Trump’s Binance Pardon, NBA Gambling Charges, Anthropic’s AI Push, and Apple’s iPhone Air Cuts”

24th October 2025

President Trump has pardoned Binance founder Changpeng Zhao, reigniting debate over his administration’s close ties to the crypto industry. The NBA faces a major integrity crisis as coach Chauncey Billups and player Terry Rozier are charged in separate federal gambling probes. Anthropic has deepened its partnership with Google, securing billions in AI chips to power the next generation of its Claude chatbot. Meanwhile, Apple is slashing production of the iPhone Air after reports of “virtually no demand” for the ultra-thin device. All this and more in today’s Read It and Eat! 

Major News

• Trump Pardons Binance Founder Changpeng Zhao

Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange has been granted a presidential pardon by U.S. President Donald Trump. Zhao, known as “CZ,” was sentenced to four months in prison in April 2024 after pleading guilty to violating U.S. money-laundering laws. Binance also pleaded guilty and agreed to pay $4.3 billion after investigators found it had helped users bypass sanctions. The decision has reignited debate over the Trump administration’s close ties to the crypto industry, especially as the Trump family’s own investments in digital assets continue to grow.

White House Press Secretary Karoline Leavitt defended the move, calling Zhao’s prosecution under the Biden administration part of a “war on cryptocurrency.” She said Trump viewed the pardon as correcting an overreach by his predecessor. Zhao completed his sentence in September 2024, and Binance had been lobbying for his pardon for months. Since returning to office, Trump has promised a more supportive stance on digital assets, launching his own coin, loosening regulations, and proposing a national cryptocurrency reserve.

Zhao expressed gratitude for the pardon, saying he was thankful to Trump for “upholding America’s commitment to fairness, innovation, and justice.” The move lifts restrictions that had barred him from running financial ventures, though it’s unclear whether it will change his standing with U.S. regulators or allow him to return to Binance’s leadership. Binance called the decision “incredible news,” but declined to address conflict-of-interest concerns, as reports surfaced linking the exchange to firms with ties to Trump’s family businesses.

Critics, however, have condemned the pardon. Palantir co-founder Joe Lonsdale said Trump had been “terribly advised,” arguing the decision made it appear “massive fraud is happening around him.” Senator Elizabeth Warren also called it “a kind of corruption.” When asked about Zhao, Trump initially appeared unsure who he was, referring to him only as “the crypto person,” before confirming the pardon was granted “at the request of a lot of good people.” Zhao had previously accepted responsibility for his actions, saying, “I made mistakes, and I must take responsibility.” BBC 

• NBA Rocked by Gambling Scandal as Coach Chauncey Billups and Player Terry Rozier Face Federal Charges

Portland Trail Blazers head coach Chauncey Billups and Miami Heat guard Terry Rozier have been arrested in connection with two major federal gambling investigations that have sent shockwaves through the NBA. Federal prosecutors in New York allege that Billups was involved in a nationwide poker scheme that used high-tech cheating equipment to rig games, while Rozier is accused of leaking insider information to help bettors profit from NBA games. The investigations, led by the U.S. Attorney’s Office in Brooklyn, also implicate former NBA player Damon Jones and several alleged members of organized crime families.

According to prosecutors, the poker scheme allegedly used devices such as tampered shuffling machines and x-ray tables to expose players’ hands during underground games, costing victims over $7 million since 2019. Meanwhile, the sports betting probe accuses Rozier and others of exploiting confidential information about injuries and player performances to gain an edge on wagers. Prosecutors claim Rozier tipped off a friend in 2023 that he would leave a game early due to an “injury,” allowing bets worth more than $200,000 to be placed against him bets that later paid off handsomely.

Both Billups and Rozier have denied wrongdoing. Billups’ attorney, Chris Heywood, said the accusations “defy logic,” arguing the Hall of Famer would never risk his “reputation and freedom for a card game.” Rozier’s lawyer similarly dismissed the case as relying on “incredible sources” rather than facts. Both men were released on bond pending further proceedings, with Rozier putting up his $6 million Florida home as collateral. The NBA has placed them on immediate leave and vowed to cooperate with authorities, stressing that the “integrity of the game remains our top priority.”

The allegations have sparked widespread concern about the growing influence of gambling in professional sports. FanDuel, one of the NBA’s official betting partners, called the events “deeply disturbing” and emphasized the importance of maintaining transparency and integrity in legal betting markets. With investigations ongoing and two high-profile names now facing federal charges, the scandal threatens to be one of the most serious integrity crises the NBA has faced in years. CNBC 

• Anthropic Expands Google Partnership, Taps Billions in AI Chips to Train Claude

Anthropic is deepening its partnership with Google in a massive deal that will give the AI startup access to as many as one million of Google’s custom-built artificial intelligence chips hardware worth tens of billions of dollars as it accelerates development of its Claude chatbot.

Announced Thursday, the agreement will provide Anthropic with more than one gigawatt of computing capacity starting in 2026, powered by Google’s in-house tensor processing units (TPUs). These chips, traditionally reserved for Google’s own use, will enable Anthropic to train the next generations of Claude faster and more efficiently. The company said it selected TPUs for their strong price-to-performance ratio and energy efficiency, as well as its positive experience using them to train earlier Claude models.

The partnership highlights the skyrocketing demand for computing power across the AI industry, where firms are racing to build systems that can rival and even surpass human capabilities. Google, which rents out its TPUs through its Google Cloud platform, positions them as a powerful alternative to Nvidia’s sought-after chips. In contrast, OpenAI, maker of ChatGPT, is relying heavily on Nvidia and AMD processors and has inked multi-billion-dollar deals to secure computing capacity that could exceed $1 trillion in value.

For Anthropic, the deal represents another major step forward as it gains momentum in the enterprise AI space. Reuters recently reported that the startup expects to more than double and possibly triple its annualized revenue next year, driven by strong demand for Claude’s business applications. Known for its focus on AI safety and responsible model development, Anthropic’s technology is already powering tools like Cursor, a new breed of coding assistants reshaping how software is built. Reuters

• The iPhone Air’s Crash Landing: Apple Drastically Cuts Production Amid “Virtually No Demand”

It seems even Apple's most audacious designs can't always move the needle. The iPhone Air, heralded as the company’s thinnest and lightest smartphone in years, is reportedly seeing a severe drop-off in customer enthusiasm. According to a new report from Nikkei Asia, Apple is preparing to significantly slash production of the Air model following disappointing sales. It appears customers are consistently putting a premium on traditional powerhouses, opting instead for the standard iPhone 17 and the beefier iPhone 17 Pro models. This is a concerning sign, suggesting that while innovation is great, buyers are prioritizing high-end cameras and maximum battery life above all else.

Just how lukewarm is the demand? According to multiple sources in the supply chain speaking to Nikkei, Apple will reduce iPhone Air production orders to nearly "end of production" levels. One manager noted that orders starting in November will be "less than 10% of the volume compared with September." Yikes, that’s a significant cut. This mirrors the findings of a recent investor survey by KeyBanc Capital Markets, which confirmed there is “virtually no demand for iPhone Air.” The survey further noted that the overall iPhone 17 mix is “continuously shifting toward Pro and Pro Max models,” a trend that shows no sign of stopping. Interestingly, the survey also found that the increase in AI features across the lineup hasn't yet translated into meaningful changes in buying decisions.

The Air launched in September at $999, boasting an incredibly slim 5.6mm profile and a lightweight titanium frame, the lightest iPhone since 2020’s iPhone 12 mini. Despite its size, Apple did not compromise on core specifications, equipping it with the same excellent 48-megapixel main camera found in the standard and Pro models. While its internal battery doesn’t quite match the longevity of its siblings, Apple even designed a dedicated MagSafe battery pack to boost its "all-day" life. However, one key indicator of its struggle is availability: the iPhone Air has been immediately available on Apple’s website since launch, while the more popular iPhone 17 and Pro models show standard shipping delays of two to three weeks.

The iPhone Air's unexpected struggles are part of a broader industry pattern. Its poor performance mirrors that of competitors like Samsung’s Galaxy S25 Edge, which the company reportedly canceled after sales barely cracked 1.3 million units. By contrast, the flagship Galaxy S25 Ultra sold over 12 million units in the same timeframe. Samsung has since halted production of the S25 Edge and reportedly canceled plans for an S26 Edge, proving that sometimes, even the biggest players misread what the market truly wants. For now, it seems the focus on super-thin and light design simply hasn't resonated with consumers who prefer power and endurance above all else. Finance.Yahoo

Minor News 

• Intel shares surge following upbeat third-quarter results. Reuters 

• Elon Musk pushes for a $1 trillion pay package to secure control over Tesla’s upcoming “robot army.” Finance.Yahoo

• Wall Street closes higher as earnings remain mixed and the Trump-Xi meeting is confirmed. Reuters 

• OnlyFans surpasses $25 billion in creator payouts since launching in 2016. The Guardian 

• Rivian cuts over 600 jobs amid rollback of electric vehicle incentives. Finance.Yahoo

• Signify cuts sales outlook amid weak U.S. demand for professional lighting. Reuters 

• Trump backs off San Francisco crackdown following calls from Salesforce’s Marc Benioff and Nvidia’s Jensen Huang. Finance.Yahoo

• England’s resident doctors set for another strike in November. Reuters

Earnings 

• Beats (with cautious/neutral guidance)

IBM – Beat Q3 earnings and revenue estimates; raised outlook slightly as AI demand fueled software and consulting growth, though cloud momentum slowed. CNBC 

Coca-Cola – Beat Q3 earnings and revenue estimates; reaffirmed FY outlook after reversing unit volume declines but flagged continued pressure among lower-income consumers. CNBC 

Western Alliance – Beat Q3 earnings and most projections; profit rose 27%, easing credit concerns tied to fraud-linked loans. CNBC 

• Beats (with raised/positive guidance)

3M – Beat Q3 earnings estimates; raised FY profit outlook again as turnaround plan shows progress. CNBC 

RTX – Beat Q3 earnings and revenue estimates; lifted FY profit forecast as aerospace and defense strength offset tariff pressures. CNBC 

General Motors – Beat Q3 earnings estimates; raised FY and 2026 guidance on improving EV margins and lower warranty costs. CNBC 

Lockheed Martin – Beat Q3 earnings estimates; raised FY outlook on strong missile and space demand and record $179B backlog. CNBC 

• Beats (but with mixed headwinds)

Tesla – Beat Q3 revenue estimates on first sales growth since Q4 2024, but earnings plunged amid soaring CapEx, price cuts, and European weakness driven by political backlash and tariffs. CNBC 

Capital One – Beat Q3 earnings and revenue estimates; profit rose 79% on stronger credit and higher net interest income, though consumer loan demand remains uneven. CNBC 

• Mixed / Misses

Netflix – Missed Q3 earnings estimates due to a Brazil tax dispute but posted 17% revenue growth and record ad sales; expects another 17% revenue gain in Q4. CNBC 

AT&T – Missed Q3 revenue estimates but met on earnings; added 405K postpaid users as iPhone 17 promos and bundled plans boosted signups. CNBC