Evening digest: Trump Media jumps on fusion deal, US inflation cools, Bitcoin braces for more volatility

Markets wrapped up the day with dealmaking, data, and volatility all in focus.

Trump Media jumped after unveiling a surprise pivot into nuclear fusion, while softer-than-expected US inflation boosted hopes that rate cuts are edging closer.

In tech, OpenAI’s reported talks around a massive new fundraising round underscored the scale of investor appetite for AI.

Meanwhile, crypto markets stayed on edge as Bitcoin headed toward a major options expiry.

Trump Media jumps on fusion deal

Trump Media & Technology Group (TMTG), the company behind Truth Social, said on Thursday that it’s striking a $6 billion all-stock merger with nuclear fusion firm TAE Technologies.

The deal pegs TAE at $53.89 per share based on TMTG’s recent trading and will leave shareholders of each side owning about half of the combined public company once the merger closes in mid-2026.

TMTG will also put up to $300 million in cash toward building TAE’s first utility-scale fusion plant starting in 2026, betting on rising AI-driven power demand and intensifying US–China competition.

The move pushes TMTG beyond social media and into fusion energy, setting up what would be one of the first publicly listed fusion companies.

TAE, which counts Google and Chevron among its backers, has already built five reactors.

TMTG shares jumped more than 25% in premarket trading, even after falling roughly 75% year to date. Devin Nunes and Michl Binderbauer will run the combined company as co-CEOs.

US inflation cools in November

US consumer prices rose 2.7% from a year earlier in November 2025, coming in below the 3.1% economists had expected and easing from September’s 3.0% pace.

Core inflation, which strips out food and energy, climbed 2.6% year over year, also undercutting forecasts of 3.0%.

The Labor Department released the data late after a government shutdown disrupted October collections, and it did not include monthly changes.

Food prices were up 2.6% over the year, energy costs climbed 4.2%, and shelter rose 3%.

Markets welcomed the softer inflation reading, strengthening expectations for future rate cuts even as inflation remains above the Fed’s 2% target.

Shelter costs, however, are still proving sticky, pointing to lingering pressure, especially with tariffs in the mix.

OpenAI eyes $100B raise

OpenAI has held early-stage talks with investors about raising tens of billions of dollars, possibly as much as $100 billion, at a striking $750 billion valuation, according to The Information.

That would be a sharp step up from the roughly $500 billion level discussed as recently as October 2025, and it would set the stage for a potential $1 trillion IPO as early as 2026.

The funding is aimed at huge infrastructure projects, from new data centers to advanced AI chips, alongside separate discussions about a possible $10 billion investment from Amazon.

The talks are still preliminary and could change, and OpenAI declined to comment.

Even so, the discussions highlight just how strong investor appetite for AI remains, despite ongoing questions around profitability.

Bitcoin braces for $23B options expiry

Bitcoin volatility jumped ahead of a huge $23 billion options expiry on Deribit scheduled for next Friday, December 26, 2025, accounting for more than half of the exchange’s open interest.

The setup risks sharper price swings in an already tense market, after Bitcoin churned through roughly $130 billion in hourly price action on Wednesday and triggered widespread liquidations.

Traders are focused on key strike levels, including 14,674 BTC in $85,000 puts and 18,116 BTC in $100,000 calls, most of it tied to institutional positions.

Supply pressure around $93,000 is limiting upside, keeping Bitcoin largely pinned in an $81,000–$93,000 range as the expiry approaches.

The broader crypto market is hovering near $3 trillion, while Ethereum’s own $3.9 billion options expiry is adding another layer of volatility.