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By MATT O’BRIEN and JENNIFER MCDERMOTT, Associated Press

The parent company of President Donald Trump’s Truth Social media platform is merging with a fusion power company, an unusual pairing of the Trump name with a futuristic clean energy venture that aims to power the next wave of artificial intelligence. Trump Media & Technology announced its merger with TAE Technologies in an all-stock deal that the companies said Thursday is valued at more than $6 billion.

The combined company says it plans to find a site and begin construction next year on the “world’s first utility-scale fusion power plant,” with aims to provide the electricity needed for artificial intelligence.

Nuclear fusion is seen as a promising solution to climate change caused by burning fossil fuels, but one that is a long way off compared to today’s clean technologies like wind and solar. It will need huge investment as well as regulation to advance, which makes Trump’s ties a major conflict, said Richard Painter, a former White House ethics lawyer in the George W. Bush administration. read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks are jumping on Thursday following an encouraging report on inflation that could help the Federal Reserve keep cutting interest rates next year. A strong profit report from Micron Technology also helped AI stocks halt their sharp slides, at least for now.

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The S&P 500 rallied 1% and is on track for its best day in three weeks, coming off a four-day losing streak. The Dow Jones Industrial Average was up 153 points, or 0.3%, as of 12:55 p.m. Eastern time, and the strength for tech stocks had the Nasdaq composite up a market-leading 1.7%. read more

By ALEX VEIGA, AP Business Writer

The average rate on a 30-year U.S. mortgage edged lower this week, staying relatively close to its low for the year.

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The decline brings the average long-term mortgage rate to 6.21% from 6.22% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.72%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week. The rate averaged 5.47%, down from 5.54% last week. A year ago, it averaged 5.92%, Freddie Mac said.

Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation. They generally follow the trajectory of the 10-year Treasury yield, which lenders use as a guide to pricing home loans. read more

By MATT OTT, AP Business Writer

WASHINGTON (AP) — U.S. applications for unemployment benefits fell by 13,000 last week, remaining in the same historically healthy range of the past few years even as concerns grow about the health of the labor market.

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The number of Americans applying for jobless claims for the week ending Dec. 13 declined by 13,000 to 224,000 from the previous week’s 237,000, the Labor Department reported Thursday. That’s more than analysts’ forecast of 200,000 new applications.

Applications for unemployment aid are viewed as a proxy for layoffs and are close to a real-time indicator of the health of the job market. read more

By PAUL WISEMAN and ANNE D’INNOCENZIO, AP Business Writers

WASHINGTON (AP) — At a time when Americans are frustrated and angry over the high cost of living, the government released a report Thursday showing that inflation had cooled unexpectedly in November.

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But economists quickly warned that that last month’s numbers were suspect because they’d been delayed and likely distorted by the 43-day federal shutdown. And most Americans have not felt any let up in the high prices they are paying for food, insurance, utilities and other basic necessities. read more