Overall meaning :
Allah Almighty addresses his Prophet, may Allah bless him and grant him peace, giving him solace following the harm he suffered at the hands of his enemies, saying to him: Do not be grieved by what the idolaters say, such as their fabricating falsehood about Allah, accusing you of lying and mocking the truth, for all might belongs to Allah in this world and in the hereafter, and so He will protect you from the idolaters’ harm. He is the All-Hearing, the All-Knowing.
Surely, He proclaims, to Him alone belongs everyone that is in the heavens and in the earth. What, then, do those who associate others with Allah and invoke them besides Him really follow? They follow nothing but conjectures without any real evidence whatsoever and invent lies about Allah without having any knowledge of the truth.