The International Energy Agency says global oil and gas demand will rise for the next 25 years if the world does not change course; Masayoshi Son’s SoftBank Group has sold its entire stake in Nvidia; and investors have been selling off the debt of US tech heavyweights. Plus, Italian Prime Minister Giorgia Meloni’s plan to reduce income taxes for the “middle-class” has sparked criticism that she is helping the rich.

Mentioned in this podcast:

Oil and gas demand to rise for 25 years without global change of course, says IEA

Why Nvidia should be glad to see the back of SoftBank

SoftBank sells Nvidia stake for $5.8bn as it prepares for AI investments

Investor angst over Big Tech’s AI spending spills into bond market

Giorgia Meloni’s ‘middle-class’ tax cut sparks political row in Italy

Today’s FT News Briefing was produced by Victoria Craig, Lulu Smyth and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.

Read a transcript of this episode on FT.com

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SoftBank divesting from Nvidia could be good, actually

FT News Briefing