Latest / AST SpaceMobile Podcast / Kook's Weekly - May 18 - SpaceMobile's Global Checkmate

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Kook's Weekly - May 18 - SpaceMobile's Global Checkmate · AST SpaceMobile Podcast

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is the AST Space Mobile podcast. And we just basically come your
0:12
phone be seamless regardless of where you are.
0:16
We don't want the user even to know that it's connected by
0:18
satellite. Listen, the opportunity that we
0:23
have is very, very, very large. OK.
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Good evening, everyone. Thanks for joining and what a
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week. I'm just looking at the
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beginning of my notes and thinking the company reported
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earnings last week. And so I'm I'm just always
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amazed at how much progress and how many events there are.
0:45
I'm just going to getting reoriented.
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I just got home from a camping trip where, you know, a
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successful trip is one of the the new guy we were trying to
0:54
recruit stabbed himself with his diving kill knife, which I
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didn't know what it was and like to the bone like cut his leg
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open. But luckily we have a surgeon
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with the US Navy in our group. And so he was able to clean them
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up. But then the surgeon went down
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with food poisoning. So last night when when my
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friend's wound was kind of reopening and unfortunately our
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24 hour urgent care was not 24 hour when the surgeon goes down.
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But you know, it's like, it's like how you know, you have a
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good weekend when that guy comes home to his wife and he's like,
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yeah, I got stabbed, repaired by AUS Navy surgeon and lived to
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tell about it. Fun was had by all.
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So catching back up sort of with the contact, switching from that
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is a lot. But as luck would have it, a
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black Porsche 918 just blew past me when I was walking back from
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dinner, which is almost certainly good luck.
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Omen of what's to come. So we always want to look at
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what the recent past has had when thinking about what type of
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luck will come. And so let's start before even
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earnings. Let's just start about thinking.
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And so one guy that I always dismissed, despite working in
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767 5th Ave. where Ron Baron works, I'd never really thought
2:17
much about Ron Baron. It was only sort of later in my
2:19
career that I began to appreciate his way of thinking.
2:25
And so as a hedge fund guy, I would always think like, you
2:28
know, these long only guys, like they're so slow.
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And some some of his high level ideas and pitches always seem so
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simple. When when I was doing really
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complex event driven things like backflips to try to make a buck,
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Guys like that with the benefit of hindsight were doing a really
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an amazing job of zooming out and synthesizing secular trends
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and most importantly identifying generational founders.
2:56
And so the first time I really kind of dug into Ron Barron's
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way of thinking was with Tesla back in 2016.
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And I remember kind of just reading an article about his
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thesis and it was, you know, really simple.
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He's like, well, you know, if they get, you know, 5% of the
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market for their car with this gross margin, that's the amount
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of EBIT they're going to have. And you put a multiple on that
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and bang, you know, huge company.
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And it's just funny. I was like, yeah, you know,
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that's actually really defines the questions well, because then
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you've really just reduced it to do I think that they can get,
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you know, this percent of the market.
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And then you'd ask yourself, well, why would they?
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Is an electric EV design from first principles at an
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affordable price point that looks like a Mazda?
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Is that what the market will want?
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Mazda looks notwithstanding, previously people had these
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weird crazy vehicles that no one really wanted and certainly no
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one was designing a Mazda to compete with the Mercedes S
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class. And when he did that, that was a
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new a new product. People glommed onto it.
4:01
And that answered your market share question.
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And the math followed and then the market cap followed.
4:06
And so Ron Baron is one of these great thinkers who who had
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identified many of the world's great growth companies over
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time. And he strikes again with SpaceX
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and he sees just monstrous opportunity with launch and
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Starlink and, you know, all these other businesses that are
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going to emerge from the space economy.
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And So what I've really done is try to learn how to think like
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that and really embrace this. I mean, it's not even learn how
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to think like that. It's embrace the simplicity of
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that thinking so that you don't over complicate it with
4:44
yourself. And so I was hanging out with
4:47
Tanner, really trying to teach Tanner an important lesson
4:50
because I know who he is, but he doesn't know who I am.
4:52
And so when I met up with him, I really thought about actually
4:54
renting a white van. It just really scaring the shit
4:57
out of him and just pretending I was going to just grab him.
5:01
But then I thought, hey, that wouldn't be very nice, but it is
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important. Don't trust people you meet on
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the Internet and you never know who people really are.
5:06
And I did feel like it was a missed opportunity for me to
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teach him this lesson since he's at a young age and has many
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years to look forward to. But aside from the opportunity
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that I seized to take in grabbing him in a white van, we
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were just talking about the fact you just don't have to do that
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much. And I was talking to another
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investor this week and, you know, he was asking me, you
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know, what new ideas do you have?
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What? You know, I said, I don't have
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any new ideas I don't want. I want new ideas.
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I'm always looking for new things.
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But I don't need to be cycling through all these new ideas.
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I just need to make sure that the thing I have works and if I
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think the thing I have is going to work, the hardest challenge
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is doing nothing and just realizing that the secular trend
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and the generational founder and the unique lead the company has,
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which you know, for me, it's AST of space mobile is all I need to
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do. And even looking at year over
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year and Tanner and I were reminiscing on this point.
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It was over a year ago or less than a year ago when the stock
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hit 60 bucks at the end of July. And then the Lewski struck with
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a convertible bond and knocked us out of bed on that.
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But even taking that $60.00 print year over year, the stock,
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you know, up nearly 30% from the high print, if all you did in
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life is compounded 30%, you are going to outperform literally
6:28
everyone except just a handful of statistical outliers.
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And so the real art is finding those securities.
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It can compound at 20 to 30% a year and then just do nothing.
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And it's so tempting, especially on Fintwit to be cycling through
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new ideas, to be hunting through, you know, chart
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opportunities and things like that.
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And I've just always found that action is really the enemy of
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good investment returns for myself.
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Could be different for other people, but certainly true for
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myself. So when I, you know, sit down to
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do work, it's really just trying to make sure I know what I own.
7:06
And so I was just reading the Hennessy letter, which was
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pretty interesting. And they they write as if they
7:15
know something is really kind of how I read that letter.
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They're writing like they've stumbled upon some uncommon
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wisdoms or especially around the military use cases.
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And so we learned a lot about that on the earnings call, but
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it kind of starting backwards before we even get to the
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earnings call. The shocking news this week was
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the empire striking back. And so really out of nowhere,
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the MN OS created this JV, which is shocking to say the least.
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But when I got woken up by Anpan Man, I think he called me at
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around 5:00 AM my time. I just went to Bloomberg,
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checked the the news and just saw M and OS create JV.
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It didn't mention ASTS, didn't mention SpaceX.
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From that headline, anyone that's been following this
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company should have known immediately what this was about.
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And it was interesting because MPM man definitely did.
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And he was, you know, saying, kook, wake up, bye, bye, bye.
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This is the Verizon moment. And you know, I was thinking,
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yeah, the the difference was when Verizon hit back in 2024, I
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owned 20% of, of what I own now. And so I had a lot to buy to, to
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catch up. And so then I kind of just went
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back to bed because I feel like I own plenty.
8:37
But it's really great news. And so a proposed direct to
8:41
device joint venture by US mobile operators could have
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left, I guess a couple people confused about what that meant.
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But you have to be pretty dense to then not realize that when a
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Bell Lavalon immediately tweets out an ASD Space Mobile press
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release commending the JV, which had been prepared very clearly
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for this moment, and then ATS, AT&T, Verizon and T-Mobile with
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a smiley cowboy face. I don't think this JV is bad for
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ASD Space Mobile. And if that weren't enough, you
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have him, the Starlink executives going wild on the
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Internet. But this structure is
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interesting because we don't really know how it's structured
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yet. And they have to be exceedingly
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careful about Department of Justice actions against it
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because what it cannot be is a buyer's cartel.
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You cannot do that. That would be bad for markets,
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bad for choice and anti competitive.
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And so if you know it's not going to be that you need to
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start thinking about what it could be.
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And more likely than not the JV is going to be very narrowly
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scoped and really be a thin layer that does spectrum
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coordination, technical specs and potentially some gateways.
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But it almost certainly is not a single buyer that would be
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facing ASD space mobile and or Starlink.
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But what it probably is doing is pulling the spectrum in a way to
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make sure that SpaceX is effectively boxed out.
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Really, there's only one way to interpret this press release is
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T-Mobile woke up and went, what have we done?
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What have we done? Giving Starlink an initial foray
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into our core market, right as those guys, those guys being
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Starlink, get spectrum, which can be terrestrial as well.
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Why in the world would you leave the drawbridge on Noah's Ark
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open for that animal to come on your boat and devour your flock?
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You wouldn't do it, T-Mobile did it.
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But you know, there's nothing like the present to make up for
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idiotic prior decisions. And so now they have.
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And it was interesting. We had a guy who works for a
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major corporations legal team at James Zington and he just also
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stated the obvious Is this press release from his perspective as
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someone that does this all day is not about dead zone coverage,
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it is about keeping SpaceX out. Any point points out that AT&T
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and Verizon already have commercial agreements with ASTS.
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Those run through 2030. They can't change that with AJV.
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So those pre exist commercial contracts which were separately
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negotiated last unless ASTS proactively decided to amend
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them. And maybe they have, maybe they
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haven't, we don't know yet. And so they also definitely
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didn't decide to just let Starlink into this deal.
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I think they all just sort of realize that as much as they
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despise T-Mobile and AT&T and Verizon do despise T-Mobile,
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T-Mobile making irrational, stupid decisions and being left
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out of the AST space Mobile Club was going to be bad for all of
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the carriers because this was no longer the issue.
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Or T-Mobile maybe ran the wrong type of pricing promotion on a
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Super Bowl ad and sort of messed up AT&T and Verizon for a little
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bit. This is a permanent competitive
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change that could be happening. If T-Mobile does stupid stuff
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and let Starlink become a bona fide MNO, all of them suffer
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forever. If they're all of a sudden are
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four big MN OS versus 3, they really can't have that happen
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and they have to really do everything they can.
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So a lot of us over the past year or two had speculated and
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were mocked thoroughly for what it's worth, but we had predicted
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that T-Mobile would one day flip to AST Space Mobile.
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What we had found out subsequently confirmed is that
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T-Mobile only had a one year deal with AST Space Mobile.
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They had an LTV of about $100 million.
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We have that information confirmed from Starlink
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interviews as well. Then we started to see Grain
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Management, which has this 800 megahertz spectrum with T-Mobile
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and their docket has been pretty active by having followed it
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with a fine tooth comb. But I've read it and this deal
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closes with with grain and it gives them this juicy spectrum
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and they want to operationalize it as fast as possible.
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And there's been an active docket with the FCC and they
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talk about putting that into use right away.
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I'm looking for the exact quote, but that's the essence of it.
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Well, there's only one company on ADTC basis that can use low
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band spectrum and that's AST Space Mobile or at least use it
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effectively. I guess link in a way might be
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able to use it, but not effectively.
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And the reason why Starlink can't use it is again, the basic
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physics of how DTC works and we've talked about this quite a
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lot, but the punch line is that low band spectrum has a wave
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that is bigger. Low band waves are just
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physically bigger and so then the elements, or so the parts of
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the satellite that create the electromagnetic energy to create
14:41
the wave must be spaced further apart, otherwise the waves smack
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into each other and interfere. As opposed to high band
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spectrum, those waves are skinny and so those elements can be
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closer. You need a certain amount of
14:54
elements to have a phased array big enough to have enough of
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these beams, waves to create beams.
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And if you're using low band spectrum, those elements, you
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need a certain amount of them spaced at a great distance.
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You need a phase array that is big.
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And the only company that has a phase array big enough is AST
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space mobile. Therefore grain, you know, just
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using induction grain must be about to do a deal with AST
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Space mobile is the thought. And this really goes to the
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spectrum will go to the most efficient use case.
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And Catsy has really been predicting this for quite a
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while and he put out some interesting tweets which I have
15:38
linked out. We have Kevin Chen out there
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with some interesting tweets. And he also made the point that
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the data we got this week on the testing speeds from AST Space
15:50
Mobile show that AST has also been able to figure out carrier
15:55
aggregation, which is to use multiple chunks of spectrum at
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the same time transmitting to a single device to achieve really
16:04
high speeds. And so for example, to hit the
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effect of 100 megabits per second, we know that there's a
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limit to the spectral efficiency.
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And so if you have 100 megabits per second and say that that's
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divided by 4 bits per Hertz, something like that.
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Well, it's not possible that ASTS was doing this just on a 5
16:28
megahertz lever of spectrum. They must have been using 4
16:33
slivers of 10 or something like that to have achieved these
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speeds, which means that they've achieved quite an incredible
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feat in terms of of doing carrier aggregation of the
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spectrum, which means that more spectrum can really find a way
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to this platform. And then we have confirmation
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that the next generation satellites which are bigger,
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bigger means more beams and more powerful beams are going to
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nearly double those speeds. And so do 200 megabits per
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second. And so ASTS has been blowing
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away the prior technical specs that they had guided us to,
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which is really great. By contrast, SpaceX has hit a
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whopping 3 megabits per second. And so on one hand you have FM
17:27
one which is going to be doing 200 megabits per second versus
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the tested speed. So we have guys out in the the
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North Sea able to test Starlink. You know, in a world bonafide
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that has a user would see it. You're clearly not sharing that
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beam with anyone when you're middle of a harsh environment
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and Starlink is just doing 3 megabits per second.
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And so they are not the same Starlink good for some text
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message servicing, but it's not true broadband.
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ASTS is hitting that. The MN OS want that.
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It's a great use of their spectrum.
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It's a great product that people are going to be excited by.
18:11
And you have to really understand that the sell side
18:14
was quick to come to the same conclusions that we came to.
18:18
So you have Roth Capital say that the triumphant JV caters to
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AST Space Mobile. So they are again drawing the
18:28
right conclusion, which you really saw in the stock price
18:30
reaction. The stock was kind of like UNCH
18:32
up, up a little bit before really taking off.
18:35
And so the market in really general has had to take some
18:38
time to digest and really understand what did this JV
18:42
mean. And to be clear, I don't think
18:44
we fully know what it means because we haven't seen the
18:46
details of the JV. But the quick conclusion is that
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it is the MN OS teaming up against SpaceX and the weapon of
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choice for them to do so is ASD Space Mobile.
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That's really the simple conclusion.
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And then let me just see who else we had really on the sell
19:08
side we had. Yeah, Will Townsend knew about
19:14
it in advance and was briefed. I didn't see any further
19:17
analysis from him, but he does say that this isn't really about
19:22
eliminating dead zones. He goes quote.
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I also view this alliance as a defensive move to mitigate the
19:27
impact of any non terrestrial network service provider that
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might wish to more directly compete with the mobile network
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operators. That's exactly what I think.
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And so the take away by the market should be that the M and
19:40
OS have finally woken up to these Leo providers.
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It's the explicit acknowledgement that these Leo
19:49
operators, our competitors and so that means Starlink, that
19:54
means Amazon, AT&T and Verizon see where this could go and they
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don't like it. They cannot cede customers to
20:04
any new entrant. The good news is they have this
20:07
unbelievable Moat which is the low band spectrum and they will
20:10
never give it up. And so it seems very difficult.
20:15
To see how any new entrant could be a bonafide true competitor in
20:20
the US mobile network. But at the same time, I could
20:23
see how this market could evolve.
20:25
And so the ways in which people use their mobile device, for
20:28
example, could really end up being an AI device.
20:31
You just really don't know. We don't know what the new
20:33
hardware might come out in. In some ways, as easily as the
20:37
iPhone came into the market and changed over all of our lives,
20:42
we have no idea what might come next.
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And so there's reason for them to be worried and reason for
20:47
them to invest massively to stay ahead of it.
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And they do not have the technology AST Space Mobile has
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and they most likely will not have it.
20:56
It's a very unnatural thing for them to control at a company
21:01
level. And John Stanky has said the
21:02
same thing previously when people have said, well, why
21:04
don't you just do it yourself? He would go, we can't.
21:07
It makes no sense. This is a global asset.
21:10
We're a regional player. This is a multi client economies
21:14
of scale business. It makes sense for us to partner
21:16
with someone but does not make sense for us to own it
21:21
ourselves. It is something they would not
21:23
be able to monetize appropriately.
21:25
So that's good. That's our thesis that's taking
21:28
form is that we are a global infrastructure layer that has a
21:33
lot of commercial barriers to entry to make it very difficult.
21:36
And now we've had the current buyer set that we're most
21:40
interested in wake up. And I say current buyer set is
21:45
that presupposes that AT&T, Verizon and T-Mobile will
21:48
continue to be dominant in their markets, which I think is a very
21:52
likely scenario for years and years to come.
21:56
And now they've woken up and they're doing everything to hug
21:59
us and embrace us to fend off SpaceX seems like a really good
22:05
place for us to be. So longer term, we saw some of
22:10
the, you know, Fudsters aside, saw some real people ask some
22:15
questions, you know, going to this idea, is this now a single
22:18
buyer market? Is there going to be pricing
22:20
pressure and things like that? Those are fair questions and
22:22
things we need to really think about goes back to is there
22:27
actually going to be an OPEC of MN OS teaming up against
22:32
satellite players? I think the answer is no.
22:36
It gets very difficult when you actually start to think about
22:38
it. Let's just say they wanted to
22:39
try, which again that would be presumably very difficult with
22:42
the DOJ. But the US is 1 market, not all
22:47
of the markets. It is an important market, but
22:49
is not the only market. So they can do whatever they
22:52
want. But ASTS could say, no, we don't
22:54
want to and you know in the extreme not serve the US market.
22:58
Again, US market's very important.
23:01
And so they have Europe and all these other countries in Africa
23:04
and things like that. Again, not nearly as attractive
23:06
and higher up in markets, but just thinking about the extreme,
23:09
if you try to have someone gang up on you and create an OPEC
23:14
against you, will it work? And then you cut into the
23:18
government market. So then all of a sudden you go,
23:20
well, look, we're not going to get bullied.
23:22
We're just going to serve government and 1st responders.
23:25
And so you start to go geography by geography where you have lots
23:31
of power as ASD, space, mobile, but then you start to go market
23:34
by market. Now what we haven't seen which I
23:37
fully expect is that we're going to start to add some non
23:39
traditional buyers to our cadre like Meta and Google and things
23:45
like that. I think the thing that has not
23:51
flipped yet is when the M and OS start to actually get this
23:56
intermediated by different types of devices.
24:01
You think Anthropic is not thinking about ways to have
24:03
connectivity to enable its service to people.
24:06
We already know Open AI is thinking about an open a iPhone.
24:09
And so the ability for these three MN OS, as important as
24:13
they are, if they were to try to go hostile, the multiple layers
24:19
of ASTSS Moat are, are simply too strong and so you can just
24:25
start from the first places. I don't think that they have an
24:28
alternative even if they wanted to.
24:30
There is no alternative to AST Space Mobile.
24:33
To use the tagline of another company for you know that I
24:36
like, there is no substitute. They didn't just build a
24:41
satellite, they built an entirely different type of
24:45
satellite. It is bigger and more powerful
24:49
than anything that has ever been built, and it's showing its
24:52
performance as being 60 times that of what Starlink presently
24:58
has. And again, the company isn't
25:00
standing still. So they have done something that
25:03
people cannot do. And so there is not a fungible
25:07
commoditized satellite market. There is a company that can do
25:10
things and there are other companies that cannot.
25:14
There right now is one choice. Maybe that will change over
25:17
time, but right now there is no choice.
25:20
And then you get to think about what can other people copy you?
25:23
There's an IT IP mode. There are years of innovation
25:28
and engineering and patents and pending patents and the
25:33
production platform to build all this stuff that make this very
25:37
difficult to do. For example, can MDA actually
25:41
build something that's comparable to this?
25:44
I think no way. And so it is really an ASTS
25:51
versus everyone situation versus a consumer, for example, can
25:55
have real choice in buying an iPhone versus an Android phone.
26:01
You know, there's, there's real options.
26:02
There's a lot of, you know, Balkanization, like I'm an
26:05
iPhone guy and you know, whatever, but there's choice and
26:08
both devices are pretty great. That choice does not exist in
26:11
the satellite market. It's AST space mobile or, or the
26:14
highway ASTS is already integrated.
26:17
And so the thing I think people forget is it wasn't like they
26:21
just walked up and inserted a plug into AT&T and worked.
26:26
AT&T has talked about teams. I think it was like 200 people
26:29
working on this because they want Asts to work as if it's
26:33
native on their network and it is native on their market on
26:37
their network. It's not a parallel network.
26:40
It is treated as native AT&T traffic integrated with AT and
26:44
TS, billing, IMS, voicemail, lawful intercept, everything.
26:49
That integration took years of engineering and regulatory work,
26:54
lot of IP behind that. You're not creating that
26:57
overnight. And the other thing is just the
26:59
regulatory mode. You have to go get your Spectrum
27:04
and constellation approved. You'd have to go get your own
27:08
SES authorization for the same bands, which are AT&T's bands
27:12
and Verizon's bands and first night bands.
27:14
That's not fungible and that's a two to three regular, two to
27:17
three-year regulatory pathway and a minimum.
27:20
And so even if the MN OS wanted to commoditize this, there's no
27:25
equivalent. The tech is hard, the IP modes
27:29
are hard, the integrations are hard, the regulatory hurdle is
27:34
hard. It seems really difficult to try
27:39
to do something adversarial to AST space mobile, which then
27:42
just leaves the corollary of this JV was probably good for
27:45
them. And that is probably the answer.
27:49
And you can see the frustration. I know a lot of us took quite a
27:52
lot of enjoying this, but you can see the frustration in the
27:57
SpaceX executives and then you kind of ask yourself, well, why
28:00
don't they just give up? Like why not just do space AI?
28:02
And then just look at this interview with Sean McGuire,
28:07
who's the partner in Sequoia talking about this.
28:09
He thinks that direct to sell is probably going to be a bigger
28:12
market than the original consumer Internet business.
28:15
I think so too. I, you know, said many times
28:18
that when you look at Facebook's original business with desktop,
28:24
mobile was bigger. I don't know why that wouldn't
28:27
be the same for connectivity. And I've, I've certainly placed
28:32
my bet on that. And it seems like it's a
28:35
difficult thing for SpaceX to give up on.
28:38
But what we might have is the same type of permutations of
28:41
what XAI has gone through. And so Elon also understood that
28:46
AI is not going away. That cat is out of the hat.
28:52
But XAI kind of sucks. Grok is, you know, fun for
28:56
making pictures and stuff, but it it kind of sucks.
28:59
And so he's invested huge amounts of money.
29:02
Really doesn't look to have a pathway to be a leader in it
29:05
Looks like Anthropic has run away.
29:08
But you know, then open AI is, you know, still around and you
29:12
have some more consumer grade products with Gemini.
29:15
It's just not really obvious to me where Grok fits in.
29:19
I'm a subscriber for the premium product too, just to make sure
29:22
I'm on top of it. And then you saw that, you know,
29:24
Elon's starting to do some stuff to basically amortize his
29:28
exposure there. Buying cursor makes sense
29:31
because you can leverage a lot of that compute vertically
29:34
integrate cursor. Then he's just wholesaling his
29:36
capacity to the anthropic. And so you really have to ask
29:40
yourself, what is Space XS long term plan with the spectrum?
29:43
They invested in $20 billion and I don't think we really know,
29:48
but their path in the DDC market just got really hard.
29:54
If they lose T-Mobile, which again, all the signs point to
29:58
that happening, what's their pathway?
30:04
And I don't know because you're not going to just go build a
30:09
speculative constellation. Starlink has opportunity cost.
30:15
They're great capital allocators.
30:17
For them to throw up a bunch of DC payloads is presumably at the
30:22
expense of the fixed broadband payloads and at the expense of a
30:27
third party cargo and potentially moving forward in AI
30:31
data center cargo. And so if they throw up a lot of
30:34
satellites and there's really no usage over the US market and
30:38
then a bunch of teeny little, you know, customers here and
30:41
there in Europe. I know they have a lot of MN OS,
30:42
but some of these are not the big ones.
30:45
I don't know if the numbers really work.
30:48
So what are they going to do? And you know, maybe there's
30:51
something else other people see, but I'm just looking at are they
30:55
able to deliver their constellation into a big
30:58
opportunity given that ASTS is getting effectively turned into
31:04
the standard by the MN OS? I don't, I'm sure that I'm wrong
31:09
on this statement, but it looks like there is not a very clear
31:13
path for them and that they might sort of pivot away or, or
31:18
do something else that's non traditional with those assets.
31:21
But it's a curious question that, you know, we have to ask
31:25
and, and think about and Sterling's going to have to talk
31:29
about this in their IPO. And so that's where I think
31:31
their answer is going to be. We're going to roll out a SpaceX
31:34
phone that seems like the best answer for their audience, which
31:38
is going to assume that no matter what they do, they're
31:40
going to win. That's sort of the SpaceX way
31:42
and that's ambitious. It's on brand for them going
31:45
direct. They've proven they can go
31:47
direct. They've done a great job with
31:50
hardware with with Starlink. I mean, they have all the
31:53
necessary sort of sets of experiences.
31:57
And if you can build a car, we should be able to build a phone.
32:01
And so that might also be with the M and OS coming imminently
32:07
is that SpaceX had sort of a crappy commercial plan for D to
32:12
C as it currently is with the M and OS and they have to figure
32:15
out something going direct. And you think about Elon's going
32:19
to have payments, it's going to be wrapped into the Tesla
32:22
vehicles. He's got social with X and AI.
32:27
Maybe his integrated device is good.
32:29
We'll see. Seems very hard to do a device.
32:31
What softwares are going to run on?
32:32
How are you going to get the app ecosystems?
32:35
These are the things that would make me very skeptical of that.
32:37
But sometimes, you know, you don't want to let details get
32:41
get in the way. So then amazingly, this week we
32:45
also had earnings. I thought the earnings call was
32:48
great. And the idea that people were
32:52
upset about this because they missed on revenue.
32:54
It's sort of like, can we just go back to being a pre revenue
32:57
company, kind of like in in billions when the the guy I'm
33:02
forgetting his name was, was coaching the the Pied piper
33:07
team. Like don't have revenue, then
33:09
they're going to want more of it.
33:10
You're going to have to, you know, have targets and things
33:13
like that. Whatever you do, you don't have
33:14
revenue, you know, So like I kind of want to go back to that.
33:17
All of a sudden you were starting to have revenue and now
33:19
people like want more of it and to be on target.
33:23
And so I think it seems like the algos kind of read the headline,
33:27
but I don't want to blame the algos.
33:29
I think part of it is there were a lot of expectations by
33:34
enthusiasts for the company, you know, for like me, for example,
33:37
I thought that we might get some government deals and, and some
33:43
other spicy things. I'm always pretty excited about
33:46
earnings because I feel like I have a pretty good understanding
33:48
of what's going to happen in this company.
33:50
So it's easy for someone like me to be really expectant, like a,
33:54
like an expectant mother waiting to give birth to a beautiful set
33:59
of commercial opportunities and people I think wanted some M&O
34:02
contracts and things like that. And then you'd also seen Rocket
34:05
Lab literally launch itself with with a great report showing a
34:10
lot of commercial momentum. And I'm sure that there were
34:13
some people thinking, you know, I'm going to get an ASTS seems
34:16
like it's set up chart is good. I'm going to try to catch like a
34:18
30% rally in this thing. And then when there really
34:21
weren't any barn burners in the press release, I think you could
34:24
probably have a lot of a lot of hot money coming out, a lot of
34:27
people who had bought options coming out as you're selling
34:30
those deltas and into sort of created created a little bit
34:36
maybe of a perception that there was a disappointment.
34:39
But I didn't read it that way because again, I'm thinking like
34:42
Ron Baron and so, and I, you know, as I've, this isn't like a
34:45
recent change for me. I'm thinking like an owner then.
34:47
So I view this as the report the management is giving me
34:50
personally. As you know, Kook, here's the
34:52
update on, on your business. And I saw scaled manufacturing
34:58
happening. I saw tech that was doing great
35:03
update on things I already knew like regulatory posture,
35:06
incredible balance sheet. What else did I learn?
35:11
You know, government opportunities.
35:13
They were talking about some other things we'll get to in a
35:16
SEC. But the, the big thing for me is
35:19
it wasn't a disappointment. I could just see how
35:22
disappointment is really just expectations that are not met.
35:27
But in isolation, the company is, is really doing great.
35:31
We were able to see that the next Bluebirds were, you know,
35:36
after batch one. We're in final integration and
35:38
testing. Bluebird 8 looked already
35:41
packaged. No one knows when they're going
35:43
to ship. Literally no one knows where
35:45
they're going to ship. It might never ship.
35:46
We just really don't know. It's a mystery, but it maybe it
35:50
will ship soon. You just really don't know.
35:53
And, you know, other than the fact that they said the
35:55
satellites are ready to ship in the document, you really have no
35:58
idea on how to know whether the satellites are going to ship or
36:00
not, other than the fact they said they will soon.
36:03
So that's exciting. But you can see visually that
36:06
things are looking good and they look like they're going to have
36:12
two batches of satellites ready to ship in July 2, I repeat two
36:17
in July. Pretty exciting.
36:20
We have new government deals. And what was neat is that Africa
36:25
was locked in. We have conquered Africa and
36:29
that's exciting. And so those M and OS with
36:31
Axion, Vodacom, Safaricom, MTN, Nigeria and Orang, we already
36:38
have the JV effectively in Africa.
36:40
We have the JV in Europe, we have the JV in the US We're
36:45
blocking SpaceX out. And it's one of those things
36:50
where you wonder has the market seen how we have totally
36:56
dominated the world contractually before we have
37:02
even started shocking, which just again leads me to believe
37:09
that if or not if when we start shipping a lot of satellites,
37:16
when that becomes something where people get a lot of
37:19
comfort in our production cadence, which I think is is
37:22
coming soon. I could see how generalists sort
37:24
of don't have the same level of detailed or focus on this issue.
37:28
Not to take away anything from them, but I think the space mob
37:32
is very focused on this. And so then the level of
37:36
understanding of this is maybe more uniquely held by space mob
37:40
than your average investor. And what would not surprise me,
37:44
this is what I was telling Tanner too.
37:46
What would not surprise me is like some of these AI optic
37:49
plays and things like that where you look at the chart and
37:51
they're just like a vertical line up.
37:54
And some of these names I owned for a hot moment, then sort of
37:57
like giving up because I didn't know what I owned, you know,
37:59
simple as that. I wasn't the right owner for
38:01
these things and someone else made the money that they deserve
38:05
to make. But this one, I deserve to make
38:07
the money. And when you sit on it long
38:10
enough, sometimes you can lose perspective of when we start
38:14
shipping those satellites all of a sudden, I think it's going to
38:17
rewrite the narrative that's already there of absolute global
38:20
domination. And so still in Tanner was like,
38:23
I don't know if I'd be totally surprised this if we start
38:25
popping out, you know, 3610 satellites in a month.
38:30
And if you wake up one day and the stock is like $500 and
38:33
people are falling over themselves because they're like,
38:35
this is Facebook mobile. They've dominated the world.
38:38
There's non communication use cases.
38:40
They got golden Dome and did you know they do radars and this guy
38:44
named Katzy, he was right out everything like no shit what
38:48
Katzie was right about everything.
38:49
I actually knew that I have a hat that says Katzie was right
38:52
about everything. How could I possibly be
38:54
surprised at Katzie being right about everything when I have a
38:59
hat that says this? And that's the thing was when
39:03
you sit on something for so long, sometimes you can be
39:05
surprised by the things you already know that other people
39:09
recently learned. And that's where you want to be
39:12
really careful, for example, on things like covered calls,
39:15
because sometimes you might think you know what you own, but
39:19
you haven't quite understood what the clearing price of that
39:22
thing is when everyone else learns.
39:25
And we also have what's going to be potentially A biblical
39:29
shrinkage of the float because of the short interest that's out
39:33
there. And so we have, I don't have the
39:36
exact numbers right in front of me, but 60 million shares.
39:41
And so it's, I think that's 6, what is that of the free float?
39:46
It's a lot, you know, over 30% of the free float, if those guys
39:51
all come into cover because they realize that their thesis is
39:53
wrong, that's those shares are effectively outstanding right
39:57
now. Someone borrowed them and sold
39:58
them. That's effective increase of the
40:00
float. It's a massive amount of
40:02
synthetic dilution. When that reverses, that's the
40:05
same thing as a violent stock repurchase.
40:08
And so that's where to me, all bets are off on what the market
40:12
clearing prices wants. The operational momentum, which
40:16
is then going to be coupled by the commercial momentum really
40:19
hit its stride. So I get pretty excited.
40:22
Other things we learned, let me just make sure I do this
40:27
somewhat in order before I think about other things we learned.
40:31
Tanner had a really good breakdown of the images, just
40:34
showing all the different Bluebirds that are there.
40:38
And so he's an engineer, as most of you know, and is able to sort
40:42
of spot a lot of process issues and could see, again, you know,
40:46
kind of where the guidance is coming from.
40:49
So, you know, I spy with my little eye.
40:52
He's seen launch #5 in final testing.
40:56
So that means a July launch. Again, pretty exciting.
41:00
And then we go back to the Africa stuff.
41:03
I was just talking about Alex from Babylon says the market
41:07
completely missed this. But AST just locked down Africa
41:10
in the same way it locked down the US and the EU.
41:14
A lot of people, it's very exciting.
41:18
The commercial traction continues.
41:21
And that's again, the issue of if you wake up one day and all
41:24
of a sudden people are falling over themselves saying cats, he
41:28
was right about everything. And you go, but I knew that.
41:30
I knew that cat. I literally know that cat.
41:33
I feed that cat is my cat. And you might not appreciate
41:37
your cat until other people try to take your cat and going to
41:42
know these things. Market's not really moving on
41:45
this stuff, but it's coiling. These fundamentals are being pre
41:49
wired for people to appreciate them later.
41:52
Like a fine wine. Right now we have lots of grape
41:55
juice sitting in some vats. But this shit is first growth.
42:02
People just don't realize it. This company is packing barrels
42:06
of Lafitte and when it goes to market is going to be priced
42:11
very well. And right now people see some
42:13
grapes, but I think in three to six months they're going to be
42:18
seeing some Chateau Margot and that will be pretty fun for
42:25
those of us that have a lot of stock.
42:28
Europe continues to be really exciting.
42:31
This account I've never heard of named Ampan man flagged Daniel
42:37
Thomas who's in the sales and commercial part of Satco.
42:41
And he just goes exciting times as we work with our partners
42:45
across Europe to take out this world tech and enable it for the
42:47
benefit of our customer bases. And he points out all their
42:51
customers they have. And So what this account that
42:55
I've never heard of and Pam Mann says is that he predicts
42:59
Deutsche Telekom will join. I think that's happening too.
43:02
We have actually seen quite a lot of comments from Deutsche
43:04
Telekom that seem very suggestive that they are making
43:09
peace and breaking the baguette. Well, they would probably be
43:15
more of like sharing the Venus Witzel with AST Space Mobile.
43:21
That will be pretty fun. And the M and OS, when you kind
43:24
of step back, the M and OS keep aligning themselves toward AST
43:29
Space Mobile's success. Well, not absolute.
43:33
It is useful to remember that Verizon owns a lot of AST Space
43:38
Mobile stock. A&T, AT&T owns a lot of stock.
43:41
Vodafone owns a lot of stock. And now Telus Canada owns a lot
43:45
of stock. Google owns a lot of stock.
43:47
Rakuten owned a lot of stock, owns a little bit of less stock.
43:50
But after printing whatever it was like $4 million of gains the
43:53
other day, sort of, you know, they were able to uncork one of
43:58
those bottles of Chateau Margot and go the grapes turned out
44:02
well and they took a taste might not be an expensive taste for
44:06
them if the stock goes to where it's going to go, but they're
44:09
enjoying the fruits of their labor.
44:13
But when you take a step back too, a Bell has been very smart.
44:16
He's made all of his customers who have the power to both make
44:22
this company but also complicate this company.
44:25
For example, through J VS, he's made them aligned with their
44:29
success. They in the most simplest terms
44:33
want AST Space Mobile to go up. They have huge investments in
44:38
this company now because of stock price appreciation.
44:42
Telus recently made an equity investment, again a customer
44:45
that is aligned with our success, not aligned to beat us
44:48
up on price and things like that because that hurts their equity
44:51
investment obviously has to be juxtapose versus the underlying
44:55
Telus business, AT&T business, Verizon business, etcetera.
44:59
But all else equal, they're going to want ASTS to win versus
45:03
Starlink on a pure financial sense, but then doubly so
45:08
because Starlink is probably going to go compete with them,
45:10
AST Space Mobile will not. So it's good to have an aligned
45:14
cap table. We have another tweet just
45:18
talking more about the testing results that we already really
45:21
talked about. And again, it's demonstrating
45:23
the carrier aggregation where it looks like we are really killing
45:30
it. And we also have some more
45:34
testing examples where it looks like we're able to deliver
45:38
spectral efficiency of up to six bits per second per Hertz, which
45:45
which is astonishing and just shows to continue to show that
45:49
these big antennas, our technology is delivering wild
45:55
performance versus what was previously thought to be
45:57
possible. And the company's now showing
46:00
it. You know, they're starting to
46:01
really pound their pound their chest about it, which is also
46:05
interesting. It's a different level of really
46:09
aggression by the company, which tells you that they're feeling
46:12
very confident of where they are in their ability to really make
46:15
a breakout move. Speaking of breaking out, the
46:19
company took radar out of stealth.
46:22
So the irony is, you know, the radar showed up on the radar in
46:27
the most recent earnings call. So we had known that this
46:30
company was involved with radar services, but they hadn't really
46:35
talked about it. It always bends under the guise
46:38
of non communication use cases. That was really what they said
46:42
on this call. Scott said radar capabilities
46:46
out loud and then a bell said it's been in use today and said
46:51
it does not require mid band. It's been used on low band
46:54
spectrum deployed today. A lot of us had also been mocked
46:59
on noting that AST space satellites had always somehow,
47:07
someway had flyovers exactly when the US was launching very
47:13
sophisticated electronic warfare campaigns in various theaters
47:17
across the world. People would laugh us, laugh at
47:20
us. Well, now we know that these
47:23
capabilities are being used today and as we have more
47:27
satellites will just be increasingly used because our
47:30
coverage will increase. Pretty exciting.
47:32
Abell said the core capabilities of what the government is using
47:35
was incorporated many years back.
47:39
Katzie was right about everything.
47:41
He detected it, he found it, he analyzed it, he understood it,
47:45
and he communicated it to those who would listen.
47:48
And now here we are. We also got some more updates on
47:52
Golden Dome, Scott said. What did he say?
47:57
They received another award related to Golden Dome.
47:59
And I think we can all expect more of these things to
48:01
continue. Again, when I read these
48:04
Hennessy letters, I feel like I'm reading something from
48:09
people who know more than we know.
48:12
I'm reading someone's understanding that we are
48:17
getting very big deals related to Golden Dome.
48:21
They're too specific with some of their numbers for investment
48:25
firm. They should otherwise just be
48:26
like we, we bought this specky satellite thing and went up a
48:29
lot. Awesome talk to you later.
48:34
They're being very specific about the government revenue
48:37
expectations they have. So I kind of read that and and
48:41
just kind of wonder when the rest of the world will catch up
48:43
on that. And this is great because again
48:47
it allows us to use our services in the US market where even in a
48:51
scenario that I do not believe is true where JV tries to mess
48:54
around with our economics. We have plenty of stuff to do in
48:58
the US to drive a hard bargain. Company is doing a really great
49:02
job having commercial diversity across geographies and customers
49:08
in those geographies to have a very robust business that will
49:12
be respected and paid according to the value it creates.
49:17
Do not mess with Abell and Scott.
49:20
They seem to be very commercially savvy at not
49:22
getting pushed around. We also learned that the ASIC is
49:26
complete. It's been incorporated into the
49:28
production line. It's very exciting as well
49:30
because it allows us to process more bandwidth.
49:33
So the beams are the beams, beams relate to speed, how many
49:37
beams you can have relates to the processing capacity of the
49:41
satellite and the use of power, which relates to the ASIC.
49:46
So we're excited to see that company very clearly signaled
49:49
this to us through some of the non blurred photos.
49:52
And then the 10K was also pretty clear about it being done and
49:56
incorporated. So I'm pretty excited about
49:58
that. They talked about how we're
50:00
going to be using ula for launch.
50:03
Some more exciting news. We believe we can fit 5
50:06
satellites on a ULA rocket. The Centaur is, I believe, 5 for
50:10
five. It's a big boy rocket commonly
50:14
associated with the US military. And, you know, we'll be very
50:19
excited to go to these launches until we have Blue Origin.
50:22
We have SpaceX, obviously, we have ISRO, and now we have ULAI
50:29
suspect that we're going to have some launch partners in Asia and
50:31
some launch partners in Europe. And then hopefully we really
50:35
launched with everyone, but we need some of these big boy
50:37
rockets because that's where we get a lot of scale.
50:41
And Speaking of big boy rockets, the most beautiful of them all
50:46
is New Glenn. Really like an A plus for, for
50:51
style or an industrial asset. I don't know why you'd even try
50:55
to make it this beautiful unless you were just going for style
50:57
points for pure love of the game.
51:00
And Jeff Bezos has made a beautiful rocket.
51:03
And the good news is that beautiful rocket is going to be
51:05
back on the launchpad really fast.
51:07
And so New Glenn 3 notwithstanding, these guys seem
51:10
like they're standing up an aggressive schedule.
51:13
And they tweeted out a picture with two boosters in the hangar.
51:17
And so getting these boosters built, getting them fired up and
51:20
in the cadence means that these guys are going to start to have
51:22
a very aggressive launch schedule.
51:24
And because these rockets have so much more capacity than a
51:26
Falcon 9, the effective addition of supply in this market starts
51:30
to add up and be pretty big. So we're pretty excited about
51:33
that. What else do we have?
51:37
So only 6 inches. Shared some research.
51:40
I believe that this was something from Link.
51:46
Ironically, Charles Miller actually saying that we're
51:50
really good. Times change and then also just
51:54
the Tam, which is pretty cool, the Tam expander.
51:58
And so M and OS are going to start replacing their
52:03
uneconomical towers with D to C and the FCC in its most recent
52:10
decisions is encouraging this fungibility between satellite
52:13
and terrestrial really what is the most efficient use of
52:16
spectrum? And then it's cool to find out
52:18
that the space mob actually has a lot of tower guys in it.
52:21
And to quote this guy, not Ken 2024.
52:26
Yep. I used to build and own rural
52:28
towers, a mini American tower. As I learned about ASTS years
52:32
ago, my partners I decided to sell all of our towers.
52:35
I rolled a good chunk into ASTSMNOS.
52:38
Spend a lot on rural towers that do not pencil out.
52:42
ASTS will save them billions per year.
52:46
Good move, Ken. If you see your business about
52:49
to be totally disrupted, you should sell it before other
52:53
people come to that realization. And if you're super smart, like
52:57
not can, buying the thing that is disrupting you is a way to
53:02
turn a good exit from yourself into an astounding result.
53:07
So good for you, but it's also great for us.
53:11
When I think about Space Mob, the diversity of experiences
53:14
that come together for us to understand the whole of what is
53:17
going on is I think really unmatched.
53:20
This is a great example confirming our thesis that this
53:22
is not just about dead zones, it's about also rationalizing
53:27
the CAP X footprint of the MN OS and the FCC is putting fuel on
53:33
this fire. The basic message from the FCC
53:35
is get it done. They're open, open to the
53:40
functional equivalence model for spectrum build out requirements,
53:43
coverage and service delivery matter more to them than where
53:48
it comes from. So terrestrial tower versus
53:52
directly from space don't care. They just want the spectrum used
53:57
on the functional equivalents. And so if you can light up high
54:01
data rates from space and that can get it done, FCC is saying
54:05
good. And you can see this in some of
54:08
the new requirements. AT&T in its recently acquired
54:12
Echo Star Spectrum can use D to D to meet some of these build
54:19
out requirements. You know, again, pretty, pretty
54:22
exciting. And then let's just see what
54:25
else we have some more from only 6 inches from my perspective.
54:31
What is he saying? I think it's just talking about
54:35
the fact that SpaceX and Amazon are seeing this big business.
54:39
It's a huge business. It's a multi $100 billion
54:42
business that it's going to grow into.
54:44
It solves problems for 8 billion customers.
54:46
It's going to be the first space satellite business in history
54:49
where you can have billions of paying customers.
54:53
Good. Glad we own that.
54:55
I'm glad we dominated. Oh, yeah.
54:56
And ironically, yeah, this is Charles Miller.
54:58
So this is the former sort of. I think he's he was
55:01
defenestrated the founder of Link.
55:04
And so, you know, he's the one telling people how massive this
55:07
opportunity is and really kind of talking about how a bell, you
55:13
know, is really there. And the M and OS are seeing it
55:18
too. The M and OS are seeing this
55:23
this wave coming for them. And they're not being
55:25
complacent. They see that the FC CS new
55:27
approach has the chance to enable someone like SpaceX to be
55:32
much more aggressive than they previously were.
55:36
And that's probably scaring the living hell out of them, as it
55:39
should. And so again, in this battle,
55:43
the weapon they're picking up is AST Space Mobile.
55:48
Before this whole JV came out, I had a thread again from this
55:52
account and Pan Man where the T-Mobile CFO expressed
55:57
excitement for AST Space Mobile and Amazon, for example.
56:01
And so Craig Maffei says, I had a question on the earnings call
56:05
and Peter, the CFO at T-Mobile says, yes, they're absolutely
56:09
compliments. And that's why we're excited
56:11
that Amazon Global Star partnership is getting in there.
56:14
You have AST getting in there. So I think we'll have great,
56:17
we'll have a great competitive set there for complementary
56:20
services. So they're seeing that they're
56:23
going to be using other people as well.
56:25
And now we know that the JV came out.
56:29
So let's see what else we really need to focus on.
56:34
SpaceX and Google continue to make waves around AI data
56:38
centers in space, continues to be something that I I think ASTS
56:44
will be involved in. We had more comments in the
56:46
earrings call about power on orbit and things like that.
56:49
That's always consistent with AI data centers.
56:51
Remember the critical innovation with AST space bubble is their
56:55
Micron which is this sort of sandwich waffle sandwich which
56:59
couples solar, the heat transfer electronics and then the earth,
57:05
the earth facing thing that uses electricity in the first
57:08
instance. This is of course RF technology,
57:11
but nothing stops that from being any other innovation in
57:15
the future that consumes electricity because ultimately
57:17
AST space mobile creates the most power on orbit.
57:21
It happens to be the case that real estate square footage in
57:25
space is not only correlated to power, but due to the physics of
57:29
RF also conducive to the right type of RF because beams require
57:37
space. But nothing says that this
57:40
company can't also be effective at AI data centers if that
57:44
ultimately supported by the economics.
57:47
And so we had a lot this week is pretty exciting.
57:55
I there was definitely no kook bottom this week.
57:59
I know people were kind of looking for signs after earnings
58:02
call when the stock traded off, but there there was no
58:05
despondency from me. I felt like it was a good call.
58:09
I'm very happy about where the company is.
58:11
They're really about to, I think they are firing on all
58:15
cylinders, but the visible signs of that are coming in the next
58:20
weeks and and certainly months. And so I feel great about
58:25
things. And then the JV is certainly
58:26
something I want to very carefully monitor.
58:29
But my first instinct is that it's a complete validation that
58:34
ASTS is the carrier neutral choice and that these other guys
58:39
have now correctly seen the fear of or experience the fear of God
58:45
in realizing that they need to make sure that Starlink doesn't
58:48
do anything or these other Mag Seven companies don't enter
58:51
their business, which I think is showing the power of
58:54
connectivity. The original thesis we always
58:56
had was these mag seven guys, they live on the consumer
59:02
connection. If your phone doesn't work,
59:05
you're not consuming their services.
59:07
They've laid underground fiber, they've tried to deliver Wi-Fi
59:12
from balloons. They've done everything to try
59:16
to increase their market reach through connectivity.
59:21
ASTS seems like it's the killer app to do that at scale in a way
59:28
no one has ever done before, which is why my belief has
59:33
always been, despite the role analysts mocking by experts,
59:39
that ASTS has the ingredients to be one of the largest companies
59:43
in the world. I don't know if it will be, but
59:44
it has the ingredients of that, which which is pretty cool.
59:50
And So what I learned on the earnings call was more
59:54
validation that that belief could be true, but certainly no
59:59
details that led me to believe it is not true.
1:00:02
The JV by the M and OS made me believe that we are with the
1:00:07
right winner, with the right commercial strategy.
1:00:09
It also tells you that they are scared of SpaceX, which tells
1:00:13
you that SpaceX is something to be scared of.
1:00:15
So net, net, you know, not great to have a competitor.
1:00:22
But then what we found out is that SpaceX isn't really a
1:00:24
competitor to ASD Space Mobile. In the B to B to C market or
1:00:29
really in the B to B market, because all of the B to B
1:00:33
customers are terrified of them and are going to try not to use
1:00:36
them, which means that they will all use AST space mobile, which
1:00:38
gives us monopoly. But what you're worried about is
1:00:40
SpaceX creating it's new phone and vertically integrated and
1:00:43
taking out Apple, for example, and everyone walks around with a
1:00:46
SpaceX phone. I don't think that's going to
1:00:48
happen, but that's certainly what's now more visible to the
1:00:52
MNS. So this next week, I'm sure that
1:00:54
literally nothing will happen. Then it will be super boring and
1:00:57
for the first time ever, we will have no weekly and no spaces.
1:01:01
That certainly seems like what's set to happen.
1:01:03
So with that hope everyone has a super boring week.
1:01:06
You might as well just like take a vacation next week because I'm
1:01:09
sure nothing will happen at all. So just unplug, relax, and enjoy
1:01:15
your life. And if something happens, then
1:01:17
we'll have a weekly and we'll have a space that that's my
1:01:20
bargain. Talk to everyone soon, bye.
1:01:28
Thanks for listening to the AST Space Mobile Podcast.
1:01:32
If you enjoyed this episode and you'd like to help support the
1:01:34
podcast, please share it with others, post about it on social
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media, or leave a rating and review.
1:01:40
To catch all the. Latest news about AST Space
1:01:43
Mobile, make sure to subscribe. Thanks again and I'll see you
1:01:47
next time. We're doing something very, very
1:01:53
big and I think with this technology we can really affect
1:01:55
billion lives. AST Space Global is the only
1:01:58
company that has proven technology to deliver cellular
1:02:03
broadband connectivity directly from space to do everyday
1:02:07
smartphone. People will just basically turn
1:02:09
their phone and be seamless, regardless of where you are.
1:02:12
We don't want the user even to know that it's connected by
1:02:15
satellite. Our role is to bring this into
1:02:19
reality, always in partnership with the MMO.