Donald Trump’s new favourite billionaire

Summary

FT News Briefing: "Donald Trump’s New Favourite Billionaire"

Date: August 28, 2025
Host: Mark Filippino (B)
Guests: Joe Daniels (D), David Keohan (C)

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Episode Overview

This episode delivers a roundup of global business news, focusing on three main stories:

• Nvidia’s strong earnings and the market’s mixed reaction
• The cryptocurrency boom in Venezuela amid economic turmoil
• The close relationship between SoftBank’s Masayoshi Son and Donald Trump, and its significance for tech investing and US-Japan relations

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Key Discussion Points & Insights

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Nvidia’s Earnings and Market Concerns

[00:49-01:55]

• Nvidia reported a 56% year-on-year increase in revenue, slightly above analyst estimates.
• Despite solid results, investors remain anxious about whether the massive AI investment boom will actually pay off financially.
• Market Reaction: Nvidia’s shares dropped in after-hours trading, indicating investor jitters over long-term value.

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Cryptocurrencies Transforming Venezuela

Conversation: Mark Filippino & Joe Daniels
[01:55-05:10]

Widespread Adoption

• Crypto usage is everywhere: “It's used in neighborhood stores, it's used in retail chains, it's used by some people to pay rent.” (Joe Daniels, 02:01)
• Crypto uptake surged by 110% in the last reported year.
• Venezuelans are desperate for alternatives as the Bolivar’s value plummets.

Underlying Causes

• Economic instability is the driver: A distorted economy with price controls, currency controls, and recent hyperinflation.
• The Bolivar lost 70% of its value from October to June.
• “People don't have faith in the currency... people are just desperate for some kind of currency that is much more usable, much more fungible than the Bolivar.” (Joe Daniels, 02:28)

Government’s Stance

• Mixed approach: Venezuela floated the “Petro,” an oil-backed crypto that failed.
• The country has a crypto regulatory body currently under scrutiny for corruption.
• The government has alternated between encouraging and cracking down on crypto as it deals with its own corruption crises.

Crypto vs Bolivar

• “Cryptocurrencies... represent different payment methods because people don't want to use Bolivars because they devalue so quickly. And as a result people are losing faith in their own currency.” (Joe Daniels, 04:31)
• The rise of crypto leads to a “shadow currency” economy, complicating government oversight.

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UK FTSE 100 and CEO Succession Trouble

[05:18-06:42]

• Over half of FTSE 100 companies appointed external candidates as CEO in Q1—a much higher rate than in the US or Germany.
• Reason: Poor succession planning and weak internal leadership pipelines.
• Wider risk: These failures threaten not just companies, but broader economic stability.

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Masayoshi Son, SoftBank, and Donald Trump

Conversation: Mark Filippino & David Keohan
[06:42-10:39]

SoftBank’s New Investment Strategy

• Shift to AI: SoftBank and Masayoshi Son are focusing heavily on US-based AI investments—such as OpenAI and a new $2B stake in Intel.
• “What's different this time... is that Masa Masayoshi son is concentrated entirely on AI... increasingly a lot of his firepower [is] in the United States.” (David Keohan, 06:59)

The Trump Connection

• Personal rapport: Son and Trump often play golf and chat. “The two play golf together regularly, the two chat regularly... Massa as a risk taker, as a very, very wealthy man, appeals to Trump, appeals to his sensibilities.” (David Keohan, 08:41)
• Son’s charisma and Japan-US ties make him a valuable unofficial ‘diplomat’ between Washington and Tokyo.
• Stargate Project: Both are involved in this $500 billion data center project with OpenAI and Oracle; Son delivers wins that Trump can tout.

What’s at Stake

• Further investments could expand from minority stakes to controlling strategic semiconductor assets (like Intel’s foundry business).
• Son may facilitate the entry of Japanese equipment makers and suppliers to US operations—key for both US security and Japan’s economic interests.
• Quote: "If he goes from being somebody who has minority financial stakes to someone who owns physical assets, I think the relationship to Trump would be incredibly important." (David Keohan, 08:25)

Japanese Government’s View

• Asset and obstacle: “Japanese diplomats are both intrigued and keen to take advantage of this relationship, but also wary and frustrated because increasingly he is seen as a gatekeeper.” (David Keohan, 09:41)
• Son operates outside government norms, much like Trump, contributing to mutual understanding but bureaucratic unease.

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Notable Quotes & Memorable Moments

• Joe Daniels (02:28):
  “People don't have faith in the currency. I mean, the Bolivar currency has lost 70% of its value between October and June this year. People are just desperate for some kind of currency that is much more usable, much more fungible than the Bolivar.”

• David Keohan (08:41):
  “The two play golf together regularly, the two chat regularly... Massa as a risk taker, as a very, very wealthy man, appeals to Trump, appeals to his sensibilities.”

• David Keohan (09:41):
  "Japanese diplomats are both intrigued and keen to take advantage of this relationship, but also wary and frustrated because increasingly he is seen as a gatekeeper."

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Timestamps for Important Segments

• 01:55: Venezuela’s crypto boom begins
• 02:28: Why Venezuelans are flocking to crypto
• 04:31: Do cryptocurrencies pose a real challenge to the Bolivar?
• 05:18: Surge in FTSE 100 CEO hires from outside
• 06:42: SoftBank, Masayoshi Son, and Trump’s new friendship
• 08:41: Personal dynamics between Son and Trump
• 09:41: Japanese officials’ complicated feelings on the relationship

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Conclusion

This episode covers significant moves in global business: the cautious optimism around AI’s profit potential, dramatic currency alternatives amid Venezuelan instability, and the growing US-Japan tech-investment alliance shaped by personal ties between Masa Son and Donald Trump. Each story underscores how economic uncertainty, leadership gaps, and unconventional relationships are reshaping the global business landscape.

Transcript

[A]

Markets move fast. Get the insights you need in 10 minutes with Barclays Brief, a podcast from Barclays Investment Bank. Each week our experts analyze market themes, helping you anticipate what's next. Listen to Barclays Brief wherever you get your podcasts.

[B]

Good morning from the Financial Times. Today is Thursday, August 28th, and this is your FT news briefing. Nvidia delivered a solid earnings report and Venezuelans are really into crypto right now. Plus, SoftBank's Masayoshi Son and Donald Trump are two peas in a pod and that's good for business.

[C]

The two play golf together regularly. The two chat regularly. Massa as a risk taker, as a very, very wealthy man appeals to Trump, appeals to his sensibilities.

[B]

I'm Mark Filippino and here's the news you need to start your day. The tech giant at the heart of the artificial intelligence boom showed resilient growth last quarter. US Chip designer Nvidia reported earnings yesterday. The company's revenue was up 56% year on year and slightly above estimates. And this report was a biggie for investors. They've become increasingly jittery about the financial payoff of all this AI investment and excitement. But even with the solid figures, investors were still nervous. The company's shares fell in after hours trading on Wednesday. Cryptocurrencies are transforming Venezuela. People are flocking to them as an alternative because the country's currency is flailing. But is crypto a serious challenger to the Bolivar? Here with me to Discuss is the FT's Joe Daniels, who's been covering this. Hey Joe.

[D]

Hi Mark.

[B]

So where are we seeing cryptocurrency usage crop up around Venezuela?

[D]

Well, we're seeing it crop up everywhere. It's used in neighborhood stores, it's used in retail chains, it's used by some people to pay rent. It's used for all sorts of transactions in the country. Chainalysis, a firm that monitors crypto uptake, says it surged 110% in the last year that they have data for.

[B]

Wow, that's insane. So what is behind the surge, Joe?

[D]

Well, driving the surge is economic instability in Venezuela, which is one of the most distorted economies in the world. Venezuela has a highly authoritarian government that has instigated kind of socialist policies which have completely distorted and warped the economy with price controls and currency controls and that it's dealt with hyperinflation in the last decade. As a result, people don't have faith in the currency. I mean, the Bolivar currency has lost 70% of its value between October and June this year. People are just desperate for some kind of currency that is much more usable, much more fungible than the Bolivar. So we've seen an uptake in dollars and crypto is kind of a natural development of because getting a hold of physical dollars in cash in Venezuela is not that easy.

[B]

It sounds like there aren't a lot of options here for people and that's why they're turning to crypto. How does the government feel about crypto?

[D]

Well, the government has had a checkered history over crypto. First off, they'd floated the idea of launching their own kind of oil backed cryptocurrency called the Petro. It went nowhere. They have a crypto regulating body which is currently being investigated by Venezuelan authorities over corruption within the system that is widely regarded as corrupt. So the government's attitude on crypto has kind of shifted quite a bit both in terms of promoting cryptocurrencies and then cracking down and saying that they are a a method for corruption within the government.

[B]

Joe, given all this, do you think that cryptocurrencies pose a real challenge to the Bolivar in Venezuela?

[D]

I think it's possible. Cryptocurrencies just like US Dollars and the Brazilian real or the Colombian peso in the border regions, all of these different currencies represent different payment methods because people don't want to use Bolivars because they devalue so quickly. And as a result people are losing faith in their own currency. That's obviously a huge problem and it poses challenges to the economy. You have a shadow currency being widely used. You have more transactions taking place outside of regulators oversight.

[B]

Joe Daniels covers South America for the ft. Thanks, Joe.

[D]

Thanks, Mark.

[B]

British boardrooms seem to love a fresh face. In the first quarter of this year, more than half of FTSE 100 companies chose external candidates as their new CEO. That's according to a nonprofit called 25 by 25. That is way higher than rival markets. A little less than a third of The S&P 500 welcomed newcomers. And Germany's Dax had a little less than a quarter. So why are UK companies gunning for outsiders? Well, it seems like it comes down to poor planning. 25 by 25 surveyed UK board members. They found that companies lacked internal leaders who could manage sudden upheaval or who could reposition the organization for growth. And the impacts go well beyond the boardroom. The 25 by 25 initiative found failures in succession planning could present a risk to the broader. Softbank founder Masayoshi sun is a legendary tech investor and now he's one of Donald Trump's favorite investors too son led a big investment in OpenAI and pushed SoftBank to buy $2 billion worth of intel stock earlier this month. It's part of SoftBank's US dealmaking spree that's turned sun into an unofficial diplomat between Washington and Tokyo. Here with me to talk about this is the FT's David Keohan. Hey, David.

[C]

Hey, nice to be here.

[B]

Okay, so just to start us off, SoftBank is a tech heavy investment fund. It has invested in a lot of US companies like Uber and more infamously, WeWork. What's different about what's happening over the past two months or so?

[C]

So if we think about SoftBank's evolution a long way back, it used to be kind of an operating company. Masturichison was the guy who brought the iPhone to Japan. And then through the Vision funds, the tech heavy investment vehicles, it made what were for a while very concentrated bets, including the disastrous one on WeWork, and then quite a few smaller bets. What's different this time, both for SoftBank and in the US is that Masa Masayoshi sun is concentrated entirely on AI. He's concentrating a lot, increasingly a lot of his firepower in the United States.

[B]

And how much of this recent investment can we actually attribute to Sun's relationship with Trump?

[C]

He would be doing some of this anyway. What he's currently signed up for, what he's agreed to do in terms of the fundraising for OpenAI, in terms of the 2 billion stake in intel, these are minority stakes. Where it gets more interesting is what could come next. The FT has reported that SoftBank has had designs on Intel's foundry business, which would actually make the semiconductors and would be considered a very strategic asset. Masa is also one of the leads on the Stargate project, which is this 500 billion data center build out with OpenAI and Oracle and some other funders. And he has designs on this very ambitious project to bring semiconductor equipment makers, materials to Arizona. So if he goes from being somebody who has minority financial stakes to someone who owns physical assets, I think the relationship to Trump would be incredibly important.

[B]

Why do you think they're so buddy? Buddy?

[C]

Well, firstly, Master Shaissan is very good at this. He's very good at getting close to people in power. He is extremely charismatic and I think Massa knows how to appeal to Trump. I mean, we promised 100 billion investment, got on stage with Trump and then a couple months later he was back. He was in the White House with Sam Altman of OpenAI, with Larry Ellison of Oracle giving Trump another huge win in terms of the Stargate investment. The two play golf together regularly, the two chat regularly. They're just very close. Because I think Massa as a risk taker, as a very, very wealthy man, appeals to Trump, appeals to his sensibilities, and he also is able to say to Trump, you know what? I get Japan. Japan is a very important ally. I'll help you there.

[B]

I'm so glad that you brought that up. I'm really curious, David, what are you hearing from Japanese officials, Japanese diplomats, about how they feel about the relationship between Son and Trump?

[C]

Masa's relationship with Donald Trump is very clearly an asset to the Japanese. Obviously, Masayoshi Son is a businessman. He is acting in self interest. So Japanese diplomats are both intrigued and keen to take advantage of this relationship, but also wary and frustrated because increasingly he is seen as a gatekeeper. He is seen as the guy who filters some of the conversations between Tokyo and Washington, as one of the people we spoke to said. And I think it's probably true to say that Tokyo bureaucrats who are trained to approach things in a certain way probably also see Masayoshi san as someone they cannot fully control or understand because he is outside of the norms of Tokyo and the way he operates, similar to Donald Trump. Maybe another thing that allows them to see eye to eye.

[B]

That's the FT's David Keoghan. Thanks, David.

[C]

Thanks so much. That was good fun.

[B]

You can read more on all these stories for free when you click the links in our show notes. This has been your daily FT news briefing. Check back tomorrow for the latest business news.

[C]

Foreign.

[E]

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[F]

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