Bloomberg Talks — Dan Ives on Trump Media & TAE Technologies Merger and Technology Outlook

Date: December 18, 2025
Host: Tom Keene & Paul Sweeney, Bloomberg
Guest: Dan Ives, Managing Director, Equity Research – Wedbush Securities

Episode Overview

This episode spotlights the surprising merger between Trump Media and TAE Technologies, a leading player in the quest for commercial nuclear fusion. Dan Ives joins hosts Tom Keene and Paul Sweeney to break down the business, technology, and geopolitical ramifications of this deal, contextualizing it within ongoing technology arms races (notably with China) and the broader AI and semiconductor landscape. The conversation delivers unique insights into energy innovation, high-profile backers, and why fusion is becoming critical to power-hungry AI infrastructure.

Key Discussion Points and Insights

1. The Trump Media & TAE Technologies Merger Explained

[00:31 – 03:22]

• Tom Keene introduces the merger as “really odd breaking news,” framing it as a major story in nuclear fusion and technology investment.
• Dan Ives emphasizes:
  • TAE’s distinguished track record: “If there’s a winner in the US and global nuclear fusion, it’s TAE.” (01:47)
  • TAE’s illustrious backers: “Google, Chevron, Goldman, and others” have invested in TAE, reinforcing its reputation. (01:45)
  • The merger’s focus is TAE’s technological promise, with Trump’s involvement bringing political capital and “backing.”

2. The Global Arms Race in Fusion & Energy Technology

[02:19 – 03:22]

• The merger as a U.S. move against China: “This is an arms race versus China … US is way ahead because of Nvidia, Microsoft, Palantir … Energies are scarcity … nuclear has to be the play.” (02:38) – Dan Ives
• TAE seen as the first potential public fusion “play” in the U.S., with the merger accelerating both funding and advocacy.

3. Who and What is TAE Technologies?

[03:10 – 04:52]

• TAE is described as “the centerpiece of the whole deal.”
• Ives outlines TAE’s:
  • 25+ years of scientific work, deep roots in California’s scientific community.
  • “Five Nobels, so many Maxwells” among scientists; long-standing as a “gem in the science community.” (03:22)
• Emphasis on heavyweight board members and credible leadership, including Eugene Moniz (associated with MIT).

4. Is Fusion Finally for Real?

[04:09 – 05:55]

• Keene invokes skepticism from decades of false starts in fusion: “It’s a lot of theory, a lot of politics … is there any indication fusion will work?” (04:09)
• Ives responds confidently:
  • The size and seriousness of this deal indicate substantial technological progress: “You don’t do this deal if you don’t think this is going to work.” (04:52)
  • The critical role of combined scientific breakthroughs and merger-provided capital.

5. Why Merge with Trump Media?

[05:48 – 06:24]

• Ives distills the motivation to two main reasons:
  • Immediate capital access: “Two, two and a half billion cash … you get right away.” (05:55)
  • Political advantage: “Political backing implied … it’s essentially them picking the winner more or less.” (06:14)

6. AI, Power, and the Future Tech Landscape

[06:24 – 08:39]

• Transition to AI buildout and the semiconductor sector—highlighting Micron’s recent optimism as a positive indicator for tech investors dealing with information scarcity and supply-demand imbalances.
• TAE’s fusion technology as a necessity for the future AI infrastructure:
  • “Today 3% of companies have gone down the AI path. When you get to 20%, you don’t essentially have enough power. ... the only way you get there is nuclear.” (08:04) – Dan Ives
  • Renewables as stopgaps, but fusion is the long-term solution.

7. The Ongoing Challenge and Credibility of Fusion Tech

[08:39 – 09:30]

• Keene expresses doubt after “decades and decades” of fusion promises.
• Ives reiterates:
  • Major corporate backers (Google, Chevron, Goldman) would not participate without signs of real progress. “They’ve had breakthroughs which is what’s unique, after obviously decades and decades ... not actually being able to scale.” (09:03)

8. 2026 Tech Outlook: AI Monetization and Microsoft’s Future

[09:44 – 11:05]

• Ives projects that in 2026, the key issue will be “modernization of AI”—both enterprise and consumer sides, use cases, and capital expenditures.
• Microsoft is positioned as an enterprise AI leader:
  • “30% of the Microsoft deals are tracking … accelerated when it comes to AI over the last few months … further validation … Microsoft is going to be the core winner when it comes to AI.” (10:41 – 11:05)
• Anticipation for January 29, 2026 Microsoft earnings as a focal indicator for AI monetization.

Notable Quotes and Memorable Moments

• On TAE’s Status in Fusion:
  “If there’s a winner in the US and global nuclear fusion, it’s TAE. So I think that’s at the centerpiece of this whole deal. It’s much more about TAE in my view, than in terms on the Trump angle.”
  — Dan Ives, 01:47

• On the Geopolitical Context:
  “This is an arms race versus China … energy is going to be the big scarcity. Nuclear has to be the play.”
  — Dan Ives, 02:38

• On Fusion Progress & Skepticism:
  “You don’t do this deal if you don’t think this is going to work.”
  — Dan Ives, 04:52

  “I have real trouble with this Dan, because ... I’ve seen decades and decades and decades of yeah, we’re going to do it, we’re going to do it, cross our fingers, hope to die, we’re going to do nuclear fusion.”
  — Tom Keene, 08:39

• On Capital Needs Driving Merger:
  “One, capital ... you get right away if you did this [merger] ... and obviously it’s political backing implied relative to Trump administration. It’s essentially them picking the winner.”
  — Dan Ives, 05:55 – 06:14

• On AI, Power, and the Critical Path for Fusion:
  “Today 3% of companies have gone down the AI path. When you get to 20% you don’t essentially have enough power ... only way you get there is nuclear ... fusion ... you gotta make big bets quick and obviously TAE … continues to be probably the best bet we have.”
  — Dan Ives, 08:04

Timestamp Overview

| Time | Segment | |----------|-------------------------------------------------------------------| | 00:31 | Intro to Trump Media-TAE Technologies Merger | | 01:34 | TAE’s credentials and backers | | 02:19 | Fusion as arms race vs. China; rising tech competition | | 03:10 | TAE’s legacy, board, and science community status | | 04:09 | Is fusion viable? Merging science, capital, and policy | | 05:48 | Rationale for merging with Trump’s media company | | 06:24 | Shift to AI, semiconductors, Micron’s role in ecosystem | | 07:49 | Challenge of powering AI buildout; only nuclear is scalable | | 08:39 | Overcoming skepticism about fusion’s “decades of theory” | | 09:44 | What to watch in 2026: AI, Microsoft’s leadership, use-cases |

Conclusion

This lively and informative episode offers a nuanced look at the fusion of politics, science, funding, and technology in a landmark merger. Dan Ives’ analysis cuts through the hype to outline why TAE is synonymous with real fusion progress, how political and financial capital is vital for the next leap, and why the true tech race is now about energy. For listeners wanting a succinct take: The U.S. has the lead, but making fusion practical—fueled by both Wall Street and Washington—remains perhaps this decade’s boldest corporate experiment.