FT News Briefing Donald Trump’s new favourite billionaire
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Aug 28, 2025 Nvidia's impressive 56% revenue growth underscores the booming AI market. In Venezuela, cryptocurrencies are taking center stage as citizens turn to digital currencies amid economic chaos. The UK sees a shift as many top companies opt for external CEOs, revealing gaps in succession planning. Meanwhile, SoftBank's Masayoshi Son emerges as a key figure, fostering connections between business interests and international diplomacy, notably with Donald Trump. This highlights the intertwined nature of commerce and global politics.
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AI Demand Fuels NVIDIA Growth
- NVIDIA reported 56% year-on-year revenue growth, driven by AI demand.
- Despite solid results, shares fell in after-hours trading as investors worry about AI payoffs.
Crypto Fills Currency Vacuum In Venezuela
- Crypto usage in Venezuela has surged across retail, rent payments and chains as the bolivar collapses.
- People adopt crypto because dollars are scarce and the bolivar lost roughly 70% of its value between October and June.
Government Mixed Signals On Crypto
- The Venezuelan government's stance on crypto has shifted between promotion and crackdown.
- Its crypto regulator is under investigation and the state-backed Petro failed to gain traction.