Core Points - The U.S. has halted a technology trade deal with the U.K. due to frustrations over the pace of progress [1] - The "technology prosperity deal" was announced in September during President Trump's state visit and aimed to enhance collaboration on technologies like AI, nuclear fusion, and quantum computing [1][2] - Trump emphasized that the deal would position both countries to lead the next technological revolution [2] - U.K. Prime Minister Keir Starmer described the agreement as a significant change in U.S.-U.K. relations, promising growth, security, and opportunities [2] - Talks were suspended last week, as reported by the Financial Times, citing unnamed British officials [2] - A U.K. government spokesperson reaffirmed the strength of the U.S.-U.K. relationship and commitment to the Tech Prosperity Deal [3]

RT X Freeze (@XFreeze)Here is how tiny Earth looks compared to the massive SunIt would take more than 1.3 million Earths to fill up the SunOne giant nuclear fusion reactor in space just waiting to be tapped into… https://t.co/GYepTL0nFX ...

J P M O R G A N Asia Pacific Equity Research 03 December 2025 Transition Talks China's groundbreaking advances in nuclear fusion technology Alan Hon AC (852) 2800-8573 alan.hon@jpmorgan.com Hannah L Lee (852) 2800-8886 hannah.l.lee@jpmorgan.com Daqi Jiao (852) 2800-8595 daqi.jiao@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited See page 4 for analyst certification and important disclosures, including non-US analyst disclosures. We hosted an expert on China' ...

Trade Relations and Economic Impact - The US is facing the steepest tariff barriers since the 1940s, impacting long-established trade ties and leading to a decline in people-to-people interactions, particularly among Chinese students and Singaporean tourists [1][6][29] - Investment pledges from countries like Japan and South Korea amount to $900 billion, but incidents such as immigration raids have undermined trust [1][5] - The US is at risk of isolating itself from a region projected to account for nearly 60% of the global economy by 2050, compared to just 11% for the US [6][29] China's Economic Strategy - China remains a manufacturing powerhouse, with its high-tech sector now contributing over 15% to GDP, up from less than 11% in 2017 [8][9] - The Chinese government is focusing on closing the gap in strategic technologies like semiconductors and AI, with significant investments in future industries [8][9] - Despite tariffs, Chinese firms maintain substantial sales to American importers, estimated at around $1 billion daily [22] Regional Dynamics and Alliances - India and China are working to improve relations, with India recognizing the need for Chinese investment to boost its manufacturing sector [12][13] - Southeast Asian nations are increasingly economically intertwined with China, while also seeking to maintain neutrality amid rising tensions with the US [12][29] - The expanding BRICS group, now including Indonesia, provides China with additional avenues to strengthen ties in the region [16][29] Labor and Immigration Issues - The number of international students entering the US has dropped significantly, with a 19% decrease in August, marking the lowest figures since 2021 [18][29] - Trump's new $100,000 fee on H-1B applications is expected to disproportionately affect Indian workers, who make up two-thirds of these visas [19][29] Investment and Manufacturing Trends - Companies like Apple have managed to secure exemptions from tariffs, while Asian investment pledges to the US are in the hundreds of billions [22][29] - The US is witnessing a shift in manufacturing and investment patterns, with potential Asian capital flowing into the US despite the current trade tensions [22][29] Geopolitical Considerations - As China's influence grows, neighboring countries are increasingly seeking US support as a counterbalance, leading to military agreements such as nuclear submarine deals with Australia and South Korea [24][29] - The US's approach has led to a perception of it as a rival or bully, which could have long-term implications for its role in the Asian economy [27][29]

Company Overview - Helion Energy aims to build the world's first commercial fusion power plant by 2028 [1] - David Kirtley is the CEO of Helion Energy, a company focused on nuclear fusion [1] Nuclear Fusion Technology - The discussion covers the physics of E=mc^2 related to nuclear fusion [1] - The podcast explores how nuclear fusion works [1] - Fusion control and simulation are key aspects of the discussion [1] - The podcast addresses the safety of nuclear fusion [1] - Extreme temperatures are involved in nuclear fusion [1] Energy and Geopolitics - The potential of electricity from fusion is discussed [1] - The conversation touches on geopolitics related to energy [1] - The energy needs of GPU clusters are considered [1]

Core Viewpoint - The A-share market is experiencing a strong upward trend, with major indices closing in the green and the Shanghai Composite Index reaching a 10-year high, indicating a positive outlook for 2026 [1][2]. Market Performance - The Shanghai Composite Index rose by 0.73%, the Shenzhen Component increased by 1.78%, and the ChiNext Index gained 2.55% [1]. - Over 3,900 stocks rose, with 106 stocks hitting the daily limit up [1]. Sector Highlights Lithium Battery Sector - The lithium battery concept saw a significant surge, with stocks like Huasheng Lithium and Ningde Times rising over 7% [1]. - The demand for lithium batteries, driven by energy storage needs, has led to a rise in prices for key materials like electrolyte additives [3]. Photovoltaic Sector - The photovoltaic sector rebounded strongly, with companies like Hesheng Silicon and Dongyue Silicon experiencing substantial gains [5]. - The National Energy Administration's guidance on promoting renewable energy integration has positively impacted the sector [5][6]. Precious Metals - Precious metals, particularly gold, saw a price increase, with COMEX gold futures rising by 2.07% to $4,201.4 per ounce [8]. - The market for precious metals is expected to benefit from ongoing ETF inflows and central bank purchases [8]. Institutional Perspectives - Shenwan Hongyuan believes that the bull market has further depth, with the spring of 2026 potentially marking a phase high but not the peak of the current bull market [10][11]. - Zhongyuan Securities suggests that the Shanghai Composite Index is likely to consolidate around the 4,000-point mark, with a balanced market style expected to continue [12]. - Everbright Securities notes that the market is currently in a policy window period, with strong expectations for December policies, which may support a continued upward trend [13].

Commonwealth Fusion Systems is trying to solve one of the industry’s biggest challenges: getting people to drop using the words “nuclear” and "reactors." https://t.co/5PEI1vWXWo ...

Chris Sacca's Lowercarbon Capital is looking to raise a second fund to back nuclear fusion as data center energy use drives interest in the technology https://t.co/a5nM5xQMbP ...

Core Insights - Japan's Nikkei index has reached an all-time high, crossing the 51,000-mark on October 30, 2025, with a 14% increase in the past month [1] - The Bank of Japan (BoJ) has maintained its policy rate at 0.5% and is not in a hurry to tighten monetary policy despite inflation expectations [2][3] - Prime Minister Sanae Takaichi supports "Abenomics" and aims to enhance investment in strategic sectors, which may lead to a weaker yen [4][5] Monetary Policy - The BoJ is expected to keep its monetary policy loose, with inflation projected at 2.7% for fiscal 2025, 1.8% for fiscal 2026, and 2.0% for fiscal 2027 [2] - Two board members advocated for a 25 basis points rate hike, but the majority preferred to wait for further assessment [2] Economic Environment - Japan's exports have faced a weakening environment, having dropped for four consecutive months before a slight increase in September [3] - A weaker yen could enhance the profitability of export-oriented sectors, benefiting from repatriated income [5] Investment Opportunities - The rally in Japanese equities is expected to increase demand for Japan-focused large-cap ETFs, such as WisdomTree Japan Hedged Equity Fund (DXJ) and iShares Currency Hedged MSCI Japan ETF (HEWJ) [6][7] - ProShares UltraShort Yen (YCS) is anticipated to benefit from a declining yen, with the Invesco CurrencyShares Japanese Yen Trust (FXY) losing 3.2% over the past month [5][8]

Core Viewpoint - Japan's Nikkei 225 index reached an all-time high, driven by optimism surrounding government spending and monetary policy following the election of Sanae Takaichi as the new leader of the ruling Liberal Democratic Party [1][2]. Market Reaction - The 30-year Japanese government bond yield hit a record high, while the two-year note yield decreased due to expectations of delayed rate hikes by the Bank of Japan [3]. - The yen experienced a moderate decline against the U.S. dollar and reached historic lows against the euro [3]. Political Context - Takaichi is perceived as the most expansionist candidate, succeeding the hawkish Prime Minister Shigeru Ishiba, which contributed to the surge in the Nikkei index [4]. - Takaichi's agenda includes enhancing investment in strategic sectors such as artificial intelligence, semiconductors, nuclear fusion, and defense [5]. Investment Opportunities - The rally in Japanese equities is expected to increase demand for Japan-focused large-cap ETFs, particularly in a falling yen environment, which benefits export-oriented companies [7]. - Specific ETFs poised to gain include WisdomTree Japan Hedged Equity Fund (DXJ), Xtrackers MSCI Japan Hedged Equity ETF (DBJP), and iShares Currency Hedged MSCI Japan ETF (HEWJ), with DXJ rising 2.8% on October 6, 2025 [8]. - ProShares UltraShort Yen (YCS) gained 3.8% on the same day, while the Invesco CurrencyShares Japanese Yen Trust (FXY) fell by 1.9% due to expectations of easier monetary policy [9].