The Nuclear Crisis Creating Millionaires in 2025

Brady Knowlton sits down with Michael Thompson, Managing Partner at reInvent Capital and board member at Joby Aviation and Oklo, to break down the real investment story happening under the radar, especially under a second Trump term. Inside this episode:Why nuclear energy is the backbone of national securityThe regulatory unlock that could ignite a Small Modular Reactor (SMR) boomWhy AI data centers are an energy monster (6x demand vs traditional centers)How Joby’s eVTOL is rewriting the rules of air travelThe tech stack behind the next transportation revolutionWhere private capital is shifting and how to invest in the new economyHow AI will supercharge research, investing, and edge-seekingTimestamps00:00 – Opening: Energy as the determining factor for national success00:57 – Introduction to Michael Thompson and reInvent Capital01:55 – Michael’s background: From Georgia to proprietary trading to venture capital02:34 – BHR Capital and distressed investing during the 2008 financial crisis03:02 – Starting reInvent Capital and investing in physical-world technologies03:26 – Board positions at Joby Aviation and Oklo nuclear company04:13 – Trump’s nuclear executive orders: A regulatory breakthrough05:42 – The death of pioneering spirit in the 1970s06:31 – Nuclear power history: 133 reactors built before 1978, only 2 since07:07 – Small Modular Reactors (SMRs): Miniaturizing nuclear technology07:52 – Why nuclear progress stopped: The expansion of regulatory agencies08:21 – Military nuclear success vs. commercial stagnation08:55 – China as the forcing function for nuclear advancement09:22 – AI data centers: 6× energy consumption vs. traditional data centers10:18 – The energy gap crisis and nuclear imperative10:45 – Trump’s nuclear executive orders and Oklo founder in Oval Office11:46 – Government agencies competing to be most efficient12:27 – National security implications of energy independence13:15 – Nuclear fuel advantages: Recyclable HALEU uranium14:12 – Military base energy security with SMRs15:23 – The “Baptist and bootlegger” coalition against nuclear power16:14 – Introduction to Joby Aviation and eVTOL technology16:44 – Why electric powertrains enable vertical-flight physics17:11 – Safety and noise advantages over helicopters17:48 – Decibel comparison: Joby takeoff vs. normal conversation18:21 – Convergence of enabling technologies making eVTOLs possible18:55 – Battery density progression and current capabilities19:22 – Future powertrain evolution: Hybrid and hydrogen fuel cells19:51 – TIA certification milestone within 12 months20:24 – FAA partnership approach under Trump administration21:11 – Dense urban networks: 200 aircraft for Manhattan21:52 – Customer journey: Uber → Joby → Delta flights22:42 – Real-estate impact comparable to subway stops23:09 – Manufacturing scale as the key challenge23:47 – Table stakes for innovative technology companies24:30 – Vertical integration and Toyota partnership at Joby25:25 – Manufacturing cost reduction: 50 % per order of magnitude26:16 – Network effects and Metcalfe’s law in transportation26:50 – Rural area expansion and master-planned communities27:31 – Certification strategy: MVP first, then supplemental certifications28:26 – Hydrogen fuel potential: 3× energy density of Jet A29:17 – Investment-landscape transformation and retail-investor positioning30:02 – Market-structure changes: Algos and factor-based trading30:43 – Hedge-fund evolution: Pods and short-term strategies31:15 – Private-company trend: Staying private longer at massive valuations32:11 – Public-market opportunities in breakthrough technologies32:45 – DCF valuation framework for pre-revenue innovators33:36 – AI enhancement of fundamental research and analysis34:27 – Traditional research methods vs. AI-augmented analysis34:54 – Tokenization and expanding tradeable-asset universeThis one’s for the serious builders and investors. Let’s get into it.