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

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

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

Key Discussion Points & Insights

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.

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.

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.

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.

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."

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

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.