Summary of Key Points from the Conference Call on Nuclear Fusion Industry Overview - The focus of the conference call was on the **nuclear fusion industry**, which is recognized for having the highest power intensity among all power generation technologies [1][2]. Core Insights and Arguments - **Current Stage of Development**: Nuclear fusion technology is still in its early stages, with expectations to start generating power by **2035** and achieving economic viability by **2045** [1][3]. - **Types of Fusion**: The expert discussed four major types of nuclear fusion: 1. Deuterium-tritium (D-T) fusion 2. Deuterium-deuterium (D-D) fusion 3. Deuterium-helium3 (D-He3) fusion 4. Hydrogen-boron (p-B11) fusion - Currently, the focus is on D-T fusion, but D-He3 and p-B11 are seen as potential next-generation options due to their advantages in energy conversion ratios and safety [3][4]. - **Safety and Technical Barriers**: Nuclear fusion is considered inherently safe due to strict conditions required for the reaction. However, there are significant technical barriers, including high-temperature ignition and material durability against radiation damage [2][5]. Key Projects and Developments - **Global Projects**: Countries worldwide are actively promoting nuclear fusion research. Notable projects include: - **BEST project** in Hefei, China, aiming for net energy gain (Q > 1) and expected to be commissioned in **2028**. - **SPARC project** in the US, utilizing high-temperature superconductors to reduce equipment size and costs, expected to start commissioning in **2026** [4]. - **Investment Opportunities**: Successful operation of these projects could benefit stocks related to high-temperature superconductors and uranium-related stocks due to increased nuclear plant construction [4]. Commercialization and Challenges - **Commercialization Progress**: The pace of commercialization is accelerating, with increasing financing and development of new technologies. However, challenges remain, including: 1. High costs of raw materials (e.g., tritium and helium-3 priced at **USD 20 billion per ton**). 2. Technical barriers related to achieving the necessary high temperatures for fusion reactions [5] [4]. Additional Important Insights - **Breakthroughs in R&D**: Recent advancements in research and development may expedite the progress of nuclear fusion technology, which has been under exploration since the **1950s** [2][3]. - **Market Implications**: The expected growth in nuclear fusion technology could lead to significant market shifts, particularly benefiting companies involved in related technologies and materials [4][5].