Speaker 1: Bloomberg Audio Studios, podcasts, radio news. I got some hate
Speaker 1: mail yesterday. Everybody's optimistic. I'm not going bearish until Dan
Speaker 1: Ives is bearish. Exactly what's that going to happen? We
Speaker 1: have a special treat for your folks. I want to
Speaker 1: frame this out as well as I can. You've got
Speaker 1: a really odd headline this morning of breaking news. I'm
Speaker 1: going to go right to the Bloomberg where we've got
Speaker 1: Trump Media to combine with a company you don't know, TAE,
Speaker 1: to build nuclear fusion business. My family goes back in
Speaker 1: this derby over forty years to the Lawrence Livermore Lab
Speaker 1: and Paul the Endless quest to squeeze two atoms and
Speaker 1: two nucleus together. Dan Ives is quite good on this.
Speaker 1: We're going to talk to him with Webb Bush about
Speaker 1: this combination before we talk to him about the state
Speaker 1: of mag seven and technology. Dan, thank you so much
Speaker 1: for joining us on short notice. I go back decades
Speaker 1: on this. Fusion has been a hope and a dream forever.
Speaker 1: How is Donald Trump gonna finally get us over this
Speaker 1: fragile line of successful physics?
Speaker 2: Yeah, I mean, look, I focus more like with THAE.
Speaker 3: I remember they're backers because I know them from a
Speaker 3: fusion perspective, Google, Chevron.
Speaker 1: Google and Chevron have been there, two major recent players.
Speaker 2: Yeah, I mean, you know Goldman, some others.
Speaker 3: Look, I think when it comes to nuclear fusion, what
Speaker 3: that's twenty five plus years. You're liss of the Maxwell winners,
Speaker 3: the Nobel winners that they've had here. So I've always
Speaker 3: viewed this is gonna be. If there's a winner in
Speaker 3: the US and global nuclear fusion, it's Tha.
Speaker 2: So I think that's at the centerpiece of this whole deal.
Speaker 3: It's much more about Thae and my view than in
Speaker 3: terms of the Trump angle that's always the political backing.
Speaker 1: Is this an arms race, if you will, a fusion
Speaker 1: race with China. We saw what they did with electric vehicles,
Speaker 1: your conversant in China and AI the Nvidia chip debate
Speaker 1: in that is this like getting out in front of
Speaker 1: China catching up a nuclear fusion.
Speaker 2: That's what it's all about.
Speaker 3: I mean, I think you know me and you've talked
Speaker 3: about this and you know on the show this is
Speaker 3: an arms race first China. I mean, everything they're focused
Speaker 3: on is going in two thy thirty. How they fuel
Speaker 3: AI arms ors technology, US is way ahead of China
Speaker 3: because of a video, because of Microsoft, because of Palentinger
Speaker 3: and others.
Speaker 2: Energies are scarce.
Speaker 3: A guy I've always said, like energy is going to
Speaker 3: be the big scarc in nuclear has to be the play.
Speaker 3: You know, obviously there's Aco and others, but this will
Speaker 3: clearly be the first fusion public play.
Speaker 4: So Dan, I think most people understand the Trump Media
Speaker 4: Company as a media play, a digital media play. If
Speaker 4: you will, can you tell us about Thae because most
Speaker 4: of us don't know a whole lot about Tha.
Speaker 3: Yeah, and again Tae. I think it is the centerpiece
Speaker 3: of the whole deal. I mean, even though it's a merger,
Speaker 3: it's it's really about Thae. In my view, I think, look,
Speaker 3: when you look, this is what twenty five, twenty eight years,
Speaker 3: you know, most of out of California they've built I
Speaker 3: think it's about five you know, sort of you know,
Speaker 3: but I'll say few successful fusion buildouts this is one.
Speaker 3: I think it's five Nobels, so many Maxwell's, you know,
Speaker 3: in terms of from scientists that have been through their
Speaker 3: schwab backing, you know, it's kind of who's who in
Speaker 3: terms of what they've had back. But this has really
Speaker 3: been one coming out of the col system science community,
Speaker 3: and that's always what it was known as.
Speaker 2: It was always sort of a gem in the science community.
Speaker 1: And I noticed Jeff Ammil was a former board member.
Speaker 1: But with Tae, folks to see Eugene money is there,
Speaker 1: who was just absolutely definitive across all political lines of America.
Speaker 1: Doctor monies of course associated with MIT. They let's say
Speaker 1: Dan as a statement, Tae has a heavyweight board, but
Speaker 1: you got to get something done. Going back to Lawrence
Speaker 1: Livermore lab ages ago, it's a lot of theory, it's
Speaker 1: a lot of politics, including the Advance Act accelerating deployment
Speaker 1: of versatile advanced nuclear for clean energy. It sounds like
Speaker 1: an episode Dan ivesa Get Smart, except you're too young
Speaker 1: to remember Get Smart. But the answer is, is there
Speaker 1: any indication fusion will work?
Speaker 2: Oh?
Speaker 3: I think that's that's you don't do this deal. But
Speaker 3: you don't think this is going to work. I mean,
Speaker 3: if you look with Tae is done, it's not just
Speaker 3: I think like the best bet from a US perspective and.
Speaker 2: Even global relative to energy.
Speaker 3: And clearly there have been obviously so many starts and
Speaker 3: stops when it comes to fusion but I do believe
Speaker 3: this is one where when you look at breakthroughs combined
Speaker 3: with what you'd get from a capital perspective, because we've
Speaker 3: always said like that's part of the arms rais. That's
Speaker 3: why this would be such unique COMBA.
Speaker 1: You know, Paul, this is great. I want to thank
Speaker 1: the Kliman Center for Energy Policy at the University of
Speaker 1: Pennsylvania for getting me up to speed on this. They
Speaker 1: got a chart in here from sort Bone nineteen fifteen,
Speaker 1: a proposed power plant. It looks like the set of Silo, right,
Speaker 1: I mean, that's what Ye's landman in hydrocarbons. The fusion
Speaker 1: thing looks like the set of Silo.
Speaker 4: It's exactly what it dan from Tha East perspective. Why
Speaker 4: are they merging with Trump's media President Trump's media company R.
Speaker 3: I think probably two reasons, right, I mean one capital,
Speaker 3: I'm I think Trump you will get like two two
Speaker 3: and a half billion cash and you know bigcoins your
Speaker 3: capital you get right away if you did this right
Speaker 3: as I suppose, if it just merged into just a
Speaker 3: regular spot, they'd have new capital.
Speaker 2: So that's one.
Speaker 3: And obviously it's political backing, right, I mean implied to
Speaker 3: Trump administration it's essentially kind of them picking the winner
Speaker 3: more or less. I think that's how it be viewed.
Speaker 1: Dan, Let us migrate over to technology right now. Of
Speaker 1: course it's a day to day thing. My book of
Speaker 1: the summer, I think a year ago two years ago
Speaker 1: is Chipwar. It was just a fabulous book, and Shipwoark
Speaker 1: showed how discrete and apart Micron of Idaho is. They're
Speaker 1: really really good at making simple technology, simple semiconductors and such, Dan, iives,
Speaker 1: what did you glean from the Micron optimism we saw yesterday?
Speaker 3: Look, I mean you talk about like the right news
Speaker 3: at the right time relative to nervousness Oracle data center,
Speaker 3: you know.
Speaker 2: And obviously a lot of the war is about the
Speaker 2: build out.
Speaker 3: Look that is just for the validation demand, the supply
Speaker 3: ten to one, right, twelve to one. It just shows
Speaker 3: what's happening in terms of these AI buildouts. And of
Speaker 3: course NVIDI and AIM, the another from Micron is obviously
Speaker 3: front and center relative.
Speaker 2: To uh, you know what I kind of view as the.
Speaker 3: Core sort of you know, barometer relative to these AI buildouts.
Speaker 3: And I think that's investors are going to view this.
Speaker 3: I think it's come some nerves, especially given where we
Speaker 3: are with the lack of news relative to companies coming pulse.
Speaker 1: That's the huge thing here. You've experienced this too, so
Speaker 1: that can pop Micron in the last ten years. Yeah,
Speaker 1: it's it's just appalling thirty three point two percent per year. Yep,
Speaker 1: that's for the recent moonshot.
Speaker 4: Hey, Dan, just with this deal with TAE today, just
Speaker 4: highlight for us again kind of what to what extent
Speaker 4: will power and access to power and the grid be
Speaker 4: maybe a headwind for this AI rollout in development.
Speaker 3: Look, I mean today three percent of companies have gone
Speaker 3: down the AI path.
Speaker 2: I mean you get the twenty percent you don't essentially
Speaker 2: have enough power.
Speaker 3: So obviously right now in terms of a grid solar
Speaker 3: that's going to be sort of important in terms of
Speaker 3: stop gaps.
Speaker 2: But but to me, the only way you get there
Speaker 2: is nuclear.
Speaker 3: And like I've said, like nuclear has to be the answer,
Speaker 3: and you have a clean energy right when it comes
Speaker 3: to fusion, like this is gonna be the bet you
Speaker 3: gotta make big bets quick and obviously TA in my
Speaker 3: own view in the US that that continues to be
Speaker 3: probably the best bet we have.
Speaker 1: I have real trouble with this Dan, because I've seen
Speaker 1: decades and decades and decades of yeah, we're gonna do it,
Speaker 1: We're gonna do it, cross our fingers, hope to die,
Speaker 1: We're gonna do nuclear fusion. In your research, I mean,
Speaker 1: people don't realize this, but away from the camera lives
Speaker 1: actually works.
Speaker 2: Short.
Speaker 1: Yeah. Do you see imminent research where someone at Google
Speaker 1: and Physics can say this stuff is gonna work.
Speaker 2: Yeah.
Speaker 3: I mean, look, I don't think Google, Chevron, you know, Gold,
Speaker 3: and I think many other tech players that you know
Speaker 3: that have looked at this company, they're not doing it
Speaker 3: if nothing's happened. I mean, I truly believe like they've
Speaker 3: had breakthroughs, which is what's unique after obviously decades and decades,
Speaker 3: like you've said, coming out of labs of the.
Speaker 2: Theory, but not actually being able to scale.
Speaker 1: Dan Asa, this is what Bush. We continue here this morning.
Speaker 1: We welcome all of you across at the nation, around
Speaker 1: the world. Good evening on the Pacific, rim a place
Speaker 1: or mister Ives visits often, good evening over to India
Speaker 1: as well. Tom Kane and Paul Sweeney, Dan.
Speaker 4: What's the as you think about twenty twenty six and
Speaker 4: you travel a lot meeting with institutional investors meeting with
Speaker 4: companies within the tech space, what's kind of the number
Speaker 4: one talking point for twenty twenty six.
Speaker 2: I think it's also.
Speaker 3: It's modernization of AI right, in other words, it's to
Speaker 3: build out what the use cases look like, not just
Speaker 3: on the enterprise and on the consumer side. And it
Speaker 3: will get to race right like from Meta to Microsoft
Speaker 3: to you know whoever, from a cap backs perstructive. That
Speaker 3: continues to be the focus demondization, and I think that's
Speaker 3: going to define the winners quickly.
Speaker 1: Or Dan ives I got January twenty ninth of next
Speaker 1: year twenty six, twenty twenty six Microsoft earnings. I agree
Speaker 1: with you, Dan. Part of the angst here is an
Speaker 1: information vacuum. What's the information you're going to see it
Speaker 1: four point fifteen in the afternoon January twenty ninth from MSFT.
Speaker 3: I think it's the monization from AZRO and what you
Speaker 3: see from AI. I think the reality is is that
Speaker 3: thirty percent of the Microsoft deals are track and have
Speaker 3: been accelerated when it comes to AI over the last
Speaker 3: few months. So as that plays out and the forecast
Speaker 3: plays out and they reiterate their cap backs, I think
Speaker 3: it's further validation. Now when it comes to the enterprise,
Speaker 3: Microsoft is going to be the core winner.
Speaker 2: When it comes to AI, I.
Speaker 1: Think that to get the nuclear fusion thing over the line,
Speaker 1: they've got to merge dan ives, Bright Pink and Bright
Speaker 1: Green jackets together. That'll get there the entropy to get
Speaker 1: us to a success full of fusion. Danis short notice.
Speaker 1: We excuse me, T didn't work today after the English breakfast,
Speaker 1: it didn't work, Dan Eyes wet Bush on short notice.
Speaker 1: A trooper there to inform us on this fusion transaction.