The Nuclear Crisis Creating Millionaires in 2025

It’s America’s new industrial revolution.

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 security
The regulatory unlock that could ignite a Small Modular Reactor (SMR) boom
Why AI data centers are an energy monster (6x demand vs traditional centers)
How Joby’s eVTOL is rewriting the rules of air travel
The tech stack behind the next transportation revolution
Where private capital is shifting and how to invest in the new economy
How AI will supercharge research, investing, and edge-seeking

🎙️ About Michael Thompson:
Managing Partner, reInvent Capital
Formerly at BHR Capital
Board member: Joby Aviation, Oklo
Early investor in SpaceX, Tesla, Aurora Innovation, and more

Timestamps
00:00 – Opening: Energy as the determining factor for national success
00:57 – Introduction to Michael Thompson and reInvent Capital
01:55 – Michael’s background: From Georgia to proprietary trading to venture capital
02:34 – BHR Capital and distressed investing during the 2008 financial crisis
03:02 – Starting reInvent Capital and investing in physical-world technologies
03:26 – Board positions at Joby Aviation and Oklo nuclear company
04:13 – Trump’s nuclear executive orders: A regulatory breakthrough
04:51 – Historical context: The regulatory state’s impact on innovation
05:42 – The death of pioneering spirit in the 1970s
06:31 – Nuclear power history: 133 reactors built before 1978, only 2 since
07:07 – Small Modular Reactors (SMRs): Miniaturizing nuclear technology
07:52 – Why nuclear progress stopped: The expansion of regulatory agencies
08:21 – Military nuclear success vs. commercial stagnation
08:55 – China as the forcing function for nuclear advancement
09:22 – AI data centers: 6× energy consumption vs. traditional data centers
10:18 – The energy gap crisis and nuclear imperative
10:45 – Trump’s nuclear executive orders and Oklo founder in Oval Office
11:46 – Government agencies competing to be most efficient
12:27 – National security implications of energy independence
13:15 – Nuclear fuel advantages: Recyclable HALEU uranium
14:12 – Military base energy security with SMRs
15:23 – The “Baptist and bootlegger” coalition against nuclear power
16:14 – Introduction to Joby Aviation and eVTOL technology
16:44 – Why electric powertrains enable vertical-flight physics
17:11 – Safety and noise advantages over helicopters
17:48 – Decibel comparison: Joby takeoff vs. normal conversation
18:21 – Convergence of enabling technologies making eVTOLs possible
18:55 – Battery density progression and current capabilities
19:22 – Future powertrain evolution: Hybrid and hydrogen fuel cells
19:51 – TIA certification milestone within 12 months
20:24 – FAA partnership approach under Trump administration
21:11 – Dense urban networks: 200 aircraft for Manhattan
21:52 – Customer journey: Uber → Joby → Delta flights
22:42 – Real-estate impact comparable to subway stops
23:09 – Manufacturing scale as the key challenge
23:47 – Table stakes for innovative technology companies
24:30 – Vertical integration and Toyota partnership at Joby
25:25 – Manufacturing cost reduction: 50 % per order of magnitude
26:16 – Network effects and Metcalfe’s law in transportation
26:50 – Rural area expansion and master-planned communities
27:31 – Certification strategy: MVP first, then supplemental certifications
28:26 – Hydrogen fuel potential: 3× energy density of Jet A
29:17 – Investment-landscape transformation and retail-investor positioning
30:02 – Market-structure changes: Algos and factor-based trading
30:43 – Hedge-fund evolution: Pods and short-term strategies
31:15 – Private-company trend: Staying private longer at massive valuations
32:11 – Public-market opportunities in breakthrough technologies
32:45 – DCF valuation framework for pre-revenue innovators
33:36 – AI enhancement of fundamental research and analysis
34:27 – Traditional research methods vs. AI-augmented analysis
34:54 – Tokenization and expanding tradeable-asset universe

This one’s for the serious builders and investors. Let’s get into it.