Trump Media shares surged 42% today on its announcement that it inked a deal to merge with nuclear fusion power company TAE Technologies.

• It's an all-stock deal valuing the combined company at $6 billion.

☢️ The unusual combo would expand the president's business interests into the nuclear space — specifically, its more lightly regulated fusion segment.

Between the lines: The deal signals Trumpworld's enthusiasm about a potentially big power source, which faces big scientific and cost hurdles to become viable, Axios' Ben Geman writes.

• 🔌 It also shows how AI's voracious power needs are drawing investment into both existing and, in this case, frontier energy technologies.

Catch up quick: TAE has been around for over 25 years. Along the way, it's raised $1.3 billion in private capital from entities including Google, Chevron, Goldman Sachs and Charles Schwab.

• Today's deal will provide new resources for the fusion player: TMTG has agreed to provide up to $200 million in cash at signing, and another $100 million is available upon formally notifying the SEC.

👀 What we're watching: TMTG said in its announcement that, once the deal closes, it will become a holding company for Truth Social, the Truth+ streaming service, the Truth.Fi financial platform and TAE.

• But a source familiar tells Axios' Dan Primack that the combined firm intends to be solely focused on energy, which means that Truth Social and other Trump Media assets could be sold or otherwise separated.
• TAE CEO Michl Binderbauer didn't confirm or deny that when asked by Axios.

Eli Lilly said its once-daily obesity pill helped patients keep off the pounds in a late-stage trial after coming off injectable GLP-1s — both its own Zepbound and rival Novo Nordisk's Wegovy.

• The company also said it filed for FDA approval of the GLP-1 pill, orforglipron, for obesity.

Between the lines: What comes after GLP-1 injections has been a struggle for many patients. While many can shed up to 20% of their body weight using the injectables, the cost of the drugs and side effects lead many to quit. In most of those cases, their weight returns, Axios' Maya Goldman has reported.

• That could open the door for orforglipron.

What they're saying: "We believe new maintenance data for ... orforglipron will help drive commercial success and upside to consensus expectations," Leerink Partners' David Risinger wrote in a note.

📈 Market impact: Lilly shares closed up 1.5%.

🚗 CarMax said it is cutting prices to try to juice used-car sales. (WSJ)

🔌 Oracle and OpenAI's planned data center in Michigan won approval from state power regulators, who said the proposed contracts with utility DTE Energy "show a net financial benefit" to other customers. (Bloomberg)

👟 Nike posted better-than-expected revenue for its recent quarter behind 9% growth in North America, though weakness in China had shares sliding in extended trading. (CNBC)

Chipotle is launching its first-ever High Protein Menu — and it's tying the rollout to the rise of GLP-1 drugs like Ozempic and Zepbound, part of a broader shift toward macronutrient-focused eating, Axios' Kelly Tyko writes.

• 💉 The intrigue: The fast-casual chain is stepping into territory most restaurant brands have avoided — acknowledging how weight-loss drugs are reshaping how Americans eat.

🥙 Driving the news: Debuting Dec. 23, the menu spans bowls, tacos and Chipotle's first snack item — a 4-ounce High Protein Cup of chicken or steak.

• Items range from 15 to 81 grams of protein, and two entrees are labeled "GLP-1 friendly": the High Protein–High Fiber Bowl and the High Protein–Low Calorie Salad.
• Prices start at $3.50 for a single chicken taco, and the High Protein Cup averages $3.82.

Between the lines: Starbucks and Panda Express have leaned into high-protein offerings as GLP-1 use shifts eating habits, signaling that chains are retooling menus for the weight-loss drug era.

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