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