India’s middle-class debt crisis
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 16 April 2025
⏱️ 13 minutes
🧾️ Download transcript
Summary
Nvidia says it expects to take a $5.5bn blow as the US clamps down on the Silicon Valley group’s ability to export artificial intelligence chips to China, and PwC is exiting 12 countries. Plus, the junk bond market has basically ground to a halt, and India’s middle class is dealing with a debt crisis that could impact the country’s growth ambitions.
Mentioned in this podcast:
Nvidia to take $5.5bn hit as US clamps down on exports of AI chip to China
Risky corporate borrowers shut out of bond market since Trump’s tariff blitz
How India’s middle-class debt crisis is threatening growth
PwC exits 12 countries in push to avoid scandals
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian, Ethan Plotkin, Lulu Smyth, and Marc Filippino. Additional help from Katya Kumcova, Saffeya Ahmed, Katie McMurran, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Joseph Salcedo. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | We're Equinor, an energy company searching for better. Currently, we supply 27% of the UK's gas, |
| 0:07.0 | 15% of its oil, and we're playing our part in the UK's energy transition. In 2023, we invested |
| 0:14.1 | 20% of our global gross spend in renewables and lower carbon solutions. Today, our wind farms power |
| 0:20.0 | 750,000 homes, |
| 0:22.0 | and we expect this to grow to over 7 million UK households. |
| 0:25.7 | We're an energy company searching for better. |
| 0:28.2 | Equinore.co.uk. |
| 0:34.7 | Good morning from the Financial Times. |
| 0:37.3 | Today is Wednesday, April 16th, and this is your FT News briefing. |
| 0:41.9 | Invidia is expecting to get hit hard by new U.S. export controls, |
| 0:46.8 | and investors are turning up their noses at junk bonds. |
| 0:51.0 | Plus, India's middle class is dealing with the debt crisis, and things are getting ugly. |
| 0:57.2 | I'm Kasha Bersalian, and here's the news you need to start your day. |
| 1:10.3 | Invidia thinks it'll face a $5 billion blow because of new export requirements. |
| 1:16.6 | In a regulatory filing on Tuesday, the U.S. chipmaker said it now needs a special license in order to sell its popular H20 chips to customers in China. |
| 1:26.6 | That's because Washington is worried that these kinds of chips might end up getting used in a supercomputer. |
| 1:33.3 | This is just the latest move by the Trump administration to use tariffs and trade barriers to put pressure on Beijing. |
| 1:40.3 | The H20 was introduced last year as a less powerful version of NVIDIA's AI chips, but they've been in high demand in China. |
| 1:49.0 | Invidia's share price fell as much as 6% in after-hours trading. |
| 1:59.7 | The junk bond market in the U.S. is on shaky ground. |
| 2:03.8 | I'm talking about the debt of lower-rated, riskier companies. |
| 2:07.6 | There hasn't been a ton of appetite for it ever since President Donald Trump kicked off his trade war. |
... |
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