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Trump Media Bets Big on Fusion

Trump Media & Technology Group (NASDAQ: DJT) has agreed to merge with fusion developer TAE Technologies in an all-stock transaction valued at more than $6.0 billion, positioning the combined company as one of the first publicly traded fusion plays while immediately re-rating DJT on deal optionality.

DJT shares jumped about 35% on the announcement, after losing more than 70% over the past 12 months, a reversal driven by a new narrative tied to the AI data-center power crunch rather than Truth Social’s advertising trajectory.

The companies say existing shareholders of Trump Media and TAE will each own roughly 50% of the combined entity on a fully diluted basis after closing, which is targeted for mid-2026, subject to shareholder and regulatory approvals.

You can read more on the matter here.

What’s going on?

• USTR Releases Canada’s Fix List Ahead of CUSMA Review, Dairy Tops The List (theDeepDive)

• US to release ‘several hundred thousand’ Jeffrey Epstein files on Friday (FT)

• Carney Withholds Critical Minerals Promise From US in Ontario Pact (theDeepDive)

• Carney announces shuffle of deputy ministers (CBC)

• Pablo Rodriguez Steps Down as Quebec Liberal Leader After Vote-Buying Allegations (theDeepDive)

• Ukraine welcomes 90 billion-euro EU loan, despite lack of deal on Russian assets (Reuters)

• Ottawa-New Brunswick Sign “One Project, One Review” (theDeepDive)

• China boosts AI chip output by upgrading older ASML machines (FT)

• Canadian Federal Government to Notify Public Servants of Job Cuts in January (theDeepDive)

• Vancouver vacancy rate spikes to highest level since 1980s (CBC)

What’s the latest?

• Oil: U.S. crude rose 0.78% to $56.59/bbl and Brent gained 0.95% to $60.39 after Trump said he would not rule out war with Venezuela. Markets show limited supply-disruption pricing despite Venezuela exporting ~749,000 bpd, including ~132,000 bpd to the U.S. Oil had recently hit four-year lows on expectations of increased Russian supply amid Ukraine peace talks.

• Nuclear: Ontario and New York signed an MOU to collaborate on nuclear power, covering large reactors and small modular reactors (SMRs). Ontario Power Generation and the New York Power Authority will work on site selection, technology, project delivery, and supply chains. Ontario already exports ~10% of its electricity to U.S. states and is building four SMRs at Darlington adding ~300 MW (~300,000 homes).

• Market: Canada’s S&P/TSX rose 312 points to 31,752.83, driven by gains in base metals and technology. U.S. markets also advanced, with the Dow up 275 points, the S&P 500 up 54 points, and the Nasdaq up 243 points. The Canadian dollar held near 72.6 US cents, while oil edged up to US$56.27 and gold rose to US$4,382 per ounce.

• Real Estate: U.S. existing home sales rose 0.5% month-over-month in November but fell 1% year-over-year to a 4.13 million annualized pace. Inventory dropped 5.9% from October to 1.43 million homes, keeping supply tight at 4.2 months, while median prices hit a record November high of $409,200 (+1.2% YoY). Affordability remains strained as lower-priced home sales fell ~8% YoY, first-time buyers stayed at 30% of sales, and investors increased their share to 18%.

• SpaceX: SpaceX is considering a 2026 IPO that could raise over $25 billion, with Morgan Stanley emerging as a leading contender for the “lead left” underwriting role due to long-standing ties to Elon Musk. The bank is competing against Goldman Sachs and JPMorgan, with final decisions expected before year-end, though timing depends on market conditions. SpaceX’s IPO could include both its launch business and Starlink, which operates nearly 10,000 satellites and is the company’s main revenue driver. Proceeds would fund Starship expansion, space-based AI data centers, and lunar infrastructure tied to NASA’s $4 billion Artemis contract.

Aura Minerals Era Dorada FS

The stock market and stuff

• DraftKings Loses $934,000 Dispute Over Baseball Betting Error (theDeepDive)

• How Ford’s bet on an electric ‘truck of the future’ led to a $19.5bn writedown (FT)

• Gasoline Demand Hits Record 28M Barrels Daily as EV Transition Slows (theDeepDive)

In the juniors

• Highlander Silver To Acquire Bear Creek Mining For $141 Million (theDeepDive)

• Talon Metals To Acquire Eagle Mine From Lundin Mining (theDeepDive)

• G2 Goldfields Outlines $2.6 Billion NPV For Oko Project Under PEA (theDeepDive)

FULL DISCLOSURE: Canadian Copper is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Canadian Copper. The author has been compensated to cover Canadian Copper on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.