WEBVTT - Dan Ives, Wedbush Securities, Talks Trump Trump Media & TAE Technologies Merger

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news. I got some hate

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<v Speaker 1>mail yesterday. Everybody's optimistic. I'm not going bearish until Dan

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<v Speaker 1>Ives is bearish. Exactly what's that going to happen? We

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<v Speaker 1>have a special treat for your folks. I want to

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<v Speaker 1>frame this out as well as I can. You've got

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<v Speaker 1>a really odd headline this morning of breaking news. I'm

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<v Speaker 1>going to go right to the Bloomberg where we've got

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<v Speaker 1>Trump Media to combine with a company you don't know, TAE,

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<v Speaker 1>to build nuclear fusion business. My family goes back in

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<v Speaker 1>this derby over forty years to the Lawrence Livermore Lab

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<v Speaker 1>and Paul the Endless quest to squeeze two atoms and

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<v Speaker 1>two nucleus together. Dan Ives is quite good on this.

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<v Speaker 1>We're going to talk to him with Webb Bush about

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<v Speaker 1>this combination before we talk to him about the state

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<v Speaker 1>of mag seven and technology. Dan, thank you so much

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<v Speaker 1>for joining us on short notice. I go back decades

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<v Speaker 1>on this. Fusion has been a hope and a dream forever.

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<v Speaker 1>How is Donald Trump gonna finally get us over this

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<v Speaker 1>fragile line of successful physics?

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<v Speaker 2>Yeah, I mean, look, I focus more like with THAE.

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<v Speaker 3>I remember they're backers because I know them from a

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<v Speaker 3>fusion perspective, Google, Chevron.

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<v Speaker 1>Google and Chevron have been there, two major recent players.

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<v Speaker 2>Yeah, I mean, you know Goldman, some others.

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<v Speaker 3>Look, I think when it comes to nuclear fusion, what

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<v Speaker 3>that's twenty five plus years. You're liss of the Maxwell winners,

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<v Speaker 3>the Nobel winners that they've had here. So I've always

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<v Speaker 3>viewed this is gonna be. If there's a winner in

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<v Speaker 3>the US and global nuclear fusion, it's Tha.

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<v Speaker 2>So I think that's at the centerpiece of this whole deal.

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<v Speaker 3>It's much more about Thae and my view than in

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<v Speaker 3>terms of the Trump angle that's always the political backing.

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<v Speaker 1>Is this an arms race, if you will, a fusion

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<v Speaker 1>race with China. We saw what they did with electric vehicles,

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<v Speaker 1>your conversant in China and AI the Nvidia chip debate

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<v Speaker 1>in that is this like getting out in front of

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<v Speaker 1>China catching up a nuclear fusion.

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<v Speaker 2>That's what it's all about.

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<v Speaker 3>I mean, I think you know me and you've talked

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<v Speaker 3>about this and you know on the show this is

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<v Speaker 3>an arms race first China. I mean, everything they're focused

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<v Speaker 3>on is going in two thy thirty. How they fuel

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<v Speaker 3>AI arms ors technology, US is way ahead of China

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<v Speaker 3>because of a video, because of Microsoft, because of Palentinger

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<v Speaker 3>and others.

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<v Speaker 2>Energies are scarce.

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<v Speaker 3>A guy I've always said, like energy is going to

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<v Speaker 3>be the big scarc in nuclear has to be the play.

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<v Speaker 3>You know, obviously there's Aco and others, but this will

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<v Speaker 3>clearly be the first fusion public play.

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<v Speaker 4>So Dan, I think most people understand the Trump Media

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<v Speaker 4>Company as a media play, a digital media play. If

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<v Speaker 4>you will, can you tell us about Thae because most

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<v Speaker 4>of us don't know a whole lot about Tha.

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<v Speaker 3>Yeah, and again Tae. I think it is the centerpiece

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<v Speaker 3>of the whole deal. I mean, even though it's a merger,

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<v Speaker 3>it's it's really about Thae. In my view, I think, look,

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<v Speaker 3>when you look, this is what twenty five, twenty eight years,

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<v Speaker 3>you know, most of out of California they've built I

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<v Speaker 3>think it's about five you know, sort of you know,

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<v Speaker 3>but I'll say few successful fusion buildouts this is one.

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<v Speaker 3>I think it's five Nobels, so many Maxwell's, you know,

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<v Speaker 3>in terms of from scientists that have been through their

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<v Speaker 3>schwab backing, you know, it's kind of who's who in

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<v Speaker 3>terms of what they've had back. But this has really

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<v Speaker 3>been one coming out of the col system science community,

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<v Speaker 3>and that's always what it was known as.

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<v Speaker 2>It was always sort of a gem in the science community.

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<v Speaker 1>And I noticed Jeff Ammil was a former board member.

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<v Speaker 1>But with Tae, folks to see Eugene money is there,

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<v Speaker 1>who was just absolutely definitive across all political lines of America.

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<v Speaker 1>Doctor monies of course associated with MIT. They let's say

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<v Speaker 1>Dan as a statement, Tae has a heavyweight board, but

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<v Speaker 1>you got to get something done. Going back to Lawrence

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<v Speaker 1>Livermore lab ages ago, it's a lot of theory, it's

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<v Speaker 1>a lot of politics, including the Advance Act accelerating deployment

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<v Speaker 1>of versatile advanced nuclear for clean energy. It sounds like

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<v Speaker 1>an episode Dan ivesa Get Smart, except you're too young

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<v Speaker 1>to remember Get Smart. But the answer is, is there

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<v Speaker 1>any indication fusion will work?

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<v Speaker 2>Oh?

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<v Speaker 3>I think that's that's you don't do this deal. But

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<v Speaker 3>you don't think this is going to work. I mean,

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<v Speaker 3>if you look with Tae is done, it's not just

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<v Speaker 3>I think like the best bet from a US perspective and.

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<v Speaker 2>Even global relative to energy.

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<v Speaker 3>And clearly there have been obviously so many starts and

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<v Speaker 3>stops when it comes to fusion but I do believe

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<v Speaker 3>this is one where when you look at breakthroughs combined

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<v Speaker 3>with what you'd get from a capital perspective, because we've

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<v Speaker 3>always said like that's part of the arms rais. That's

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<v Speaker 3>why this would be such unique COMBA.

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<v Speaker 1>You know, Paul, this is great. I want to thank

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<v Speaker 1>the Kliman Center for Energy Policy at the University of

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<v Speaker 1>Pennsylvania for getting me up to speed on this. They

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<v Speaker 1>got a chart in here from sort Bone nineteen fifteen,

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<v Speaker 1>a proposed power plant. It looks like the set of Silo, right,

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<v Speaker 1>I mean, that's what Ye's landman in hydrocarbons. The fusion

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<v Speaker 1>thing looks like the set of Silo.

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<v Speaker 4>It's exactly what it dan from Tha East perspective. Why

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<v Speaker 4>are they merging with Trump's media President Trump's media company R.

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<v Speaker 3>I think probably two reasons, right, I mean one capital,

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<v Speaker 3>I'm I think Trump you will get like two two

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<v Speaker 3>and a half billion cash and you know bigcoins your

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<v Speaker 3>capital you get right away if you did this right

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<v Speaker 3>as I suppose, if it just merged into just a

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<v Speaker 3>regular spot, they'd have new capital.

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<v Speaker 2>So that's one.

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<v Speaker 3>And obviously it's political backing, right, I mean implied to

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<v Speaker 3>Trump administration it's essentially kind of them picking the winner

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<v Speaker 3>more or less. I think that's how it be viewed.

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<v Speaker 1>Dan, Let us migrate over to technology right now. Of

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<v Speaker 1>course it's a day to day thing. My book of

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<v Speaker 1>the summer, I think a year ago two years ago

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<v Speaker 1>is Chipwar. It was just a fabulous book, and Shipwoark

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<v Speaker 1>showed how discrete and apart Micron of Idaho is. They're

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<v Speaker 1>really really good at making simple technology, simple semiconductors and such, Dan, iives,

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<v Speaker 1>what did you glean from the Micron optimism we saw yesterday?

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<v Speaker 3>Look, I mean you talk about like the right news

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<v Speaker 3>at the right time relative to nervousness Oracle data center,

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<v Speaker 3>you know.

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<v Speaker 2>And obviously a lot of the war is about the

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<v Speaker 2>build out.

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<v Speaker 3>Look that is just for the validation demand, the supply

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<v Speaker 3>ten to one, right, twelve to one. It just shows

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<v Speaker 3>what's happening in terms of these AI buildouts. And of

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<v Speaker 3>course NVIDI and AIM, the another from Micron is obviously

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<v Speaker 3>front and center relative.

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<v Speaker 2>To uh, you know what I kind of view as the.

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<v Speaker 3>Core sort of you know, barometer relative to these AI buildouts.

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<v Speaker 3>And I think that's investors are going to view this.

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<v Speaker 3>I think it's come some nerves, especially given where we

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<v Speaker 3>are with the lack of news relative to companies coming pulse.

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<v Speaker 1>That's the huge thing here. You've experienced this too, so

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<v Speaker 1>that can pop Micron in the last ten years. Yeah,

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<v Speaker 1>it's it's just appalling thirty three point two percent per year. Yep,

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<v Speaker 1>that's for the recent moonshot.

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<v Speaker 4>Hey, Dan, just with this deal with TAE today, just

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<v Speaker 4>highlight for us again kind of what to what extent

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<v Speaker 4>will power and access to power and the grid be

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<v Speaker 4>maybe a headwind for this AI rollout in development.

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<v Speaker 3>Look, I mean today three percent of companies have gone

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<v Speaker 3>down the AI path.

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<v Speaker 2>I mean you get the twenty percent you don't essentially

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<v Speaker 2>have enough power.

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<v Speaker 3>So obviously right now in terms of a grid solar

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<v Speaker 3>that's going to be sort of important in terms of

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<v Speaker 3>stop gaps.

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<v Speaker 2>But but to me, the only way you get there

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<v Speaker 2>is nuclear.

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<v Speaker 3>And like I've said, like nuclear has to be the answer,

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<v Speaker 3>and you have a clean energy right when it comes

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<v Speaker 3>to fusion, like this is gonna be the bet you

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<v Speaker 3>gotta make big bets quick and obviously TA in my

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<v Speaker 3>own view in the US that that continues to be

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<v Speaker 3>probably the best bet we have.

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<v Speaker 1>I have real trouble with this Dan, because I've seen

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<v Speaker 1>decades and decades and decades of yeah, we're gonna do it,

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<v Speaker 1>We're gonna do it, cross our fingers, hope to die,

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<v Speaker 1>We're gonna do nuclear fusion. In your research, I mean,

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<v Speaker 1>people don't realize this, but away from the camera lives

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<v Speaker 1>actually works.

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<v Speaker 2>Short.

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<v Speaker 1>Yeah. Do you see imminent research where someone at Google

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<v Speaker 1>and Physics can say this stuff is gonna work.

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<v Speaker 2>Yeah.

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<v Speaker 3>I mean, look, I don't think Google, Chevron, you know, Gold,

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<v Speaker 3>and I think many other tech players that you know

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<v Speaker 3>that have looked at this company, they're not doing it

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<v Speaker 3>if nothing's happened. I mean, I truly believe like they've

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<v Speaker 3>had breakthroughs, which is what's unique after obviously decades and decades,

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<v Speaker 3>like you've said, coming out of labs of the.

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<v Speaker 2>Theory, but not actually being able to scale.

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<v Speaker 1>Dan Asa, this is what Bush. We continue here this morning.

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<v Speaker 1>We welcome all of you across at the nation, around

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<v Speaker 1>the world. Good evening on the Pacific, rim a place

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<v Speaker 1>or mister Ives visits often, good evening over to India

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<v Speaker 1>as well. Tom Kane and Paul Sweeney, Dan.

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<v Speaker 4>What's the as you think about twenty twenty six and

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<v Speaker 4>you travel a lot meeting with institutional investors meeting with

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<v Speaker 4>companies within the tech space, what's kind of the number

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<v Speaker 4>one talking point for twenty twenty six.

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<v Speaker 2>I think it's also.

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<v Speaker 3>It's modernization of AI right, in other words, it's to

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<v Speaker 3>build out what the use cases look like, not just

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<v Speaker 3>on the enterprise and on the consumer side. And it

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<v Speaker 3>will get to race right like from Meta to Microsoft

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<v Speaker 3>to you know whoever, from a cap backs perstructive. That

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<v Speaker 3>continues to be the focus demondization, and I think that's

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<v Speaker 3>going to define the winners quickly.

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<v Speaker 1>Or Dan ives I got January twenty ninth of next

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<v Speaker 1>year twenty six, twenty twenty six Microsoft earnings. I agree

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<v Speaker 1>with you, Dan. Part of the angst here is an

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<v Speaker 1>information vacuum. What's the information you're going to see it

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<v Speaker 1>four point fifteen in the afternoon January twenty ninth from MSFT.

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<v Speaker 3>I think it's the monization from AZRO and what you

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<v Speaker 3>see from AI. I think the reality is is that

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<v Speaker 3>thirty percent of the Microsoft deals are track and have

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<v Speaker 3>been accelerated when it comes to AI over the last

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<v Speaker 3>few months. So as that plays out and the forecast

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<v Speaker 3>plays out and they reiterate their cap backs, I think

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<v Speaker 3>it's further validation. Now when it comes to the enterprise,

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<v Speaker 3>Microsoft is going to be the core winner.

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<v Speaker 2>When it comes to AI, I.

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<v Speaker 1>Think that to get the nuclear fusion thing over the line,

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<v Speaker 1>they've got to merge dan ives, Bright Pink and Bright

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<v Speaker 1>Green jackets together. That'll get there the entropy to get

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<v Speaker 1>us to a success full of fusion. Danis short notice.

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<v Speaker 1>We excuse me, T didn't work today after the English breakfast,

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<v Speaker 1>it didn't work, Dan Eyes wet Bush on short notice.

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<v Speaker 1>A trooper there to inform us on this fusion transaction.