<p><img src="https://imageproxy.pbkrs.com/https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg/query-YXV0bz1jb21wcmVzcxZjcz10aW55c3JnYhZoPTc1MBZ3PTEyNjA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="3999" height="2666" original-src="https://imageproxy.pbkrs.com/https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg/query-YXV0bz1jb21wcmVzcxZjcz10aW55c3JnYhZoPTc1MBZ3PTEyNjA"/></p>
<p><em>图片来源：Pexels</em></p>
<p>在唐纳德·特朗普担任总统之前，我报道了他许多不同的公告。这包括佛罗里达州迈阿密的多拉尔酒店、华盛顿特区的特朗普酒店、苏格兰的阿伯丁高尔夫球场以及其他许多地方。我曾在《学徒》拍摄现场，甚至亲眼目睹特朗普在 2015 年宣布竞选总统。所有这些公告在某种程度上都是可以预见的。</p>
<p>毕竟，我与特朗普保持着密切联系。我通常知道该期待什么。我甚至在大多数人之前就知道特朗普要竞选。他在正式宣布之前很久就问过我的意见。但这次的公告让我感到非常惊讶。</p>
<h3><strong>特朗普媒体大举押注核聚变</strong></h3>
<p>消息是特朗普媒体与 TAE Technologies 达成了一项 60 亿美元的合并协议。这真是出乎意料。毕竟，我们正在处理一家上市公司和证券交易委员会（“SEC”）。</p>
<p>为了提供一些背景，TAE Technologies 是一家专注于核聚变技术的公司。聚变与传统的核裂变发电不同，后者是通过分裂原子来产生能量。顾名思义，聚变是通过结合原子来产生能量。更简单地说，就是太阳的能量。</p>
<p>如果能够大规模实现，聚变将带来令人惊叹的影响——几乎无限的清洁能源，可以为世界提供多年的动力。TAE Technologies 是全球聚变能源的领导者，目前已建成五个反应堆，目标是实现公用事业规模的发电。</p>
<p>深入了解 TAE Technologies，毫无疑问，该公司在创新价值创造方面有着良好的记录。该公司拥有 4 位诺贝尔奖获得者、8 个美国能源部奖项、8 个科学奖项和 7 位麦克斯韦奖得主。</p>
<p>更令人印象深刻的是，TAE Technologies 获得了超过 1600 项专利，用于专有产品的许可，拥有的创新记录可能会带来未来的价值创造。</p>
<p><img src="https://imageproxy.pbkrs.com/https://files.widemoatresearch.com/WM/main/2025/12/19113153/Screenshot-2025-12-19-at-11.27.30%E2%80%AFAM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2020" height="1644" original-src="https://imageproxy.pbkrs.com/https://files.widemoatresearch.com/WM/main/2025/12/19113153/Screenshot-2025-12-19-at-11.27.30%E2%80%AFAM.png"/></p>
<p><em>来源：DJT 投资者演示文稿</em></p>
<p>尽管 TAE Technologies 令人印象深刻，但特朗普媒体为什么会考虑这项合并呢？</p>
<h3><strong>不太可能的组合</strong></h3>
<p>迄今为止，特朗普媒体仍然是一家特殊目的收购公司，拥有一个社交媒体平台（Truth Social）、流媒体平台、金融服务和一个金融科技品牌（包括美国优先投资）。</p>
<p>正如我们刚刚提到的，TAE Technologies 是一家年轻的公司，目标是实现大规模的核聚变。从表面上看，这似乎是一个奇怪的组合。但答案其实很简单：TAE Technologies 需要资金来建造核聚变反应堆。</p>
<p>该公司计划在 2031 年实现聚变发电，距离现在还有五年。为了实现这个目标，它需要资金。特朗普媒体可以提供这些资金。</p>
<p>根据文件，TAE Technologies 在交易关闭之前将获得高达 3 亿美元的现金（特朗普媒体大约有 8.5 亿美元的现金和短期投资），合并将由 50% 的特朗普媒体股东和 50% 的 TAE Technologies 股东组成。</p>
<p>特朗普媒体的首席执行官德文·努尼斯和 TAE Technologies 的首席执行官米赫尔·宾德鲍尔将成为共同首席执行官。该交易预计将在 2026 年中期完成，需满足关闭条件和股东批准（两家公司均需批准）。</p>
<p>现在，请记住，3 亿美元不足以建造一个核聚变反应堆。位于华盛顿的 Helion 在 1 月份的 F 轮融资中筹集了 4.25 亿美元，使总融资超过 10 亿美元，目标是成为第一个通过核聚变生产可用电力的公司。因此，3 亿美元只是一个首付款。TAE Technologies 将需要几乎无限的现金供应来实现其使命。</p>
<p>特朗普媒体的投资者似乎对这一公告表示欢迎——股票在消息发布后上涨了约 44%。但在你急于行动之前，还是要提醒一下。</p>
<h3><strong>漫长的道路在前</strong></h3>
<p>特朗普媒体的投资者只是跟风炒作。是的，这是一个重大发展。但到目前为止，没有土地，没有建筑物，也没有商业聚变反应堆——只有一些非常令人印象深刻的知识产权。</p>
<p>我最近写了一篇文章，解释了为什么我不投资 IPO 和初创公司。我特别提到了数据中心初创公司 Fermi（FRMI），该公司的股价从超过 30 美元暴跌至最近的 8.22 美元。真是痛苦。</p>
<p><img src="https://imageproxy.pbkrs.com/https://files.widemoatresearch.com/WM/main/2025/12/19113512/121925-Wide-Moat-frmi.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="510" height="325" original-src="https://imageproxy.pbkrs.com/https://files.widemoatresearch.com/WM/main/2025/12/19113512/121925-Wide-Moat-frmi.png"/></p>
<p>但正如你在下面看到的，投资者在特朗普媒体的消息中纷纷涌入，仿佛是一个闪亮的新玩具。</p>
<p><img src="https://imageproxy.pbkrs.com/https://files.widemoatresearch.com/WM/main/2025/12/19113524/121925-Wide-Moat-djt.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="510" height="325" original-src="https://imageproxy.pbkrs.com/https://files.widemoatresearch.com/WM/main/2025/12/19113524/121925-Wide-Moat-djt.png"/></p>
<p>请记住，特朗普媒体是一家特殊目的收购公司，唐纳德·特朗普的所有权股份由一个信托持有（由唐纳德·特朗普的儿子管理），目前估值超过 60 亿美元（合并实体）。显然，这一估值并不合理，因为特朗普媒体的年收入不到 400 万美元，而 TAE Technologies 的知识资产却非常出色。</p>
<p>显然，特朗普家族在这里获利，因为他们在特朗普媒体的 52% 股份因与 TAE Technologies 的合并协议而增加了超过 5 亿美元。</p>
<p>此外，TAE Technologies 在这笔交易中也是赢家，因为该公司现在有了更快的流动性路径，显然可以在不等待 SPAC 批准或上市的情况下扩大聚变业务。但我不太确定特朗普媒体的股东在这里是否能获利——至少目前还没有。</p>
<p>在 Wide Moat Research，我们专注于现金流投资和创造股东价值的资产。虽然我同意能源独立对于维持美国的主导地位至关重要，但在这家新公司能够产生足以证明其高估值的基本面之前，仍然有很长的路要走。</p>
<p>我仍然相信，市场上有更好的机会，能够提供稳定可靠现金流的真实资产。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>我们在 2025 年的最大股票胜利与失误：投资组合回顾</p>
<p>特朗普对大麻行业的馈赠</p>
<p>土地争夺战 2026：十年来最大的人工智能房地产机会？</p>

特朗普媒体科技集团

<p>特朗普媒体科技集团正与 TAE Technologies 合并，交易金额为 60 亿美元，旨在为核聚变技术提供资金。TAE Technologies 是聚变能源的领导者，急需资金用于反应堆开发。特朗普媒体提供 3 亿美元的前期资金，合并后形成 50-50 的股东分配。该交易需获得批准，预计将在 2026 年完成。特朗普媒体的股票因这一消息上涨了 44%，使特朗普家族的股份受益。然而，合并的估值超过了当前的收入和资产</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg/query-YXV0bz1jb21wcmVzcyZjcz10aW55c3JnYiZoPTc1MCZ3PTEyNjA" alt="" original-src="https://images.pexels.com/photos/4604639/pexels-photo-4604639.jpeg?auto=compress&amp;cs=tinysrgb&amp;h=750&amp;w=1260"/></p>
<p><em>Image Source: Pexels</em></p>
<div class="lb-trans"><p><em>图片来源：Pexels</em></p>
</div><p>Before Donald Trump was president, I covered many different announcements from the man. That included the opening of Doral in Miami, Florida, the Trump Hotel in Washington, D.C., the golf course in Aberdeen, Scotland, and many others. I’ve been on <em>The Apprentice</em> set, and I even witnessed Trump announce his election to run for office in 2015. All these announcements were somewhat predictable.</p>
<div class="lb-trans"><p>在唐纳德·特朗普担任总统之前，我报道了他许多不同的公告。这包括佛罗里达州迈阿密的多拉尔酒店、华盛顿特区的特朗普酒店、苏格兰的阿伯丁高尔夫球场以及其他许多地方。我曾在《学徒》拍摄现场，甚至亲眼目睹特朗普在 2015 年宣布竞选总统。所有这些公告在某种程度上都是可以预见的。</p>
</div><p>After all, I had been in close contact with Trump. I usually knew what to expect. I even knew Trump was running for office before most people. He asked me my opinion long before his official announcement. But this recent announcement really surprised me.</p>
<div class="lb-trans"><p>毕竟，我与特朗普保持着密切联系。我通常知道该期待什么。我甚至在大多数人之前就知道特朗普要竞选。他在正式宣布之前很久就问过我的意见。但这次的公告让我感到非常惊讶。</p>
</div><h3><strong>Trump Media Bets Big on Fusion</strong></h3>
<div class="lb-trans"><h3><strong>特朗普媒体大举押注核聚变</strong></h3>
</div><p>The news was that Trump Media &amp; Technology (DJT) is merging with TAE Technologies in a $6 billion deal. That came out of left field. After all, we’re dealing with a public company and the Securities and Exchange Commission (“SEC”).</p>
<div class="lb-trans"><p>消息是特朗普媒体与 TAE Technologies 达成了一项 60 亿美元的合并协议。这真是出乎意料。毕竟，我们正在处理一家上市公司和证券交易委员会（“SEC”）。</p>
</div><p>For a bit of context, TAE Technologies is a company that focuses on nuclear fusion technology. Fusion is different than traditional nuclear fission power, which generates power from splitting atoms. As the name suggestions, fusion combines atoms to generate power. Put even more simply, it’s the power of the sun.</p>
<div class="lb-trans"><p>为了提供一些背景，TAE Technologies 是一家专注于核聚变技术的公司。聚变与传统的核裂变发电不同，后者是通过分裂原子来产生能量。顾名思义，聚变是通过结合原子来产生能量。更简单地说，就是太阳的能量。</p>
</div><p>If achieved at scale, fusion has some breathtaking implications – virtually limitless, clean energy to power the world for years to come. TAE Technologies is a global leader in fusion power with five reactors built to date that targets utility-scale power generation.</p>
<div class="lb-trans"><p>如果能够大规模实现，聚变将带来令人惊叹的影响——几乎无限的清洁能源，可以为世界提供多年的动力。TAE Technologies 是全球聚变能源的领导者，目前已建成五个反应堆，目标是实现公用事业规模的发电。</p>
</div><p>Looking into TAE Technologies, there’s no question that the company has a track record for innovative value creation. The company touts 4 Nobel Prize laureates, 8-plus U.S. Department of Energy awards, 8 scientific awards, and 7 Maxwell Prize winners.</p>
<div class="lb-trans"><p>深入了解 TAE Technologies，毫无疑问，该公司在创新价值创造方面有着良好的记录。该公司拥有 4 位诺贝尔奖获得者、8 个美国能源部奖项、8 个科学奖项和 7 位麦克斯韦奖得主。</p>
</div><p>More impressive, TAE Technologies has over 1,600 patents granted for licensing of proprietary products with a track record of innovation that could lead to future value creation.</p>
<div class="lb-trans"><p>更令人印象深刻的是，TAE Technologies 获得了超过 1600 项专利，用于专有产品的许可，拥有的创新记录可能会带来未来的价值创造。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://files.widemoatresearch.com/WM/main/2025/12/19113153/Screenshot-2025-12-19-at-11.27.30%E2%80%AFAM.png" alt="" original-src="https://files.widemoatresearch.com/WM/main/2025/12/19113153/Screenshot-2025-12-19-at-11.27.30%E2%80%AFAM.png"/></p>
<p><em>Source: DJT Investor Deck</em></p>
<div class="lb-trans"><p><em>来源：DJT 投资者演示文稿</em></p>
</div><p>Nonetheless, as impressive as TAE Technologies is, why the heck is Trump Media considering this merger?</p>
<div class="lb-trans"><p>尽管 TAE Technologies 令人印象深刻，但特朗普媒体为什么会考虑这项合并呢？</p>
</div><h3><strong>An Unlikely Couple</strong></h3>
<div class="lb-trans"><h3><strong>不太可能的组合</strong></h3>
</div><p>To date, Trump Media is still a special purpose acquisition company that owns a social-media platform (Truth Social), streaming platform, financial services, and a financial technology brand (incorporating America-first investments).</p>
<div class="lb-trans"><p>迄今为止，特朗普媒体仍然是一家特殊目的收购公司，拥有一个社交媒体平台（Truth Social）、流媒体平台、金融服务和一个金融科技品牌（包括美国优先投资）。</p>
</div><p>TAE Technologies, as we just covered, is a young company with an ambitious goal of realizing nuclear fusion at scale. At first glance, it seems like an odd paring. But the answer is actually simple: TAE Technologies needs capital to build nuclear fusion reactors.</p>
<div class="lb-trans"><p>正如我们刚刚提到的，TAE Technologies 是一家年轻的公司，目标是实现大规模的核聚变。从表面上看，这似乎是一个奇怪的组合。但答案其实很简单：TAE Technologies 需要资金来建造核聚变反应堆。</p>
</div><p>The company is targeting fusion-generated electricity in 2031, or five years from now. And to accomplish that goal, it’s going to need funding. Trump Media can provide it.</p>
<div class="lb-trans"><p>该公司计划在 2031 年实现聚变发电，距离现在还有五年。为了实现这个目标，它需要资金。特朗普媒体可以提供这些资金。</p>
</div><p>According to filings, TAE Technologies is receiving up to $300 million in cash before the deal closes (Trump Media has roughly $850 million in cash and short-term investments), and the merger will be formed by 50% Trump Media shareholders and 50% of TAE Technologies shareholders.</p>
<div class="lb-trans"><p>根据文件，TAE Technologies 在交易关闭之前将获得高达 3 亿美元的现金（特朗普媒体大约有 8.5 亿美元的现金和短期投资），合并将由 50% 的特朗普媒体股东和 50% 的 TAE Technologies 股东组成。</p>
</div><p>Trump Media’s CEO Devin Nunes and TAE Technologies’ CEO Michl Binderbauer will become co-CEOs. The deal should close in mid-2026, subject to closing conditions and shareholder approval (by both companies).</p>
<div class="lb-trans"><p>特朗普媒体的首席执行官德文·努尼斯和 TAE Technologies 的首席执行官米赫尔·宾德鲍尔将成为共同首席执行官。该交易预计将在 2026 年中期完成，需满足关闭条件和股东批准（两家公司均需批准）。</p>
</div><p>Now, keep in mind, $300 million is not enough to build a nuclear fusion reactor. Washington-based Helion raised $425 million in January in a Series F round that brought total funding over $1 billion with the goal of being the first to produce usable electricity through nuclear fusion. So, $300 million is just a down payment. TAE Technologies will need an almost infinite supply of cash to capitalize on its mission.</p>
<div class="lb-trans"><p>现在，请记住，3 亿美元不足以建造一个核聚变反应堆。位于华盛顿的 Helion 在 1 月份的 F 轮融资中筹集了 4.25 亿美元，使总融资超过 10 亿美元，目标是成为第一个通过核聚变生产可用电力的公司。因此，3 亿美元只是一个首付款。TAE Technologies 将需要几乎无限的现金供应来实现其使命。</p>
</div><p>Trump Media investors appeared to like the announcement – the stock moved up about 44% on the news. But, before you rush in, a word of caution.</p>
<div class="lb-trans"><p>特朗普媒体的投资者似乎对这一公告表示欢迎——股票在消息发布后上涨了约 44%。但在你急于行动之前，还是要提醒一下。</p>
</div><h3><strong>A Long Road Ahead</strong></h3>
<div class="lb-trans"><h3><strong>漫长的道路在前</strong></h3>
</div><p>Trump Media investors have been simply buying into the hype. Yes, it is a big development. But to date, there’s no land, no buildings, and no commercial fusion reactor -- just some very impressive intellectual property.</p>
<div class="lb-trans"><p>特朗普媒体的投资者只是跟风炒作。是的，这是一个重大发展。但到目前为止，没有土地，没有建筑物，也没有商业聚变反应堆——只有一些非常令人印象深刻的知识产权。</p>
</div><p>I recently wrote an article explaining why I don’t invest in IPOs and start-ups. I specifically called out data-center startup Fermi (FRMI), which has seen its shares plummet from over $30 to a recent close of $8.22. Ouch.</p>
<div class="lb-trans"><p>我最近写了一篇文章，解释了为什么我不投资 IPO 和初创公司。我特别提到了数据中心初创公司 Fermi（FRMI），该公司的股价从超过 30 美元暴跌至最近的 8.22 美元。真是痛苦。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://files.widemoatresearch.com/WM/main/2025/12/19113512/121925-Wide-Moat-frmi.png" alt="" original-src="https://files.widemoatresearch.com/WM/main/2025/12/19113512/121925-Wide-Moat-frmi.png"/></p>
<p>But as you can see depicted below, investors have been piling into Trump Media on the news of a shiny, new toy.</p>
<div class="lb-trans"><p>但正如你在下面看到的，投资者在特朗普媒体的消息中纷纷涌入，仿佛是一个闪亮的新玩具。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://files.widemoatresearch.com/WM/main/2025/12/19113524/121925-Wide-Moat-djt.png" alt="" original-src="https://files.widemoatresearch.com/WM/main/2025/12/19113524/121925-Wide-Moat-djt.png"/></p>
<p>Keep in mind, Trump Media is a special purpose acquisition company in which Donald Trump’s ownership stake is held in a trust (managed by Donald Trump Jr.) that is now valued at more than $6 billion (combined entity). Clearly, this valuation isn’t justified based on existing Trump Media’s revenue, which is less than $4 million annually, and TAE Technologies’ impressive intellectual assets.</p>
<div class="lb-trans"><p>请记住，特朗普媒体是一家特殊目的收购公司，唐纳德·特朗普的所有权股份由一个信托持有（由唐纳德·特朗普的儿子管理），目前估值超过 60 亿美元（合并实体）。显然，这一估值并不合理，因为特朗普媒体的年收入不到 400 万美元，而 TAE Technologies 的知识资产却非常出色。</p>
</div><p>Obviously, the Trump family wins here as their 52% stake in Trump Media increased by more than $500 million as a result of the merger deal with TAE Technologies.</p>
<div class="lb-trans"><p>显然，特朗普家族在这里获利，因为他们在特朗普媒体的 52% 股份因与 TAE Technologies 的合并协议而增加了超过 5 亿美元。</p>
</div><p>In addition, TAE Technologies is also a winner with the deal as the company now has a quicker path to liquidity, with obvious benefits to being able to scale the fusion business without waiting for SPAC approval or listing shares. But I’m not so sure Trump Media shareholders win here -- at least not yet.</p>
<div class="lb-trans"><p>此外，TAE Technologies 在这笔交易中也是赢家，因为该公司现在有了更快的流动性路径，显然可以在不等待 SPAC 批准或上市的情况下扩大聚变业务。但我不太确定特朗普媒体的股东在这里是否能获利——至少目前还没有。</p>
</div><p>At Wide Moat Research, we focus on cash flow investing and assets that create shareholder value. While I agree that energy independence is critical to maintaining American dominance, there’s still a long road ahead before this new company can generate fundamentals that justify its lofty price tag.</p>
<div class="lb-trans"><p>在 Wide Moat Research，我们专注于现金流投资和创造股东价值的资产。虽然我同意能源独立对于维持美国的主导地位至关重要，但在这家新公司能够产生足以证明其高估值的基本面之前，仍然有很长的路要走。</p>
</div><p>I continue to believe there are better opportunities out there with real assets that are generating stable and reliable cash flow.</p>
<div class="lb-trans"><p>我仍然相信，市场上有更好的机会，能够提供稳定可靠现金流的真实资产。</p>
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</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Our Biggest Stock Wins &amp; Mistakes Of 2025: Portfolio In Review</p>
<div class="lb-trans"><p>我们在 2025 年的最大股票胜利与失误：投资组合回顾</p>
</div><p>Trump’s Gift To The Cannabis Sector</p>
<div class="lb-trans"><p>特朗普对大麻行业的馈赠</p>
</div><p>Land Rush 2026: The Biggest AI Real Estate Opportunity In A Decade?</p>
<div class="lb-trans"><p>土地争夺战 2026：十年来最大的人工智能房地产机会？</p>
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特朗普媒体科技集团：让我看看资金