SoftBank exists Its Nvidia holdings, Meta’s Chief AI Scientist leaves, and Billionaire Bitcoin Scammer caught

12th November 2025

SoftBank offloads $5.8B Nvidia stake to fuel AI bets, including OpenAI and Ampere Computing. Markets wobble, but the firm aims for its strongest annual profit since 2020.Zhimin Qian sentenced to 11+ years for a £5.5B crypto scam after seven years on the run.Authorities seized 61,000+ bitcoins, the UK’s largest crypto seizure. Yann LeCun plans to leave Meta to build a startup focused on world model AI. His exit follows internal tension as Meta shifts toward short-term AI projects. Wes Streeting dismisses rumors he’s plotting to oust PM Starmer, calling reports false. Labour braces for budget tax hikes amid slipping poll numbers. All this and more on today’s Read It and Eat! 

Major News 

• SoftBank Offloads $5.8B Nvidia Stake to Fuel AI Ambitions

SoftBank Group has sold its entire $5.8 billion stake in Nvidia, a move aimed at freeing up capital for its growing bets in artificial intelligence. Founder Masayoshi Son is doubling down on AI projects spanning everything from Stargate data centers with OpenAI and Oracle to a proposed $1 trillion manufacturing hub in Arizona. The sale comes as global investors debate whether the flood of money pouring into AI can deliver long-term returns.

The decision rattled markets, with SoftBank shares sliding over 10% in Tokyo and Nvidia dipping nearly 4% in U.S. trading. Still, SoftBank emphasized the sale wasn’t a reflection on Nvidia itself, but rather a strategic move to fund its AI expansion. “I can’t say if we’re in an AI bubble or not,” said CFO Yoshimitsu Goto, adding that the proceeds would support upcoming deals and investments.

SoftBank’s timing has been shrewd it previously exited Nvidia in 2019, then quietly rebuilt its stake in 2020, well before ChatGPT sparked a $2 trillion rally in the chipmaker’s market value. The company’s earnings have also surged, with a ¥2.5 trillion ($16.2B) profit last quarter, boosted by its investments in OpenAI and other high-profile AI firms like ByteDance and Perplexity AI. Analysts say SoftBank is on track for its best annual profit since 2020.

Looking ahead, SoftBank plans to deploy $22.5 billion into OpenAI, move forward with the $6.5 billion purchase of chipmaker Ampere Computing, and acquire ABB’s robotics arm for $5.4 billion. The firm also expanded its margin loan against Arm Holdings shares to $20 billion to fund these ambitions. As one analyst put it, “SoftBank’s stock has already doubled this year now it’s a question of how long the AI wave can keep carrying it.” New York Times 

• Fraudster Behind £5.5B Bitcoin Scam Jailed After Six Years on the Run

After one of the UK’s most remarkable manhunts, Zhimin Qian, the mastermind behind a £5.5 billion bitcoin scam, has been sentenced to 11 years and eight months in prison. The 46-year-old defrauded more than 128,000 victims in China through a vast Ponzi-style crypto scheme before fleeing to the UK, where she lived under false identities for nearly seven years. Her associate, Seng Hok Ling, received four years and 11 months, and more than 61,000 bitcoins seized from her London home worth around £5 billion are now the subject of civil proceedings to compensate victims.

Police finally tracked Qian down earlier this year after a long-dormant bitcoin wallet suddenly became active, sparking a manhunt that stretched from the Scottish Highlands to northern England. She was arrested in York in April, along with four Malaysian nationals working illegally as her domestic staff. Judge Sally-Ann Hales KC called her crimes “unprecedented in scale” and “driven by pure greed.” Qian’s lawyer said she “never set out to commit fraud” but acknowledged her investment schemes were deceptive and expressed remorse for the distress caused.

Qian’s years on the run were marked by luxury and paranoia. She spent tens of thousands of pounds on designer goods at Harrods and stayed in five-star hotels across Europe, all while living in fear of Chinese authorities. Using aliases and fake passports, she avoided extradition by steering clear of certain countries and even banned her staff from using Huawei or Xiaomi phones. Her lavish spending drew attention when she and her associates attempted to buy a £24 million London property in 2018, triggering a suspicious activity report that ultimately led police to her bitcoin fortune.

The case is now regarded as the UK’s largest-ever cryptocurrency seizure, and a cautionary tale about how digital assets can be both a tool for fraud and a key to solving it. “Many people lost their life savings, and the emotional and financial impact was devastating,” said Will Lyne, head of economic and cybercrime at the Metropolitan Police. “Every cryptocurrency transaction leaves a trace and in this case, those traces finally led to justice.” The Guardian 

• Meta’s Chief AI Scientist Yann LeCun Reportedly Set to Launch His Own Startup

Meta may soon lose one of its biggest AI names. Yann LeCun, the company’s Chief AI Scientist and a Turing Award–winning researcher, is reportedly preparing to leave Meta to start his own company, according to the Financial Times. LeCun, who’s also a professor at New York University, is said to be in early talks with investors as he looks to build a startup centered on his research into “world models” AI systems designed to understand their environments and simulate cause-and-effect outcomes.

LeCun’s possible departure comes at a critical moment for Meta’s AI ambitions. The company has been overhauling its strategy to keep pace with rivals like OpenAI, Google, and Anthropic, recently launching a new division called Meta Superintelligence Labs (MSL). The group, led by Scale AI CEO Alexandr Wang, has hired more than 50 engineers from competing firms as Meta tries to strengthen its position in the race for advanced AI. But insiders say the shake-up has created tension within Meta’s AI teams, with some new recruits frustrated by the company’s corporate structure and researchers in LeCun’s Fundamental AI Research Lab (FAIR) feeling sidelined.

FAIR, which focuses on long-term AI research, has reportedly taken a back seat as Meta prioritizes short-term projects that can compete directly with ChatGPT and Gemini. LeCun, who has long voiced skepticism toward the hype surrounding large language models, has often argued that today’s AI systems are far from true intelligence. “Before we worry about controlling AI smarter than us,” he once wrote on X, “we should first design one that’s smarter than a house cat.”

Neither LeCun nor Meta have commented publicly on the reports, but if confirmed, his exit would mark a major shift for the tech giant’s AI roadmap and potentially signal the birth of another major AI startup led by one of the field’s most influential thinkers. TechCrunch 

• UK Health Secretary Wes Streeting Dismisses Rumors of Leadership Plot Against PM Starmer

UK Health Secretary Wes Streeting has firmly denied claims that he’s plotting to oust Prime Minister Keir Starmer, following reports suggesting a possible leadership challenge could emerge after the upcoming budget. Speaking to BBC Radio on Wednesday, Streeting called the allegations “categorically untrue,” insisting that his focus and the government’s remains on improving the country, not political infighting.

The rumors come amid growing pressure on Starmer, whose Labour Party secured a historic election landslide in 2024 but has since struggled to maintain public support. Just 16 months into his premiership, polls now show Labour slipping behind Nigel Farage’s Reform UK, as the government faces backlash over its plan to raise income taxes a move that would break one of its core campaign pledges.

Several media reports have suggested that Starmer’s allies fear a potential challenge from within, naming Streeting and Home Secretary Shabana Mahmood as possible contenders.

But Streeting dismissed the idea that Labour is in turmoil, telling Sky News, “I’m not going to demand the prime minister’s resignation. I support the prime minister and have done since he became leader.” He added that the speculation only distracts from the government’s real priorities.

The next major test for Starmer will come with the November 26 budget, where Chancellor Rachel Reeves is expected to announce further tax increases to address a widening fiscal gap just a year after implementing a £40 billion tax hike she once described as a “one-off.” For now, Streeting’s message is one of unity, but as the polls tighten, pressure on Starmer’s leadership shows little sign of easing. Reuters 

Minor News 

• Goldman Sachs scores a record $110M fee from Electronic Arts deal. Financial Times 

• Apple unveils a $230 crossbody “sock” bag for your iPhone. TheVerge 

  
  

• Supreme Court extends freeze on SNAP food aid as families await relief. Finance.Yahoo

  
  

• UK Unemployment Hits 5%, Highest Since Early 2021. BBC

  
  

• Trump to host Wall Street CEOs for dinner at the White House Today.  Reuters 

  
  

• AMD CEO Predicts $1T AI Data Center Market by 2030. Bloomberg 

  
  

• PayPal returns to the UK after nearly two-year hiatus. Reuters 

  
  

• Suicide Blast Near Islamabad Court Kills 12, Injures 27. BBC