a  {f"a  {2 + 2}  b"}  b"}bar {{ baz"
+
+x = """foo {{ {2 + 2}bar
+baz"""
+
+
+x = f"""foo {{ {2 + 2}bar {{ baz"""
+
+x = f"""foo {{ {
+    2 + 2
+}bar {{ baz"""
+
+
+x = f"""foo {{ {
+    2 + 2
+}bar
+baz"""
+
+x = f"""foo {{ a
+    foo {2 + 2}bar {{ baz
+
+    x = f"foo {{ {
+        2 + 2  # comment
+    }bar"
+
+    {{ baz
+
+    }} buzz
+
+    {print("abc" + "def"
+)}
+abc"""
+
+# edge case: end triple quotes at index zero
+f"""foo {2+2} bar
+"""
+
+f' \' {f"'"} \' '
+f" \" {f'"'} \" "
+
+x = f"a{2+2:=^72}b"
+x = f"a{2+2:x}b"
+
+rf'foo'
+rf'{foo}'
+
+f"{x:{y}d}"
+
+x = f"a{2+2:=^{x}}b"
+x = f"a{2+2:=^{foo(x+y**2):something else}}b"
+x = f"a{2+2:=^{foo(x+y**2):something else}one more}b"
+f'{(abc:=10)}'
+
+f"This is a really long string, but just make sure that you reflow fstrings {
+    2+2:d
+}"
+f"This is a really long string, but just make sure that you reflow fstrings correctly {2+2:d}"
+
+f"{2+2=}"
+f"{2+2    =    }"
+f"{     2      +     2    =    }"
+
+f"""foo {
+    datetime.datetime.now():%Y
+%m
+%d
+}"""
+
+f"{
+X
+!r
+}"
+
+raise ValueError(
+                "xxxxxxxxxxxIncorrect --line-ranges format, expect START-END, found"
+                f" {lines_str!r}"
+            )
+
+f"`escape` only permitted in {{'html', 'latex', 'latex-math'}}, \
+got {escape}"
+
+x = f'\N{GREEK CAPITAL LETTER DELTA} \N{SNOWMAN} {x}'
+fr'\{{\}}'
+
+f"""
+    WITH {f'''
+    {1}_cte AS ()'''}
+"""
+
+value: str = f'''foo
+'''
+
+log(
+    f"Received operation {server_operation.name} from "
+    f"{self.writer._transport.get_extra_info('peername')}",  # type: ignore[attr-defined]
+    level=0,
+)
+
+# output
+
+x = f"foo"
+x = f"foo"
+x = f"""foo"""
+x = f"""foo"""
+x = f"foo {{ bar {{ baz"
+x = f"foo {{ {2 + 2}bar {{ baz"
+x = f"foo {{ {2 + 2}bar {{ baz"
+x = f"""foo {{ {2 + 2}bar {{ baz"""
+x = f"""foo {{ {2 + 2}bar {{ baz"""
+
+# edge case: FSTRING_MIDDLE containing only whitespace should not be stripped
+x = f"{a} {b}"
+
+x = f"foo {
+    2 + 2
+} bar baz"
+
+x = f"foo {{ {"a  {2 + 2}  b"}bar {{ baz"
+x = f"foo {{ {f'a  {2 + 2}  b'}bar {{ baz"
+x = f"foo {{ {f"a  {2 + 2}  b"}bar {{ baz"
+
+x = f"foo {{ {f'a  {f"a  {2 + 2}  b"}  b'}bar {{ baz"
+x = f"foo {{ {f"a  {f"a  {2 + 2}  b"}  b"}bar {{ baz"
+
+x = """foo {{ {2 + 2}bar
+baz"""
+
+
+x = f"""foo {{ {2 + 2}bar {{ baz"""
+
+x = f"""foo {{ {
+    2 + 2
+}bar {{ baz"""
+
+
+x = f"""foo {{ {
+    2 + 2
+}bar
+baz"""
+
+x = f"""foo {{ a
+    foo {2 + 2}bar {{ baz
+
+    x = f"foo {{ {
+        2 + 2  # comment
+    }bar"
+
+    {{ baz
+
+    }} buzz
+
+    {print("abc" + "def"
+)}
+abc"""
+
+# edge case: end triple quotes at index zero
+f"""foo {2+2} bar
+"""
+
+f' \' {f"'"} \' '
+f" \" {f'"'} \" "
+
+x = f"a{2+2:=^72}b"
+x = f"a{2+2:x}b"
+
+rf"foo"
+rf"{foo}"
+
+f"{x:{y}d}"
+
+x = f"a{2+2:=^{x}}b"
+x = f"a{2+2:=^{foo(x+y**2):something else}}b"
+x = f"a{2+2:=^{foo(x+y**2):something else}one more}b"
+f"{(abc:=10)}"
+
+f"This is a really long string, but just make sure that you reflow fstrings {
+    2+2:d
+}"
+f"This is a really long string, but just make sure that you reflow fstrings correctly {2+2:d}"
+
+f"{2+2=}"
+f"{2+2    =    }"
+f"{     2      +     2    =    }"
+
+f"""foo {
+    datetime.datetime.now():%Y
+%m
+%d
+}"""
+
+f"{
+X
+!r
+}"
+
+raise ValueError(
+    "xxxxxxxxxxxIncorrect --line-ranges format, expect START-END, found"
+    f" {lines_str!r}"
+)
+
+f"`escape` only permitted in {{'html', 'latex', 'latex-math'}}, \
+got {escape}"
+
+x = f"\N{GREEK CAPITAL LETTER DELTA} \N{SNOWMAN} {x}"
+rf"\{{\}}"
+
+f"""
+    WITH {f'''
+    {1}_cte AS ()'''}
+"""
+
+value: str = f"""foo
+"""
+
+log(
+    f"Received operation {server_operation.name} from "
+    f"{self.writer._transport.get_extra_info('peername')}",  # type: ignore[attr-defined]
+    level=0,
+)
diff --git a/tests/data/miscellaneous/debug_visitor.out b/tests/data/miscellaneous/debug_visitor.out
index fa60010d421..24d7ed82472 100644
--- a/tests/data/miscellaneous/debug_visitor.out
+++ b/tests/data/miscellaneous/debug_visitor.out
@@ -229,8 +229,34 @@ file_input
                       LPAR
  '('
                       arglist
-                        STRING
- "f'{indent}{_type}'"
+                        fstring
+                          FSTRING_START
+ "f'"
+                          FSTRING_MIDDLE
+ ''
+                          fstring_replacement_field
+                            LBRACE
+ '{'
+                            NAME
+ 'indent'
+                            RBRACE
+ '}'
+                          /fstring_replacement_field
+                          FSTRING_MIDDLE
+ ''
+                          fstring_replacement_field
+                            LBRACE
+ '{'
+                            NAME
+ '_type'
+                            RBRACE
+ '}'
+                          /fstring_replacement_field
+                          FSTRING_MIDDLE
+ ''
+                          FSTRING_END
+ "'"
+                        /fstring
                         COMMA
  ','
                         argument
@@ -370,8 +396,34 @@ file_input
                       LPAR
  '('
                       arglist
-                        STRING
- "f'{indent}/{_type}'"
+                        fstring
+                          FSTRING_START
+ "f'"
+                          FSTRING_MIDDLE
+ ''
+                          fstring_replacement_field
+                            LBRACE
+ '{'
+                            NAME
+ 'indent'
+                            RBRACE
+ '}'
+                          /fstring_replacement_field
+                          FSTRING_MIDDLE
+ '/'
+                          fstring_replacement_field
+                            LBRACE
+ '{'
+                            NAME
+ '_type'
+                            RBRACE
+ '}'
+                          /fstring_replacement_field
+                          FSTRING_MIDDLE
+ ''
+                          FSTRING_END
+ "'"
+                        /fstring
                         COMMA
  ','
                         argument
@@ -494,8 +546,34 @@ file_input
                       LPAR
  '('
                       arglist
-                        STRING
- "f'{indent}{_type}'"
+                        fstring
+                          FSTRING_START
+ "f'"
+                          FSTRING_MIDDLE
+ ''
+                          fstring_replacement_field
+                            LBRACE
+ '{'
+                            NAME
+ 'indent'
+                            RBRACE
+ '}'
+                          /fstring_replacement_field
+                          FSTRING_MIDDLE
+ ''
+                          fstring_replacement_field
+                            LBRACE
+ '{'
+                            NAME
+ '_type'
+                            RBRACE
+ '}'
+                          /fstring_replacement_field
+                          FSTRING_MIDDLE
+ ''
+                          FSTRING_END
+ "'"
+                        /fstring
                         COMMA
  ','
                         argument
@@ -557,8 +635,36 @@ file_input
                           LPAR
  '('
                           arglist
-                            STRING
- "f' {node.prefix!r}'"
+                            fstring
+                              FSTRING_START
+ "f'"
+                              FSTRING_MIDDLE
+ ' '
+                              fstring_replacement_field
+                                LBRACE
+ '{'
+                                power
+                                  NAME
+ 'node'
+                                  trailer
+                                    DOT
+ '.'
+                                    NAME
+ 'prefix'
+                                  /trailer
+                                /power
+                                BANG
+ '!'
+                                NAME
+ 'r'
+                                RBRACE
+ '}'
+                              /fstring_replacement_field
+                              FSTRING_MIDDLE
+ ''
+                              FSTRING_END
+ "'"
+                            /fstring
                             COMMA
  ','
                             argument
@@ -613,8 +719,36 @@ file_input
                       LPAR
  '('
                       arglist
-                        STRING
- "f' {node.value!r}'"
+                        fstring
+                          FSTRING_START
+ "f'"
+                          FSTRING_MIDDLE
+ ' '
+                          fstring_replacement_field
+                            LBRACE
+ '{'
+                            power
+                              NAME
+ 'node'
+                              trailer
+                                DOT
+ '.'
+                                NAME
+ 'value'
+                              /trailer
+                            /power
+                            BANG
+ '!'
+                            NAME
+ 'r'
+                            RBRACE
+ '}'
+                          /fstring_replacement_field
+                          FSTRING_MIDDLE
+ ''
+                          FSTRING_END
+ "'"
+                        /fstring
                         COMMA
  ','
                         argument
diff --git a/tests/test_black.py b/tests/test_black.py
index 2e3ae4503f5..498eb06fc39 100644
--- a/tests/test_black.py
+++ b/tests/test_black.py
@@ -343,12 +343,11 @@ def test_detect_debug_f_strings(self) -> None:
         features = black.get_features_used(root)
         self.assertNotIn(black.Feature.DEBUG_F_STRINGS, features)
 
-        # We don't yet support feature version detection in nested f-strings
         root = black.lib2to3_parse(
             """f"heard a rumour that { f'{1+1=}' } ... seems like it could be true" """
         )
         features = black.get_features_used(root)
-        self.assertNotIn(black.Feature.DEBUG_F_STRINGS, features)
+        self.assertIn(black.Feature.DEBUG_F_STRINGS, features)
 
     @patch("black.dump_to_file", dump_to_stderr)
     def test_string_quotes(self) -> None: