Latest / AST SpaceMobile Podcast / Kook's Weekly - August 25

Transcript

Kook's Weekly - August 25 · AST SpaceMobile Podcast

0:06
This is the AST Space Mobile podcast.
0:10
Where we just basically come your phone be seamless
0:14
regardless of where you are. We don't want the user even to
0:16
know that it's connected by satellite.
0:21
Listen, the opportunity that we have is very, very, very large.
0:29
Good evening everyone, thanks for joining.
0:30
Glad to be back at the regular time just so I can frustrate all
0:34
the people on the East Coast. I feel your plight.
0:36
And this time I'm happy to report I'm not in a rental car
0:40
and I'm not running out of oxygen.
0:41
In fact, I have the windows open.
0:43
So things are things are looking up.
0:45
I'm looking forward to covering quite a few interesting topics
0:48
this week. But let's first start with the
0:51
first Space Mob telethon. And so, as most of you know, we
0:56
we learned some, I don't even know how to say it.
0:59
Tragedy doesn't doesn't do the word justice.
1:02
But we learned some tragic news of what happened to a gentleman
1:05
named Gavin McPherson, who's a young guy, 25 years old, has a
1:11
young son and he was enthusiastic about AST space
1:16
mobile and A and a budding space mobber.
1:18
And he had a catastrophic accident, which hopefully he'll
1:23
recover from. I really have no idea what the
1:26
state of technology is, but I'm generally very optimistic that
1:29
the outcomes that you'd have today are very different than
1:32
the outcomes you might have 10 years ago.
1:34
And if you haven't seen the first tweet of the Weekly, it's
1:37
a link to a GoFundMe that was set up by his friend Dylan, who
1:42
brought this to my throat to all of our attention.
1:44
But I think he actually added it in me and, and I noticed just
1:49
through a pure luck and since believe it was Friday, the total
1:54
money raised for Gavin is increased from about $5000 or
1:58
something like that to almost 44,000.
2:02
And so it's pretty incredible what the space mob and the
2:04
Rocket Lab guys, although one guy, I mean, you just can't
2:07
resist. They said, well, you know, our
2:09
weird sister community AST Space Mobile.
2:11
It's like guys, we are not the sister community.
2:14
But that notwithstanding, I'll let that go.
2:17
But it is interesting to see these investment clubs, if you
2:20
will, that have taken form on the Internet, really race to
2:24
support people that have a shared interest and, and it
2:27
really is the mob really not leaving anyone behind.
2:30
And so if you haven't donated and it's in your heart to do so,
2:34
I don't know Gavin. I look forward to one day
2:36
meeting him. But it's a special thing to
2:38
reach out and and help someone. Just have a goodness of your
2:42
heart knowing that they are obviously living their own
2:46
personal hell. I can only imagine of just the
2:49
rate of change they've had over the past couple days.
2:52
But I'm sure it means a lot to know that people around the
2:54
world are reading for you and probably actually impacts his
2:56
recovery path. Because there just has to be
2:59
some study that says that when you have the world literally
3:01
rooting for you, your body's probably going to put up just a
3:05
little bit of a stronger fight than it might have otherwise.
3:07
And so I really believe this is more about more than money.
3:09
This is also just spiritual support.
3:12
So if you have, if you haven't seen the GoFundMe, it's the
3:17
first tweet on the weekly. And if, if you're intending or,
3:20
or want to make a donation, I highly encourage you.
3:22
I want to be checking it throughout this spaces and just
3:26
see if if we can get that total up.
3:28
So this is the first space mob telethon and and for a great
3:33
purpose to help help this young man and his family sort of make
3:37
these rapid adjustments they're going after.
3:41
So now let's get into business. We had finally seems like
3:45
forever, it's really been two weeks, but we had proof of life
3:48
of FM 1 and so FM 1 is our first Block 2 satellite.
3:53
The new form factor very big and it looks like it's going very
3:57
well. Now the market as we know with
4:00
AST space mobile gets to be highly anxious in the vacuum.
4:05
And when I see the vacuum, I literally mean the T vac and the
4:09
vacuum chamber as well as the news vacuum.
4:11
And so for those of us who are burdened by the knowledge of
4:16
people like Tanner Kirk Ottaway, who are engineers and actually
4:19
understand this stuff, then you realize, you know, the satellite
4:21
is literally in a vacuum being tested and we get these pictures
4:25
and the company knows that we know what this means.
4:28
And so to see the satellite update of we'll be ready to
4:33
ship, let me actually check the exact wording because I think
4:35
they said is ready to ship and Yep, is ready to ship in August,
4:40
which is different from the earlier language of will be
4:43
ready to ship is suggesting that it is done with all the
4:47
environmental testing. Now not to be a panic in, but
4:50
let's say a satellite were to have gone into the environmental
4:54
testing and failed. Well, no big deal.
4:56
You just go fix it. But it can add weeks and things
4:59
like that to the schedule. But you want to make sure a
5:02
satellite is thoroughly tested before launching it in the
5:04
rigors of space. And so these satellites are
5:07
cooked, frozen and beaten up so that they can have a really high
5:11
degree of confidence that they're going to work.
5:13
The company, which knows its audience, to put it lightly,
5:16
also gave us some tidbits by showing us some pictures of FM
5:19
3. What?
5:20
What 3? Why that's past FM 2.
5:22
So we actually think FM 2 is currently in the oven and being
5:26
tested. So FM one, we think is out of
5:29
the oven and ready to go this week.
5:31
FM 2, we think might be out of the oven or in the oven.
5:35
And FM 3 is getting put together.
5:37
And so what's exciting about this is you can start to really
5:41
tie out the timeline. And so as they get more
5:45
experience and comfort with the design, these satellites should
5:48
end up spending less time in the thermal vac.
5:51
But even if it didn't, you can start to bridge out and go, OK,
5:54
this assembly line is really humming there.
5:56
They're really trying to produce these microns to get ahead of
5:58
this critical path item. And then they're going to be
6:00
catching up on control sets. And then the critical path item
6:04
is really going to just be baking each satellite,
6:06
literally. And so think of this as a
6:08
massive cupcake manufacturing facility that burst into the
6:12
bachelor party cupcake of all time.
6:14
You know, from this cupcake springs this massive phased
6:18
array. And everyone gets all hot and
6:20
heavy with all these beams pointing out until for that
6:23
cupcake to be ready though, it's got to go in the oven.
6:25
And so then you can start to go while this cadence is starting
6:28
to get pretty interesting because they're going to be able
6:30
to pop these things in and out. And this is the path to getting
6:34
6 per month ready to launch and get to this 20.
6:40
And then what we don't know is whether they're going to have
6:43
additional tea vax or not. We've been still trying to put
6:45
that together. And you know, hint, hint, Scott,
6:48
if you're listening, which I know you're not because you're
6:50
busy being $100 billion company. If Scott is listening, I'm going
6:54
to file A13D and bar him from listening because the guy should
6:57
be getting some sleep. But we're going to be on the
6:59
hunt to see if they have some extra T vax.
7:01
And also we'll be on the hunt for clues that as they get more
7:04
conviction and we're going to do some more external research on
7:06
this, if that T back time can actually go down.
7:09
So we've talked a lot about T vax.
7:10
Let's move on. So this tweet, you can see the
7:13
market RIP the stock after this tweet, because people really are
7:17
not being irrational about this. Actually, I, I saw some comments
7:21
from people going, oh, they actually didn't tell us anything
7:23
or in fact, they actually, this is bad news.
7:25
Of course, you know there's some of these flood accounts that
7:27
said that, but if you try to have a pretty balanced view,
7:30
what it means is that the execution risk is now lower than
7:34
it was two or three weeks ago. Is ready to ship means past
7:39
environmental testing. If we're correct scene FM 3
7:42
popping down the line tells you that the shake out of this
7:46
manufacturing facility is going the right way.
7:49
Remember that the challenge of building a company like ASD
7:54
Space Mobile is beyond my comprehension.
7:58
I cannot believe I was so stupid to invest all my money in this
8:01
company. I mean, it's just astounding now
8:04
that I have a fuller appreciation of the risks that I
8:10
did what I did. And I was debating with a short,
8:13
this guy, Pivotal Capital, who almost certainly is not on this
8:15
call, but he was writing some skeptical stuff.
8:18
And me being the the better man, DM to him just to ask him,
8:22
what's your short thesis? I want to know.
8:24
And and he's not as much of A Jackass as as he would have you
8:27
believe. And so we had a pretty good
8:29
debate. He even acknowledged sometimes
8:31
he'd be prodding me just to just be annoying, but at least he
8:34
owned up to it. But he even said after having
8:36
this discussion, he went, oh, my God, you truly are insane.
8:39
And I went, yeah, I have to be, if I want to pull off this
8:42
investment, I have to be verifiably insane.
8:46
Because to have started this company like a bell, you have to
8:49
be verifiably insane. You have to have off the chart
8:53
risk preferences. You have to have an unbelievable
8:56
amount of self-confidence and ability to run through walls and
8:59
grit and fortitude and ability to replace the reality of the
9:02
present world with your own vision of reality and make it
9:05
happen. That's what it takes to build a
9:07
company like this. And so that's a lot of words.
9:10
So what do I really mean here? You had to not only have the
9:13
idea, believe in it, but then complete a very complex R&D
9:16
experiment in a job shop environment.
9:19
You have to build a world class spacecraft effectively in a
9:23
stead that they took over at an airport.
9:25
And then at the same time you need to build a global scale
9:30
aerospace production facility to then build more of that R&D
9:34
experiment that you operationalize to bring down the
9:37
cost by 80% while having a product road map.
9:41
I mean, good God, it's a lot going on.
9:45
This is what I mean. You have to be totally crazy,
9:49
which is why we're out here. And so the next tweet I have is
9:52
just this meat grinder because what I saw over the past, you
9:55
know, couple weeks, well, I just don't even know what I saw, what
9:58
I saw myself. I was on vacation last week and
10:00
people might go, Oh my God, kook, what do you do on
10:02
vacation? Well, you can summarize it as me
10:04
sitting in a chair with my phone watching every single tick of
10:08
ASTS space mobile. And as it gyrates 30 basis
10:11
points, my entire mood of the day changes and I'm hanging on
10:15
Reformed traders, every single word going, Oh my God, is it
10:17
going to like hold the 13 minute moving average and do this
10:21
reverse head and shoulder upside down CMB pattern.
10:24
And I'm then I step back and I'm like, is this healthy?
10:26
And I go, yeah, it is healthy because I really don't know what
10:28
else to do with it. But you can just see that the
10:30
struggle is real. What separates you from success
10:33
is usually you. And for me, it's definitely me.
10:36
I separate myself from success and I'm trying not to be the
10:39
separating factor of success. I'm trying to be successful, but
10:43
the struggle is real. And I just want to say that out
10:45
loud because I know a lot of people here feel the same way I
10:48
do. And I certainly, well, I know
10:51
the only reason I have this investment size the way I do and
10:55
the really reason I didn't give up at the bottom is because of
10:58
the people that I view as my investment partners at this
11:01
point through community. This is far more than that.
11:04
I view myself in a informal general partnership with a lot
11:08
of great thinkers who contributed incredible amount of
11:12
research and due diligence from a lot of different disciplines
11:14
to help me build conviction and understand their own conviction
11:17
to give me a little clarity in the in the darkness.
11:21
And so this tweet from reformed trader who's interesting
11:24
character in and of himself because he's ATA guy by
11:26
practice, but we've kind of like broken his will to be a trader
11:30
and he's turned into an investor.
11:32
But he'll point out, you know, we had like 8 consecutive red
11:36
candles, which I've now come to realize is bad candles are bad.
11:40
And he'll still these charts and just show well, these patterns
11:44
we have, you know, in April of 20 can't doesn't have the year
11:47
here. April of 2022, we had eight
11:50
consecutive candles and then the stock ripped and then eight more
11:54
candles stock ripped as these patterns repeat.
11:58
And it's incredible. The power of whatever we did
12:02
just have 8 or 9 red candles. The psychological destruction of
12:06
that is, is amazing. And that's what the problem with
12:10
public markets is. They allow you to separate
12:13
yourself from success. Whereas if you could just figure
12:16
out how to think of this as a private investment, which is
12:18
what I try to do but I cannot do, you would just think about a
12:22
bell on the factory floor building.
12:25
You'd think about them seeing the things they're doing and not
12:28
ate red candles. You'd be thinking about the
12:31
vision and the opportunity and the aggression.
12:33
And that's why entrepreneurs tend to make all the money.
12:35
But I just want to say for for other people in our little
12:39
support group that the meat grinder is real.
12:41
I feel it, Everyone feels it. My psychological impact on the
12:46
stock kind of closed +1 day by like 3 cents.
12:49
You you would think I just was elected president of the Galaxy.
12:54
And that just tells you that the emotional roller coasters is
12:57
just too much. So what's causing that emotional
13:00
roller coaster? We are all, I think, subject to
13:03
a very odd psychological phenomenon of ceiling, that our
13:07
destiny is all but inevitable. Knowing that in six months from
13:11
now, the world in which we will live in will be having rockets
13:15
going up every month or every other month, We'll be on a
13:18
continuum of success. We will no longer be chained to
13:23
binary drama. And what's funny in this saying
13:25
of it's always darkest before dawn.
13:27
I mean talk about darkest before dawn.
13:29
Dealing with this ISRO crap is truly unbelievable of like
13:34
trying to decipher a random Indian news articles that seem
13:38
to change all the time that are being intersected by
13:40
geopolitics, national projects and things like this.
13:44
It really can break people at. Exactly the moment where they've
13:48
actually reached the finish line.
13:50
And it's kind of funny. Stocks have a, well, it's not
13:52
funny. It's actually really sad.
13:53
But stocks have an amazing way to end up with their rightful
13:57
owners. And usually it's the meat
14:00
grinder that takes the shares away from people.
14:02
And the ISRO meat grinder, I think is like the final hurrah
14:06
of the market trying to steal people's conviction.
14:09
And I have a quote or a tweet from Kathy, which just
14:13
highlights yet one more bizarre confusion where from the ISRO
14:18
perspective, and God bless these people, but they're saying that,
14:21
you know, the rocket that we thought we're going to be on
14:23
might be given to a national project first, which is not a
14:26
big deal in the grand scheme of things.
14:27
But they they mislabel their own satellites based on whether they
14:31
launched them or not. And if if the series of
14:34
satellite they launched was on a separate launch partner like
14:37
Arian, they don't count it in their own nomenclature, which
14:40
then throws people like Katzie and Tanner and Kevin Huff the
14:44
set because they're like, wait a second, this CMS O2 satellite
14:48
was already launched on Arian. And then you realize that their
14:51
whole designation of how they label stuff is just not the same
14:55
as what we do. And that's the beauty of
14:59
diversity. We have different cultures that
15:02
disclose things in different ways and we're not used to it.
15:05
And that creates a lot of confusion.
15:06
Then that confusion rates an increase in the discount rate.
15:10
Increase in the discount rate means stock lower.
15:12
And that's why the press release that we got on Friday was good
15:15
because we have to take a step back.
15:17
As much as people are going to hate what I'm about to say, you
15:19
have to splice the going ONS of ASC space bubble in terms of the
15:25
things they can control and the things that they cannot control.
15:28
The thing they cannot control is whether ISRO gives priority to
15:32
an ISRO satellite CMS dash O2 in this instance and in their eyes
15:37
does something that doesn't really matter, which is push our
15:39
launch three months, which is and against giving things not a
15:42
really big deal. We we can't control that.
15:44
We're at the beginning of what is a fantastic launch program.
15:49
I like in this. This is probably too visual for
15:52
everyone. I like in this to like just
15:54
someone suffering from severe Constipation, which I don't
15:58
because I eat oatmeal every morning and I walk a lot.
16:01
I really try to avoid Constipation because it sucks.
16:05
And that's what we're experiencing now is just how
16:08
unpleasant Constipation is as it comes to launching.
16:12
Right now, we're constipated. We have been trying to get FM
16:16
One done. We'll get into that in a second.
16:18
Now we have, but then the timing of the launch vehicle isn't
16:21
quite right. As we get regular and we're
16:24
pumping out three to six satellites every month, all of a
16:27
sudden timing starts to match. We finally dovetail in a really
16:31
nice cadence with our multitude of launch providers and it all
16:34
just happens. But this shake out period both
16:38
on production and gain satellites step to the launch
16:41
partners. I just think this is going to be
16:45
not a messy six months. I think by 6 months, it's
16:47
actually we're in the promised land.
16:49
But the consternation that's caused in the next month or two
16:52
is why the stock is in the 40s and not in the 70s or higher.
16:56
And I just want people to really think about that.
16:58
You could disagree with me, of course, many people do.
17:00
But keeping perspective of the shakeout phase and we'll just
17:05
call it the the launch Constipation phase.
17:08
And then what happens once you have like X lacks running
17:11
through the system and we have satellites flowing like water.
17:15
It's a really big difference and it's coming.
17:16
That's the important thing. It is coming.
17:18
Launch will loosen up shortly. We overbooked launch getting to
17:23
that point where we're in the belly of our own launch schedule
17:26
is coming very shortly. Getting these first couple of
17:28
satellites are important to me for sure and performative.
17:32
But most importantly is not the satellite itself, but showing
17:35
that they shook out the operations and got the final
17:39
designs done. And then on ISROI still believe
17:42
that the Indian lemon is worth the squeeze.
17:45
It's a smart move. And so let's look at this other
17:47
tweet from unusual whales. You have India now is the
17:51
largest smartphone market in the world.
17:54
And so say what you will about the potential ARPU, those are
17:57
smartphones. Smartphones are going to have a
18:00
higher ARPU in general than not smartphones and they're
18:06
importing them. So India has surpassed the US to
18:08
become the leading importer of smartphones globally.
18:11
Well, we import smartphones. That means that maybe they're
18:14
all a bunch of those crappy Xiaomi whatever's from China,
18:17
but a lot of these are going to be Samsung devices and Apple
18:19
devices. And so this goes to the idea
18:22
that I don't know that the ARPU is going to be as low as I've
18:25
modeled of, you know, cents, dollars, low dollars, maybe it's
18:29
higher. And to have planted our flag and
18:31
have local content in India, local content being using ISRO,
18:37
things like that, spreading the love to the markets you intend
18:40
to work in, just like we're seeing in the US now.
18:42
It's not very fun having a totally foreign supply chain in
18:46
a market that all of a sudden is looking inward.
18:48
That's why Trump is making everyone build factories here or
18:50
trying to, we're effectively, quote UN quote, building a
18:53
factory in India by using ISRO. It's a really smart political
18:57
move and we should have appreciate it as such for
18:59
helping really pave the way to what's going to be a fantastic
19:02
market. Now let's get to FM 1.
19:07
So we've really spent a lot of time thinking about FM one.
19:11
I say we it's the broader space mob.
19:14
It's not me. And we have a theory that FM 1
19:19
wasn't delayed. It was delayed.
19:21
Let's just let's just call it could get I'm being totally full
19:24
of opium. The definition of delay is not
19:27
arrive when originally planned. I get it.
19:29
But the reason for a delay can have many textured and nuances.
19:33
And so one such textured nuance that would be interesting to
19:37
know is whether FM one was delayed because of material
19:41
design additions, not redesign, but design additions because of
19:46
new information. They could expand the
19:48
opportunity for ASTS space mobile.
19:51
And so this is when we have kind of the Knight Rider music and
19:56
Cassie rolls in with like some automated crazy FFFCC scanning
20:01
Pontiac, something awesome like that.
20:03
And so this awesome FCC scanning Pontiac that Cassie rolls in on
20:08
discovered. We think that there's PLM
20:10
payload payload module. That was added this Stingray
20:14
tail that we talked about that it might not just be about
20:16
solar. And so the more this has been
20:18
studied, the less sense it makes for it to only be solar.
20:22
And we we've discovered something in the bill of
20:25
materials, if you will, for lack of a better word, that show that
20:28
some L band antenna are put on there things like this.
20:31
I was going over this this week more with some of the guys to
20:35
confirm my own understanding of this.
20:37
And So what bears saw sats delayed.
20:40
Bad stats are heavier. Stats cost more, bad short it.
20:46
What they might find out is stats are delayed because we
20:50
integrated L band connectivity for the DoD specifically for
20:57
Golden Dome. The stats are heavier because
20:59
they rushed it out and wanted flight heritage with aluminum
21:02
casing or steel. I can't remember what the
21:04
metallurgy is of the encapsulation, but then, you
21:08
know, spend that out because the composite wasn't ready and lo
21:14
and behold, we have a golden Dome ready satellite with hosted
21:20
L band payload and the bears go, oh that's a really bad thing to
21:26
discover. If your short thesis is FM 1 is
21:29
delayed and it's like psych golden Dome, that's pretty bad.
21:34
Or psych. We're pulling forward an entire
21:37
shell of satellites for 3-4 years.
21:40
That's a good reason. And so when we tie out the
21:43
timeline, and I certainly had this aha moment this week of
21:45
going, wait a second. And when did they file that
21:47
critical design review? Well, it happened to be in
21:50
February. When did delays start to pick
21:53
up? It was right in the belly of the
21:56
DIU contract and Halo DA and Legato bankruptcy.
22:00
A lot of things start to line up.
22:02
We asked why, what else would we do?
22:04
And so we've asked why, and we have a very strong theory as to
22:08
why, and it's exciting. But more importantly, now it's
22:11
moot because what was a delay is now today it's almost like a
22:15
funny little aphorism. Aphorism for us to have fun
22:19
with. But it is ready.
22:21
And that's really the take away. But the why is where it gets
22:24
fascinating. I'll tell another story later
22:26
on, if I remember, about a very interesting.
22:28
Let me just see. Am I?
22:30
Yeah, I'll get to it. Very interesting.
22:32
Travel back home today. Everything happens for a reason,
22:35
I'll put it like that. But I have more and more
22:38
theories around why FM 1 is really using this L band.
22:42
It's all adding up to me. I know that Katz, he's convinced
22:45
of it. It's very exciting to think
22:46
about. So just when you start to get
22:48
down in the dumps about delays, remember the meat grinder A, but
22:52
B, think about why and and maybe there's a really incredible
22:56
reason as to why there are actually accelerating value
22:59
generation by what looks like a delay.
23:02
So for some more perspective, this account, Jagaloon six that
23:06
I've highlighted, I take notice of Jagaloon.
23:08
It's all blur to me now, But maybe a year or two ago he was
23:10
putting out some incredible research on Navy applications.
23:14
Well, it turns out he was right. We know he's right because of
23:18
the forbidden video. And so some of us who have been
23:21
really deep in the weeds know that ASES has long since thought
23:25
of itself as a government dual use company.
23:28
So at the inception of the company, we speculated on that
23:31
for a while. Now we know it's not an issue of
23:34
speculation anymore. We know.
23:36
And so Jagalun I have a lot of respect for because he picked up
23:38
on that way before we knew for sure.
23:41
So I just want to highlight what he said because he kind of zooms
23:45
out and you know, for a guy who's been on the money over the
23:49
years, first of all, that's the the first point is here someone
23:52
who's had vision and ability to have some independent research
23:56
skills to think for themselves and demonstrated that over a
24:00
couple years. So that's why it's important to
24:01
take someone like this when they put out a like a long essay and
24:04
say, well, maybe we should take a look at what they're saying.
24:07
Now he again is pointing to this meat grinder effect of what
24:13
we're living through right now. Terrible, terrible decline from
24:15
$60 to 48 now, which we'll all have T-shirts made shortly.
24:20
We survive the $12.00 decline of as TS Space Mobile in the month
24:24
of August when everything goes down.
24:25
He points out to Google News coming up.
24:28
I think we're getting some more hints about how Google's going
24:31
to be introducing this to consumers.
24:33
He points out to the inevitable Apple partnership.
24:35
So this is something that I also believe in very strongly.
24:37
It was in the Legato financing documents.
24:39
It's specifically written into the contract of how the Legato
24:44
profit share of the STS changes upon integration of L band into
24:48
iPhones, which makes all the sense in the world that this
24:51
will happen. He points out Golden Dome news.
24:53
We'll talk about this more. He also points out definitive
24:55
agreements with major M and OS. I'm specifically really waiting
24:58
for Verizon to come through. But we've had some pretty
25:01
credible sources suggesting that we might have some big deals
25:03
coming through in the Middle East.
25:05
That would be exciting. That could also come with some
25:07
money, which we don't need, but that will always be good.
25:10
He points out the delivery of FM One.
25:12
Well, he was right on that seemingly with the update we got
25:14
on Friday. He points out to the initiation
25:17
of the launch campaigns. Well, that's the whole
25:19
Constellation Constipation concept.
25:21
Don't worry, ASTS has a plan for lots of fiber intake.
25:26
The the fiber has been ingested. The result of the Constellation
25:30
Constipation relief will be coming shortly.
25:33
And then he points out to some IoT partnerships.
25:36
I just reflect on this Jagged Loon post.
25:38
If you have some time. It's just it's good to remember
25:40
what the bigger picture is. What is usually really the
25:44
defining characteristic of someone who makes a lot of money
25:46
in a stock and someone who gets lost in the short term is being
25:50
able to zoom out and think. So Speaking of thinking, I just
25:54
rewatched The Sum of All Fears the other day.
25:56
Great movie until I think there's some parallels with The
26:00
Sum of All Fears. If people remember a bad guy
26:03
stuck at an A bomb into a cigarette vending machine during
26:07
a football game, well, I think Apple's going to sneak in an
26:11
equivalently large shock to the Bears by incorporating ASTS
26:18
Space Mobile. There's a nice tweet by our dear
26:21
friend Katzie that goes into some incredible technical
26:24
details that I would have never picked up on by myself.
26:27
But it's pointing out that these these integrations with AST
26:33
Space Mobile and L Band and things like that really need to
26:36
happen. The move beyond global Star
26:39
needs to happen. He points out that they've
26:42
already shown a willingness to diversify because they
26:44
integrated Starlink, which is of course not very good, but they
26:47
did it anyway to satisfy one of their three major U.S. sales
26:51
channels, which is T-Mobile. And so the idea that Apple is
26:56
going to want to add yet more premium connectivity with ASTS
27:00
space mobile makes a lot of sense.
27:02
Meanwhile, Google's fired the starting gun for the race by
27:06
incorporating it into the Pixel 10.
27:08
And I believe we know that. So I don't want to say that if
27:10
that's not totally for sure, but I think there's very strong
27:13
speculation that that's happened.
27:15
And then we also have the Google Pixel Watch has integrated
27:17
connected connectivity with the Google, the Legato L band.
27:21
So this is happening and it shouldn't really.
27:24
I don't think it should be a big news event because it just seems
27:27
so obvious to me. But I think it will matter a lot
27:31
when all is said and done. If we do get a formal unveiling
27:35
by Apple of this integration, I think to the bears that will
27:38
come as a a shock and certainly seem to run counter to what a
27:43
lot of the paid experts are saying.
27:45
The other thing that I think is going to come as a shock is the
27:49
implications of Sacco. So Sacco being the JV that we
27:52
have with Vodafone. I know there's actually somebody
27:54
on the phone that are, are pretty bullish on Vodafone,
27:57
which I can't disagree with you. I, I only have so much money.
28:00
I'm I'm no and pan man, let's put it that way.
28:03
But he always seems to be buying these dips.
28:05
I just kind of sit here, but Vodafone stocks done well and I
28:09
was reading in Barron's this week that, you know, AT&T is
28:12
performed like an AI stock. I'm just pulling this up on
28:15
Bloomberg. Yeah, AT&T is crushed $14.00
28:18
stock to $30 stock doing great. So Sacco could be very important
28:25
because it's a way to pull in all these other M and OS into
28:28
our network and really solidify a very strong market share
28:33
position that you would generally use the adjective that
28:36
starts with an M to describe. And Sacco is now officially
28:39
formed. And so Peter Lemark actually
28:41
works down the street from it. And so we got eyes, eyes on
28:46
Sacco. And that's, you know, something
28:48
we want to keep an eye on. It just shows the power of this
28:52
business model that Scott has brought to life, this super
28:56
wholesale model where we're able to leverage these very powerful
28:59
channel partners. And here's an instance of the
29:01
channel partnership going on steroids because we're not just
29:04
getting the benefit of Vodafone's reach.
29:06
Vodafone is an extending its ability to form collaboration
29:10
with all the other MN OS to lever leverage ground
29:12
infrastructure to get us yet more customers on which of
29:17
course we get revenue share. It's very exciting and so it's
29:21
always worth revisiting. Why is it that AST space bubble
29:25
is different? This debate I was having with
29:27
this, I don't think he used himself short, but this DM
29:32
exchange I had with this this account, it was it was the
29:35
typical dialogue you'd expect with someone who's negative or
29:40
skeptical on AST space mobile. It's well, they don't have a
29:43
they don't have a market share lead because they actually don't
29:47
have a product yet. Yeah, thanks, jerk.
29:49
I'm aware. Well, how do you think about
29:51
T-Mobile? Well, I think T-Mobile made a
29:52
huge mistake. So next question.
29:54
Well, don't you think Starlink is going to innovate?
29:57
Yeah, probably. But they they made a
29:58
foundational error with their system.
30:01
It's not integrated. The G node B is in the air.
30:06
It's a separate network that is tied into the core but not
30:11
integrated into the core itself. And what's interesting is this
30:14
article that Kevin Chen found. As always, Kevin is always
30:17
finding these incredible papers for us to read.
30:19
There's this description by I believe is terminable itself.
30:24
And they say that voice is going to have to be over IP voice
30:27
instead of VoLTE. Some implications there around
30:31
whether 911 services can work, but then they talk about the
30:35
kind of incredible effort this took.
30:37
It took hundreds of thousands of people hours and the efforts of
30:40
some of the world's brightest engineering minds to solve this
30:43
giant technological puzzle. They don't use a standards based
30:47
system and so is this bespoke integration on a per carrier
30:50
basis. Sounds like hell and this is a
30:53
really good reason for M and OS to not partner with them when
30:56
you could otherwise go to a standards based system that was
30:59
built to integrate directly with the carrier score where they
31:02
have control over everything. Big difference.
31:07
And then interestingly this article says that mobile data
31:10
will land at a Sterling gateway as non prioritized IP traffic
31:14
which lacks traditional cellular controls like throttling.
31:17
In this way a Starling mobile data service would act more like
31:20
a mobile hotspot than integrated mobile broadband.
31:22
Just one more example of these are not the same.
31:25
The space mob can appear to be crazy and we are then kind of in
31:29
our own echo chamber. But I think the right read on
31:32
that ultimately will be that the reason we are like that is
31:35
because we identified that we are in a race against ourselves,
31:39
as Scott actually said, that these two companies are not
31:42
actually head to head competing warm IoT as hijacked to be some
31:47
vapor Ware system that they were able to bolt together at an
31:50
incredible amount of effort for an atrocious level of service is
31:54
not the same thing that had a billion dollars of capital spent
31:58
in R&D over almost a decade in partnership with the world's M
32:02
and OS to do exactly a specific thing.
32:05
No wonder they arrived at different places.
32:07
And that's, you know, important point that I think is too
32:09
nuanced for bears to understand. And I actually appreciate that
32:12
that's not a knock against the bears.
32:14
You really have to be dialed in to start to pick up on these
32:17
nuances and normal people just simply are not going to have the
32:21
time. It's like when people are
32:22
debating Joby and Archer and Quantum Scape and, and all these
32:26
other stocks, which maybe they'll all do great, but I'm
32:29
just not deep in them. So I, I really just don't know
32:31
the difference between Joby and Archer.
32:33
I really rely on Tut. I don't have a position in
32:36
either of those, but I know Tut's done the work, but he's
32:38
also a nut job. And so, yeah, he's probably
32:40
spent three years analyzing EV Tall's up the wazoo and I have
32:44
it. And so he's going to definitely
32:46
know some nuances about those that I don't.
32:49
The better man recognizes that he doesn't understand that would
32:53
be me in that instance. The bears on ASTS Space Mobile,
32:56
I don't think have the humility to understand that there are
32:59
elements that they have not yet absorbed that are in fact apples
33:03
and oranges types of differences.
33:06
So it's an interesting thing to think about.
33:07
And it's also just important to know when you don't know what
33:10
you owned and can get kind of thrown for a loop.
33:13
And it's very difficult to develop this level of subject
33:16
matter expertise to to see through all the noise and really
33:20
understand the engineering architecture of a company like
33:24
ASD Space Mobile, which I'm not going to advertise that I truly
33:26
understand it, but I think I know a lot more than most.
33:29
Another component that really goes into this, which always
33:32
should be mentioned, especially for people that are newer to
33:35
this company, is you got to have the leadership.
33:38
And that's where a lot of us over the years, especially in
33:42
the darkest days, always took a lot of faith in the fact that
33:46
the CEO and founder of Bell Avalon does not paint himself
33:50
anything. He doesn't give himself a bonus.
33:52
He doesn't give himself stock awards.
33:54
He's doing exactly what Jeff Bezos did, which this really
33:57
nice interview, which I've seen before, but it always is great
34:00
to see again. I'm at bats posted this
34:03
interview by Jeff Bezos where he explains why he never took
34:07
additional equity. He said, well, I have enough.
34:09
Like I'm incentivized, I'm aligned.
34:11
So I'm going to work hard nose down, I'm going to build.
34:13
I'm aligned. He didn't take a position of
34:17
taking it, which is very important in a leader.
34:20
A great leader in this instance is going to eat last, not scrape
34:25
economics from other people, but take their return through their
34:29
equity. That's what Jeff Bezos did and
34:31
that's what we're seeing with Abel Avalon.
34:33
And there are a lot of us. I wouldn't even say, you know,
34:37
the quiet minority were the vocal minority.
34:40
We really take stock in that behavior and that's really
34:44
helped us have conviction in what's happening here because we
34:47
don't have an antagonistic CEO who's using US for exit
34:50
liquidity or or frankly deluding us.
34:53
I know a lot of retail people have a fundamental
34:56
misunderstanding of the pejorative use of the word
34:58
dilution. And sure, we've experienced
35:01
dilution to finance the growth of our company that if you don't
35:05
understand that, you're in the wrong stock.
35:07
But it's another thing. If a bell were actually taking
35:09
huge re UPS in the stock, especially when the stock was
35:12
$2.00, he could have re upped himself and given himself a lot
35:15
of ownership. And there's not a damn thing
35:17
we'd really be able to do about it.
35:18
And in fact, at the time, we probably would have supported it
35:21
because we like, oh, we need him to like really have all this
35:23
upside and, and, you know, extra stuff.
35:25
So he, you know, keeps his head in the game and the stock is
35:29
$2.00. But he never did it.
35:31
He always showed perfect alignment and respect.
35:33
And that's something that tells you a lot about him as a leader
35:37
and him as a as a person. Very valuable.
35:41
This week we also have William Blair put out some cell side
35:43
research. I didn't really focus on this.
35:45
I don't know if there was anything really new in it.
35:47
What's more important to me is seeing the buy side put up real
35:51
money. And we're seeing more of these
35:52
letters where MP man put out I guess above average odds found
35:58
this article from Greenhaven Rd. Capital concentrated hedge fund
36:02
in more of these people identify the stock and talk about it is
36:07
is nice that people are coming to some conclusions we have but
36:10
but doing it with conviction. And I think if I have, you know,
36:13
any predictive luck, I think we're going to be seeing more of
36:15
that into the fall and winter kind of idea dinner season in
36:20
New York, where more, more people are going to be bringing
36:23
attention to this together. Other buy side firms.
36:27
You know, these are people that live by this or die by this or
36:29
they have to be right. It's not sort of playing out a
36:31
report and saying, I see space Mobile is the best company ever.
36:34
So we're going to read it. We can perform with a target
36:36
price $0.50 lower than the last price.
36:39
None of that stuff. And now let's get to something
36:41
that could really drive the upside Golden Dome.
36:44
So things are starting to happen.
36:45
L3 Harris, we think is a partner of AC Space Mobile.
36:49
There's certainly been clues discovered by Catsy over the
36:51
past that suggests this is true, is apparently the heat signature
36:54
layer. And so as, as I was clarifying
36:57
my own knowledge this week, when when a missile is shot up,
37:00
hopefully never at us, there's obviously a heat signature, but
37:03
then you also need to see the missile as it, as it's
37:06
traveling. And so there's going to be
37:08
multiple layers of the tracking and identification and the
37:12
targeting of of missiles. And so L3 apparently is already
37:17
good to go. And a special person, well just
37:21
call them this, you know who you are pointed out to me, this
37:24
special person seems to be very aware of how Washington DC works
37:30
and pointed out the parallels to Senator Banks giving a lot of
37:33
public support for L3 Harris. And how that seems to have
37:36
materialized to L3 being part of Golden Dome.
37:40
And that same support that AST Space Mobile is getting from Ted
37:42
Cruz in our belief that that support will in fact materialize
37:47
for us. So interestingly, I was a victim
37:51
of state owned airline through strikes yesterday and spent my
37:57
entire day at airport only for my flight not to go.
37:59
And one might think, well, that seems like terrible luck, Zook.
38:02
But you know, with a positive attitude, you say this must be
38:05
God's will of all the things God has to worry about.
38:08
God said let's cancel Kook's flight so he can take a
38:12
connecting flight the next day and you might go, why?
38:16
Well, it's a funny story. Let me tell you why.
38:18
It just goes to show you that everything ties back to ASD
38:21
Space Mobile if you dedicate A sufficient amount of your mind
38:23
share to this stock. So as I'm getting on a plane and
38:28
my wife, like an absolute terrorist negotiator, figures
38:32
out how to move us from 4 separate middle aisle seats in
38:36
all different rows with young children, which is not ideal, to
38:39
figuring out how to get 3 seats in a row plus one to somehow
38:42
figures it out. Only for her to be right behind
38:45
me with this older gentleman. And she's talking to him, of
38:48
course, because she's extroverted.
38:50
And he goes, yeah, I work at Lockheed Martin.
38:53
And so I think, oh, wow, kook. OK, be be smart.
38:55
Use this moment. What would Kevin Chen do?
38:58
Kevin Chen would go, oh, you look at you work at Lockheed.
39:01
Do you know ASC space bubble and are they getting gold and dope?
39:04
And he went, well, I actually don't work in that division of
39:06
satellites at Lockheed Martin. I'm doing mostly the
39:09
communications. And I thought that was my that
39:14
was my my learnings of how to engage with people a la Kevin
39:18
Chen. And you might think, well, cook,
39:20
maybe you should not skip the foreplay next time.
39:22
You know what it worked because you can't make this up.
39:25
The woman next to the guy chimes in and goes, I work for Trump.
39:31
Yeah, make it up. And then she said, very intimate
39:35
with the Space Force. Oh, yeah.
39:37
Tell me more. And I thought, OK, Kook, You
39:38
know, you have, like, a second at bat.
39:40
I can chance. What are you going to do?
39:42
What are you going to do? OK.
39:43
What would Kevin Chen do? Do you see space bubble?
39:47
Yeah. Are they going to get golden
39:48
dope? And she just smiled at me.
39:50
And I thought, This is why I'm glad I missed my flight.
39:53
And so smiling is not betraying what's actually going to happen.
39:57
She probably was just thinking, who is this absolute looney tune
40:00
asking me all of these questions in rapid fire while turning
40:03
around in his seat on an airplane as everyone's trying to
40:07
board the flight. And she probably just really
40:09
didn't really know what to make of this exact moment.
40:11
As I told her, I said, well, you know, actually right now I'm
40:13
reading the Inmarsat, obviously proceeding to really figure out
40:16
the L band. So what do you think about L
40:18
band? Did you do you really like this?
40:20
What do you think? What do you think?
40:21
And she's, you know, again, just looking at me like my outer
40:23
space is this. Is this real life?
40:26
And it was real life. That is really what random
40:29
people in the street want to know.
40:31
You know, if you run into someone that works for the Trump
40:33
administration, be prepared. They want to know about the
40:36
takings lawsuit. They want to know about Legato.
40:38
They want to know about that tale on FM one.
40:41
That's what people want to know. So it's very exciting.
40:44
So I got her card. I'm going to follow up with her
40:46
and see frankly, honestly, I'm actually kind of interested to
40:49
see if I can. So in the Space Force.
40:51
I think it's a pretty cool mission and and as I learn more,
40:54
this really is the next big thing to me.
40:58
There's another paper that Kevin Chen put out.
41:00
I think I retweeted it. Oh, it's the next tweet
41:01
actually, Kevin Chen put out this paper of what was it?
41:06
It was from some seminar. And the title of my tweet is
41:10
Changing Times in the Military. And I really suggest you read it
41:13
it, you know, even for people that spend all day thinking
41:15
about ASTS Space Mobile, this is mind blowing type stuff when you
41:18
hear the military talk about it. This is the future of national
41:21
security, full stop. And I was talking to this lady
41:24
today. She said the Space Force is the
41:25
most important arm of the military right now in Trump's
41:28
eyes. They they see this as the thing.
41:31
And then you got to ask yourself, well, Inmersa, as you
41:34
read these adversary proceedings, which I have,
41:36
Inmersa already gave the L band to the DoD.
41:38
Inmersa already gets tons of money from the DoD.
41:42
It's a little bit dodgy what they're doing.
41:44
Like Legato lawsuit asks like what did you know and when?
41:47
And we'll find out maybe. But then you go, well, hold on.
41:50
AST Space Mobile seems to have gotten the easy pass on all this
41:53
with these NTIA coordination seemingly with the DoD lot of
41:59
interesting little things. But then when we look at it,
42:01
these military leaders are saying one of the most
42:03
important, important lessons I learned was that access to
42:07
spectrum is not just a commercial telecommution
42:10
telecommunications issue. It is a national security issue.
42:13
It is foundational to Modern Warfare and our ability to
42:17
project power, superiority and resilience in a rapidly changing
42:21
world. Sit down, Palantir, That's what
42:23
it sounds like to me. ASD Space Mobile, as Kathy has
42:26
said many, many times, is the most efficient system for using
42:30
spectrum in these novel ways. We're seeing the spectrum slow
42:34
to them. I think that this is the start
42:36
of a mega trend that very few people understand.
42:39
I feel like my own learnings on this are rapidly expanding every
42:42
day and I literally spend almost every waking minute of my life
42:47
thinking about this one stock, whether that's healthy or not.
42:50
We've debated that at length, but I do and I just still liking
42:54
this to many of the early trends, like when all these
42:57
people were talking about ChatGPT 1 and GPT 2 and things
43:00
like that. And I remember seeing this up on
43:02
Twitter and like, what is this? I never really want to one
43:05
together, but the sides were there.
43:06
And then the world, it sure exploded onto the the world
43:10
stage. Obviously in that infamous
43:12
November, the world changed and never looked back.
43:14
I don't think we're going to have something that dramatic,
43:17
but I think that the magnitude of the change in terms of how
43:19
spectrum is being used for national security as well As for
43:23
commercial telecommunications, I think that's there.
43:26
And that's a key tenet of the bull versus the bear debate.
43:29
When I was talking to this guy, he, you know, I said, look, the
43:31
bull thesis is that the Tam is big.
43:33
The bear thesis is that the Tam is not big.
43:36
We'll figure it out. I think that's it.
43:39
And there's evidence that suggests that Tam is really big,
43:42
which takes us to or does it take us to?
43:44
So the next feed I have is this is also how I introduced myself.
43:47
Oh, so it does take us to American Tower.
43:49
And so people that are the mainstay of terrestrial
43:53
spectrum, of course, the tower guys.
43:55
It is interesting that the CTO of American Tower introduces
43:58
himself as the CTO of American Tower and an AST Space mobile
44:02
board member. It's almost like he's trying to
44:03
hitch his star to the car because he knows his horse drawn
44:08
carriage might be more limited and the rate of growth at which
44:12
it will experience or the relevancy into the future.
44:15
And so there's an interesting quotes he has, but you can see
44:18
people are increasingly raising their hand and saying, I'm an
44:22
AST space mobile person and I think that we're going to be the
44:25
equivalent of Yahoo's Alibaba. And so some of these companies
44:28
that were smart enough to see around the corner while their
44:31
own businesses might stagnate, which is the Yahoo component.
44:35
At the end of the day, 99% of Yahoo's value was driven by its
44:40
stake in Alibaba, the growth asset, I think AFC is best
44:43
mobile is the Alibaba. And there's going to be a lot of
44:47
companies that created a lot of value for themselves, the
44:49
Rakuten, the AT and TS, the Vodafone's, the Verizon, the
44:53
American Towers, etcetera, that find themselves in that lovely
44:56
position to have made a lot of money on a passive investment
45:00
that maybe at the time it's, you know, hard to imagine, but maybe
45:03
at some point in time starts to rival the value of their
45:05
existing business. So back to Legato.
45:09
Quickly. The bankruptcies been held up by
45:12
this dispute on a mediation between Inmarsat and Legato.
45:16
This dispute relates to whether or not ASTS is bound by the
45:23
exact agreement that determines the cooperation between Legato
45:26
and Inmarsat. Importantly, there's a concept
45:28
of contract assignment, which in bankruptcy you can't partially
45:31
assign something. It is all or none in Marsat is
45:34
taking the position of this is an assignment of the Spectrum
45:37
deal, which means ASTS has to take the full enchilada, which
45:41
in in Marsat's view means that there's exclusivity.
45:45
So that in Marsat has L band everywhere else in the world and
45:48
ASDS Space Mobile enjoys exclusivity in North America.
45:52
The dispute is whether or not ASTS space bubble is actually
45:57
taking a full assignment of that contract or just subleasing it.
46:01
Is it bound by the restrictions of Legato or not?
46:04
Immersat obviously wants to sideline ASTS Space Mobile's
46:08
future growth outside the world for the most simple reason is
46:12
just if they do, the value of their global L band goes up when
46:17
ASTS must just go buy that from them.
46:19
And Asds view is why in the world would we bind ourselves to
46:25
such a restriction for what is naturally a global
46:28
constellation? And in this docket, there's all
46:31
sorts of interesting stuff that was never really meant to be
46:34
made public, but the red line of the mediation agreement is
46:38
available and you can just see how things were changing.
46:40
And I don't I don't know how this will resolve itself.
46:43
It's it's going before a judge. I can see it both ways.
46:46
As I was reading the briefings from Inmarsat.
46:48
I don't know. That's a good points.
46:49
And when I was reading the briefings from ASTI went, oh,
46:51
those are better points that GPT doesn't know either.
46:55
So we're really at a loss here. But what it does tell me most
47:00
importantly is that a Bell and Scott are thinking huge.
47:06
What we have seen so far, never mind that we're in the early
47:10
innings of this company. So we'd imagine that what we've
47:12
seen so far is actually just a small ripple of what is going to
47:15
be a tsunami. But you can see these guys
47:17
positioning for a global conquest to really become a
47:21
spectrum treasure treasury company.
47:23
Kind of my joke that I made ad hoc a couple weeks ago, the more
47:26
I thought about it, I went, Oh my God, that's actually really
47:30
what they're going to do. You can see that that's how
47:32
they're thinking when you really study these documents.
47:35
Now, how does that relate to what's up in front of us
47:38
immediately with Legato? I don't really know, because if
47:41
the judge just binds ASTS to the stricter interpretation, then we
47:45
in fact have exactly the thing we bargained for, which is L
47:48
band in the US. Great, that's worth a lot.
47:52
If this goes ASTS way, did we get anything immediately?
47:57
No, because we would then still have to go strike cooperation
48:00
agreements and and buy other spectrum from other people and
48:03
we are not limited to buy another spectrum from other
48:05
people. It's just this L band
48:06
exclusivity issue. It would be nice if we want it
48:09
preserves some more optionality seems to have some fewer
48:13
barriers. It seems to knock back in Marsat
48:16
from having the ability to kind of knock on our door a little
48:20
bit more. But it is, it is to me showing
48:22
the broader strategy that this company is going to pursue over
48:26
the coming years. And it's a big brained idea.
48:29
The thing a lot of us are looking for is understanding the
48:32
vision of the entrepreneur. Was a bell gone for something
48:35
that was going to be worth 2 to $5 billion, a lot of money for
48:38
an individual. Well, now, you know, this is of
48:40
course, worth almost 20. So the question is, is this a
48:43
person who's always had the vision?
48:45
Whether they'll achieve it or not is a separate question.
48:47
But did they have the vision on how to create a company worth
48:51
hundreds of billions of dollars? If so, what is that vision and
48:54
how will they achieve it? And this is something I've been
48:56
really focused on for quite a long time because it is
48:59
important to find entrepreneurs with big visions and deep
49:03
understandings of how to put those visions into reality in
49:06
the market they operate in. And I've consistently seen that
49:09
from this team. And this in Marsat adversary
49:12
proceeding gives me that much more confidence in that as well.
49:17
Other things I have confidence in our first net.
49:19
I know we're almost kind of up against an hour, I'd say at
49:21
time, but we're time unlimited. And so there was a board meeting
49:25
for first net. Great.
49:26
The fatigue of when it's first net happening is real.
49:29
But they have a budget. It's a big one.
49:31
They're going to invest in satellites literally in their
49:34
press releases. So that's very exciting.
49:36
And then you might go, well, is there anything else to suggest
49:39
that this first net stuff is going to happen?
49:42
Well, yeah, actually, until we got an FCC filing that locks
49:46
Asts into Firstnet's Band 14 spectrum, they're going to be
49:49
testing 45 phones, which is enough, they think, to be
49:52
showing the scalability of some individual beams.
49:56
It's all in the FCC dock. They show the interference
50:00
studies. Firstnet wouldn't be doing FCC
50:03
filings with AST to get spectrum let up if they weren't doing a
50:07
deal with AST space Bubble. So this will end up being the
50:10
least surprising deal you could imagine when it ultimately gets
50:13
PR D. And so it will happen.
50:15
I don't know when. And then the other exciting
50:17
things, which we've already kind of touched on are the initial
50:21
consumer applications. And so we're seeing some
50:24
additional stuff pick up from Google with the Pixel Watch.
50:28
And what else did we have from Google?
50:31
I have two links here. So the Google Watch and then,
50:36
yeah, people are just really glomming onto the watch, having
50:38
the solid connectivity. So it's exciting.
50:41
We're going to have these initial consumer applications
50:44
roll out. And it's important to realize
50:46
that as you're really capacity constrained on your
50:49
constellation in these early days, you really do want to
50:51
introduce this service with IoT and things like that, where
50:55
intermittent connectivity is actually good enough.
50:58
As opposed to introducing this service that it initially would
51:01
look a lot more like what Starlink is experiencing of
51:03
truly intermittent service that will probably just irritate
51:06
consumers. And as Abell said, the
51:08
transition from intermittent service to continuous is
51:11
actually very fast. There's a tipping point which
51:13
will probably reach sooner in 2626 than we anticipate.
51:18
But the starting point is exciting.
51:19
It's going to start to build momentum.
51:21
So that's what we have for the weekly or just remind people if
51:24
if you if you're interested, I've included as the last link
51:27
as well the go fund me for our friend Gavin.
51:31
And so if you like to donate, we've tried to make it easy for
51:34
you to find a link and we'll hope to help his family during
51:37
this difficult time. And we'll obviously we're
51:40
looking for updates from him as he embarks on his recovery.
51:43
And I'm really optimistic that he's that he's going to have a
51:47
really surprisingly good outcome from this because he seems like
51:50
a fighter. Have a great night, everyone.
51:52
I'll leave it running a little bit as always.
51:55
So that it doesn't cut people off later and I'll see everyone
51:59
next week. Thanks for listening to the AST
52:04
Space Mobile podcast. If you enjoyed this episode and
52:07
you'd like to help support the podcast, please share it with
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others, post about it on social media, or leave a rating and
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review. To catch all the latest news
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about AST Space Mobile, make sure to subscribe.
52:19
Thanks again and I'll see you next time.
52:25
Or doing something very, very big an activity technology, we
52:28
can really affect billion lives. AFT Space Mobile is the only
52:32
company that has full technology to deliver cellular robot
52:37
connectivity directly from space to do everyday smartphone.
52:41
People will just basically turn their phone and be seamless,
52:45
regardless of where you are. We don't want the user even to
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know that it's connected by satellite.
52:50
Our role is to bring this into reality, always in partnership
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