Donald Trump’s loss-making social media business has announced plans to merge with a fusion power company.Trump Media and Technology Group, owner of the US president’s minnow Truth Social platform, unveiled an extraordinary merger worth more than $6bn with TAE Technologies, combining its social media operation with a vast bet on the AI boom driving a surge in energy demand.TMTG intends to start building “the world’s first utility-scale fusion power plant” next year, it said, in an effort to use the experime ...

Trump Media Will Merge With Nuclear Fusion Company TAE In $6 Billion Dealhttps://t.co/9jOvehVVnT https://t.co/QKyQFAMR6m ...

Trump Media & Technology will merge with a fusion power company in an all-stock deal that the companies said Thursday is valued at more than $6 billion. Devin Nunes, the Republican congressman who resigned in 2021 to become the CEO of Trump Media, will be co-CEO of the new company with TAE Technologies CEO Michl Binderbauer. Shares of Trump Media & Technology, the parent company of President Donald Trump's Truth Social media platform, have tumbled 70% this year but jumped 20% before the opening bell Thu ...

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' ...

Industry Overview - The global fusion industry is transitioning from scientific exploration to commercialization, with significant advancements in funding, technology, and collaboration [1][2] - As of 2025, total funding in the fusion sector has exceeded $9.7 billion, with over $2.6 billion raised in the past year alone, marking a five-fold increase since 2021 [9][23] - The number of companies in the industry has grown from 23 in 2021 to 53 in 2025, employing over 4,600 direct employees and supporting at least 9,300 supply chain jobs [10][23] Funding and Investment - Cumulative financing in the fusion industry has surpassed $97 billion, with a notable increase of over $2.6 billion in the last year [1][23] - Public funding has increased by 84%, reaching nearly $800 million, indicating strong government support for the industry's growth [17] - The median additional funding required for companies to bring their first pilot plants online is reported to be $700 million, with total capital needed for commercialization estimated at over $77 billion [11][12] Technological Advancements - Companies are utilizing diverse technological pathways, including magnetic confinement and inertial confinement, with several achieving key breakthroughs [2][10] - 35 companies plan to operate commercially viable pilot plants capable of generating net energy between 2030 and 2035, with expectations for the first fusion plant to deliver electricity to the grid between 2031 and 2040 [13][14] Collaboration and Ecosystem - Public-private partnerships are expanding, with governments engaging in cost-sharing initiatives to accelerate commercialization [17][20] - Collaborations between companies and academic institutions are fostering innovation in related technologies, benefiting sectors such as wind energy and transportation [2][18] Challenges and Future Outlook - The industry faces challenges in achieving sufficient fusion power gain, developing resilient materials, and navigating regulatory frameworks [15][16] - Despite these challenges, the fusion industry is poised for a defining decade, with strong investor confidence and a clear trajectory towards commercialization [3][14]

Group 1 - The core viewpoint of the article highlights the performance of the A-share market, with a focus on the significant rise in the storage chip sector and the overall market trends observed in the morning session [3] - The three major indices collectively rose, with the ChiNext Index leading with a 0.69% increase, indicating a positive market sentiment [3] - The storage chip sector experienced a notable surge, with companies like Yunhan Chip City and Xiangnong Chip Creation hitting the daily limit up, while others like Jiangbolong and Baiwei Storage also saw increases exceeding 10% [3] Group 2 - The port and shipping sectors were also active, with Haitong Development and Antong Holdings reaching the daily limit up, reflecting strong investor interest [3] - Conversely, sectors such as controllable nuclear fusion, steel, and rare earth permanent magnets showed significant declines, indicating potential weaknesses in these areas [3] - For afternoon trading strategies, it is advised to avoid blindly chasing high prices in the already surging storage chip stocks, while maintaining positions in those with solid performance support [3] Group 3 - The article emphasizes the importance of focusing on stocks with genuine industrial logic and performance that can be realized, particularly for medium to long-term investments [3] - Investors are encouraged to monitor quality growth stocks within the ChiNext Index and wait for suitable low-entry opportunities before increasing positions [3] - Overall, despite a decrease in trading volume, market hotspots remain clear, and investors should manage their positions carefully to avoid being swayed by short-term fluctuations [3]

Group 1 - The German government has approved an action plan to build the world's first nuclear fusion power plant, aiming to invest over €2 billion (approximately ¥16.72 billion) in the field by 2029 for research and infrastructure development [1][3] - Nuclear fusion energy is expected to provide clean, safe, and resource-efficient electricity, potentially becoming a key pillar for social and economic development [3] - The plan includes establishing a nuclear fusion ecosystem involving academia and industry, improving talent training systems, and enhancing international cooperation [5] Group 2 - The nuclear fusion sector in Germany has previously criticized the government for a lack of support mechanisms and regulations, urging for a commitment of €3 billion to build a demonstration plant to maintain a competitive edge [5] - Key startups in the nuclear fusion field believe that if Germany's support remains at the basic research level, it may fall behind the US and China, advocating for industrial pilot projects to be operational by 2030 and the first commercial fusion plant to be completed by the late 2030s [5]

Group 1 - The core theme of the articles revolves around the evolving relationship between AI and humanity, emphasizing the need for collaboration and the ethical implications of AI's integration into society [1][2][20] - Richard Sutton, a prominent figure in AI, argues that fears surrounding AI, such as job loss and existential threats, are often exaggerated and driven by vested interests [2][20] - The development of AI is seen as a pathway to human prosperity through decentralized collaboration, with a focus on the importance of cooperation in achieving meaningful advancements [2][18] Group 2 - Current AI capabilities are still in their infancy, with significant challenges remaining in making AI truly functional in practical applications [4][6] - The integration of AI with robotics is creating a new industry focused on embodied intelligence, which aims to enable robots to perform tasks autonomously [4][6] - The potential for AI to revolutionize industries is acknowledged, but experts caution that the technology is not yet ready for widespread deployment [4][6] Group 3 - The future of AI is closely tied to advancements in energy solutions, particularly nuclear fusion, which is viewed as a critical technology for sustainable development [13][15] - Investment in nuclear fusion has surged, with significant funding from major tech companies, indicating a growing consensus on its importance for future energy needs [13][15] - The challenges of achieving controlled nuclear fusion are acknowledged, with ongoing research focused on overcoming technical hurdles [13][15] Group 4 - The AI industry is transitioning from a focus on human data to an "experience era," where AI learns from direct interactions with the environment [17][20] - Sutton emphasizes the need for new data sources and learning methods to unlock AI's full potential, highlighting the importance of continual and meta-learning [17][20] - The concept of "intelligent agents" is emerging as a dominant application of AI, suggesting a shift towards an "agent economy" that could transform organizational structures [20] Group 5 - China's AI development strategy outlines clear goals for the integration of AI across various sectors by 2027, with a focus on widespread adoption and economic growth [21][20] - Shanghai is positioning itself as a hub for AI innovation, with significant financial support for companies in the AI space, including funding for computational resources and model development [21][20] - The articles suggest that the AI landscape is becoming increasingly defined, with a roadmap for future advancements and applications [20][21]

Core Insights - Proxima Fusion, a German startup, has raised a record €130 million in funding, marking the largest financing round in the European fusion sector [2][3] - The company aims to develop a stellarator fusion device, which contrasts with the traditional tokamak approach, potentially offering greater plasma stability and commercial viability [3][4] Funding and Investment - The funding round was led by Cherry Ventures and Balderton Capital, with Cherry Ventures' partner expressing confidence in Proxima's potential to address significant global challenges [2] - Proxima Fusion was founded two years ago with an initial seed funding of €7 million from the Max Planck Institute for Plasma Physics [2] Technology and Development - Proxima Fusion is focusing on the development of a stellarator, which has a more complex design than the tokamak but is believed to be better suited for commercial power generation [3] - The company plans to construct a "Stellarator Model Coil," a powerful magnet, by 2027, which is seen as a critical technological milestone [4] Future Plans - Proxima aims to build a demonstration plant by 2031, with an estimated cost of €1 billion, and hopes to secure partial funding from the European government [4] - The ultimate goal is to establish the first commercial fusion power plant in the 2030s, although the commercialization of fusion energy still faces significant uncertainties [4]

Core Insights - The race between China and the U.S. to achieve grid-scale nuclear fusion energy is intensifying, with China investing significantly more and accelerating project development [1][7][8] - Nuclear fusion is considered the "holy grail" of clean energy, offering four times more energy per kilogram of fuel than traditional nuclear fission and four million times more than coal, with a projected market value of at least $1 trillion by 2050 [2][3] Investment Landscape - Private investment in U.S. fusion startups has surged to over $8 billion, a significant increase from $1.2 billion in 2021, with 25 out of 40 member companies of the Fusion Industry Association based in the U.S. [5][8] - China is reportedly investing $1.5 billion annually in fusion research, while U.S. federal funding has averaged about $800 million annually [11][12] Technological Developments - The U.S. achieved a historic first fusion ignition in 2022 at the Lawrence Livermore National Ignition Facility, producing net positive energy [5] - China is rapidly constructing new fusion projects, including a massive facility that is expected to be twice the size of the U.S. National Ignition Facility [13][14] Research and Development - China has surpassed the U.S. in the number of fusion patents and has ten times the number of doctorates in fusion science and engineering [19] - U.S. fusion projects have largely focused on upgrading existing machines, while China is attracting talent with new projects [18][20] Supply Chain and Material Development - China is investing ten times more than the U.S. in advanced material development necessary for fusion projects, aiming to dominate the supply chain for critical materials [21] - The efficient supply chain in China has enabled rapid advancements, with companies like Energy Singularity achieving significant milestones in a short time frame [21] Future Outlook - Helion aims to deliver fusion power to the grid by 2028, while Commonwealth Fusion Systems plans to bring its first fusion power plant online in the early 2030s [22] - The ultimate goal is to establish a mature fusion industry capable of producing energy for global use, including powering AI centers [22]