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

Summary

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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

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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.

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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.

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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

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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 |

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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.

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Transcript

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[Tom Keene]

I got some hate mail yesterday. You know everybody's optimistic. Yeah, I'm not, I'm not going bearish until Dan Ives is bearish.

[Paul Sweeney]

Exactly.

[Tom Keene]

Well going to happen. We have a special treat for you 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 40 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 Wedbush about this combination before we talk to him about the state of Mag7 and technology as well. Dan, thank you so much for joining us on short notice. I go back decades on this. Fusion has been a hope in a dream forever. How is Donald Trump going to finally get us over this fragile line of successful physics?

[Dan Ives]

Yeah, I mean look, I focus more like with tae. I remember their backers because I know them from a fusion perspective. Google, Chevron, Google and Chevron have been.

[Tom Keene]

Their two major recent players.

[Dan Ives]

Yeah, I mean goal, Goldman, some others. Look, I think when it comes to nuclear fusion, what that's 25 plus years in terms of the Max, the Maxwell winners, the Nobel winners that they've had here. So I've always viewed this is going to be 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 then in terms on the Trump angle. That's the political backing.

[Tom Keene]

Is this an arms race if you will, a fusion race with China? We saw what they did with electric vehicles. You're conversant in China and the Nvidia chip debate in that. Is this like getting out in front of China catching up on nuclear fusion?

[Dan Ives]

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 versus China. I mean everything they're focused on is going to 2030, how they fuel AI, arms race technology, US is way ahead of China because of Nvidia, because of Microsoft, because of Palantir and others. Energies are scarcity, like I've always said, like energy is going to be the big scarcity. Nuclear has to be the play. You know, obviously there's Ako and others, but this will clearly be the first fusion public play.

[Paul Sweeney]

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 tae? Because most of us don't know a whole lot about tae.

[Dan Ives]

Yeah, and again, tae, I think is the centerpiece of the whole deal. I mean, even though it's a merger, it's. It's really about tae, in my view. I think, look, when you look, this is what, 25, 28 years, you know, mostly out of California, they've built. I think it's about five, you know, sort of re. You know what I'll say, few successful fusion build outs. This is one, I think it's five Nobels. So many Maxwells, 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 they've had backing, but this has really been one coming out of the Cal System science community. And that's always what it was known as. It was always sort of a gem in the science community.

[Tom Keene]

Yeah, I noticed Jeff Immel was a former board member, but with TAE folks to see Eugene Moniz there, who's just absolutely definitive across all political lines of America. Dr. Moniz, of course, associated with MIT, let's say, Dan, as a statement, TAE as 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 Ives, a Get Smart, except you're too young to remember Get Smart. But the answer is, is there any indication fusion will work?

[Dan Ives]

Oh, I think that's, that's. You don't do this deal if you don't think this is going to work. I mean, if you look what tae's 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 race. That's why this would be such a unique combo.

[Tom Keene]

You know Paul, this is great. I want to thank the Kleinman center for Energy Policy at the University of Pennsylvania for getting me up to speed on this. They got a chart in here from Sorbonne 1915. A proposed power plant. It looks like the set silo, right? I mean that's. Yeah, I did land and hydrocarbons. The fusion thing looks like the set of silo is exactly what it.

[Paul Sweeney]

Dan, from Tae's perspective, why are they merging with Trump's media president Trump's media company?

[Dan Ives]

I think probably two reasons. One capital I think Trump you look at what two, two and a half billion cash and bitcoins or capital you get right away if you did this as opposed to if it just merged into just a regular spat, they'd have no capital. So that's one. And obviously it's political backing implied relative to Trump administration. It's essentially them picking the winner more or less. I think that's how it be viewed.

[Tom Keene]

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 Chip War. It was just a fabulous book and Shipwreck showed how discreet and apart Micron of Idaho is. They're really, really good at making simple technology, simple semiconductors and such. Dan Ives, what did you glean from the Micron optimism we saw yesterday?

[Dan Ives]

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 worries about the build out look that is just further validation Demand and supply. 10 to 1, right? 12 to 1. It just shows what's happening in terms of these AI buildouts and of course Nvidia and AMD and others. But Micron is obviously front and center relative to you know what I kind of view as the core sort of, you know barometer relative to these build outs and I think that's investors are going to view this I think this calm some nerves especially given where we are with the lack of news relative to companies coming out.

[Tom Keene]

To me Paul Sweeney, that's the huge thing here. You've experienced this to the lack of news Micron the last 10 years. Yeah, it's just appalling. 33.2% per year.

[Paul Sweeney]

Yep.

[Tom Keene]

That's what the recent moonshot up.

[Paul Sweeney]

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 and development.

[Dan Ives]

Look, I mean today 3% of companies have gone down the AI path. When you get to 20% you don't essentially have enough power. So obviously right now in terms of like 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 going to be the bet. You got to make big bets quick and obviously Tae. In my own view like in the US that that continues to be probably the best bet we have.

[Tom Keene]

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 in your research. I mean people don't realize this, but away from the camera I've actually worked.

[Paul Sweeney]

Sure, yeah.

[Tom Keene]

Do you see imminent research where someone at Google and physics can say this stuff is going to work?

[Dan Ives]

Yeah, I mean look, I don't think Google, Chevron, you know, Goldman 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.

[Tom Keene]

Dan Ives with us with Bush. We continue here this morning. We welcome all of you across the nation around the world. Good evening. On the Pacific rim, a place Mr. Ives visit often. Good evening. Over to India as well, Tom Keene and Paul Sweeney.

[Paul Sweeney]

Dan, what's the as you think about 2026 and you travel a lot, meeting with institutional investors, meeting with companies within the tech space. What's kind of the, the number one talking point for 2026?

[Dan Ives]

I think it's ultimately it's modernization of AI. Right. In other words, it's the build out. What do use cases look like not just on the enterprise and on the consumer side. And then we'll get to race, right? Like from Meta to Microsoft to whoever from a capex perspective that continues to be the focus, the monetization and I think that's really going to define the winners quickly.

[Tom Keene]

Dan, I got January 29th of next year, 26, 2026 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 at 415 in the afternoon January 29th from MSFT?

[Dan Ives]

I think it's the monetization from Azure and what you see from AI. I think the reality is is that 30% of the Microsoft deals are tracking 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 capex, I think it's further validation that like when it comes to the enterprise, Microsoft's going to be the the core winner when it comes to AI.

[Tom Keene]

I think that to get the nuclear fusion thing over the line, they got to merge Dan Ives Bright pink and bright green jackets together. Sure that'll get you there the entropy to get us to a successful fusion Dan Ives Short notice we Excuse me. There we go. Tito's Tang didn't know after the English breakfast it didn't work. Dan Ives Wedbush on short notice A trooper there to inform us on this fusion transaction.

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