Latest / AST SpaceMobile Podcast / Kook's Weekly, January 25 - Terawave Theories, FCC Green Lights, and The Flaw in the Bear Case

Transcript

Kook's Weekly, January 25 - Terawave Theories, FCC Green Lights, and The Flaw in the Bear Case · AST SpaceMobile Podcast

• 0:06
  This is the AST Space Mobile podcast.
• 0:10
  Where we just basically found your phone being 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
  All right, all right, all right. A little bit earlier this week
• 0:33
  per the request of someone in the comments, and then you just
• 0:35
  said he was going to go to bed anyway, so that's what you get.
• 0:39
  Some pretty awesome football games, which kind of blew my
• 0:41
  day, but at least if we do the spaces earlier, there's a shot
• 0:44
  I'll get to the gym so I can get strong before doing 120 push ups
• 0:50
  tomorrow. Although in the aftermarket
• 0:52
  looks like I might be doing more like 110 because of government
• 0:56
  shutdown. What else do we have going on in
• 0:59
  the world Civil War Japan blowing up.
• 1:04
  I think tariffs in Europe are off the table for the next 15
• 1:06
  minutes or so, but you never know.
• 1:08
  But all this stuff really just goes to why you got to know what
• 1:11
  you own because when everything's looking great
• 1:14
  sentiment is is obviously been very positive on Asts.
• 1:18
  That's usually when there can be some random whip like, you know,
• 1:22
  the yen. And so you don't, you know,
• 1:26
  especially if you're new, all the battle hardened crazy people
• 1:29
  that suffered $2.00 or certainly like tuning me out right now.
• 1:33
  But anyone that's newer to the stock that's still doing their
• 1:35
  diligence. That's why it's important for
• 1:37
  you to really study it carefully because these short term price
• 1:40
  movements can be very tricky because they usually correlate
• 1:43
  with some other news like, you know, Elon will do something or
• 1:47
  some industry expert will say something that's very easy to
• 1:50
  go, well, my God, they said this thing and then the stock price
• 1:52
  is going down. It must, they must be right.
• 1:55
  And why don't I play it safe and set a stop loss?
• 2:00
  Oh boy. The stop loss has certainly cost
• 2:04
  some people some money. So back to helping people
• 2:08
  understand what they own. Let's start off with the fun
• 2:11
  news this week is that FM 2, which are is our second SDA
• 2:16
  satellite, the Satellite Development Authority.
• 2:19
  If people don't remember, the company was awarded something
• 2:25
  called the Halo, a Halo award, which is part of a prototype
• 2:30
  program for the government, where as part of being an
• 2:33
  awardee you send up to test satellite to show your
• 2:37
  capabilities. And so we already did FM 1 and
• 2:40
  now it's FM 2, flight Model 1, flight model 2.
• 2:44
  And importantly, both of these satellites went up on less
• 2:47
  traditional launch vehicles or it will go up on less
• 2:51
  traditional launch vehicles. And so we had FM One go up on
• 2:55
  the ISRO launcher, which was perfect, but that had a higher
• 3:01
  probability of failure than your typical F9 launch.
• 3:04
  And New Glenn 3, even though they're 2 for two.
• 3:07
  So it's batting 1000%, which is certainly pretty good.
• 3:11
  It's still a rocket that is getting it certification.
• 3:15
  So while we have every belief that that will be a successful
• 3:17
  launch, it's a little bit more dramatic than say your your
• 3:22
  everyday Falcon 9 launch. But my belief in what we were
• 3:25
  sort of studying and talking about is the company really
• 3:29
  probably just needed to get one of two of those satellites up
• 3:32
  for the to basically fulfill their evaluation period with the
• 3:37
  government. And these satellites to our
• 3:39
  belief, really don't play a part in the main communication
• 3:42
  constellation that's going up. They're really testing the the
• 3:45
  big bus. They've got a lot of government
• 3:47
  payloads on it as well. But the main entree of our
• 3:51
  constellation starts with batch one and then surely they're
• 3:55
  offered batch 2. That's when the game really gets
• 3:58
  going. So it's important to also study
• 3:59
  that, understand what we obviously, I have every
• 4:03
  expectation that FM 2 will be a successful launch.
• 4:07
  Just always understand when a failed launch would be a real
• 4:11
  problem versus when a failed launch will just be a minor
• 4:14
  nuisance. And so in the past, if we had
• 4:17
  had a failed launch of Blue Blue Walker 3, which was the first
• 4:20
  prototype satellite, that would have been catastrophic because
• 4:23
  the company wouldn't have been able to raise money and, and
• 4:24
  probably would have come bankrupt.
• 4:26
  And if Block One had failed, I, I think it would, it would have
• 4:31
  been a little less clear. But I think you could say if we
• 4:33
  say the company would have been an extreme risk of failing if
• 4:37
  that hadn't happened. But now the company is really in
• 4:40
  a position where if there's an anomaly, which is really kind of
• 4:43
  the nice way to say, you know, something blew up in space, then
• 4:48
  it's really no big deal for this company anymore, which is
• 4:51
  important if you're an owner of the stock.
• 4:52
  Because if you knew, you know, you're at a craps table and all
• 4:55
  of a sudden you're like, oh God, I'm dead.
• 4:57
  Well, useful to know that before you write something down.
• 5:00
  A0AS opposed to a minor set back.
• 5:02
  And so at this point, any, anything with an anomaly with a
• 5:05
  satellite is really just a minor set back.
• 5:07
  So if something does happen, just do what you want to do.
• 5:11
  But I, for example, would not blow out of my position or
• 5:15
  something because it would again, just be a minor little
• 5:18
  thing in the context of of the company's wherewithal.
• 5:22
  So we got the flight patch, too. It's a beautiful flight patch.
• 5:26
  I can't wait to get this on the merch store and add to my launch
• 5:31
  vest, as a total nerd would do. But other nerds include the FCC.
• 5:37
  And so it's nice that the chairman says, quote, I'm
• 5:39
  geeking out over D to C. Then he goes, quote, truly high
• 5:44
  speed service. And this is really part of his
• 5:47
  legacy during his tenure. And he's clear that they're
• 5:50
  going to open up spectrum. And another quote was he wants
• 5:54
  this to quote, flourish and flourish in America first.
• 5:58
  And so when he's talking about DTC and specifically truly high
• 6:02
  speed service, he's talking about AST space mobile and the
• 6:08
  actions that we saw this week. Beyond the words are the quick
• 6:13
  turning of comments on our application, which is the next
• 6:18
  week. FCC actions, not words.
• 6:20
  And this is going to go toward the ultimate approval for market
• 6:23
  access for the entire constellation.
• 6:27
  As we've talked about for frankly years at this point, the
• 6:31
  ultimate regulatory kind of green light for this
• 6:36
  constellation will end up being a very material de risking
• 6:40
  event. And so I personally believe that
• 6:44
  it's clearly reflected in the stock price that this company is
• 6:47
  going to be approved. There's always some probability
• 6:52
  in that's less than 100%. So just because I think it's
• 6:55
  reflected and it won't really be news to me, it is a big
• 6:58
  fundamental accomplishment. To the extent that the market
• 7:01
  has taken some percent of that into the market cap already is
• 7:05
  first of all very reasonable because anyone that's focused on
• 7:08
  this would clearly see that Brendan Carr will approve this
• 7:10
  constellation. But that's not to say that it
• 7:13
  won't be a good event for the stock price.
• 7:14
  But I think I've proven myself to be a very poor judge of the
• 7:17
  stock price. And so I wouldn't really take a
• 7:20
  a strong position on what that's worth in terms of market cap.
• 7:24
  Whereas I was willing to take a more constructive view of what
• 7:29
  something like Golden Dome would do because that's something that
• 7:31
  I thought was not reflected in the stock price and would have
• 7:34
  meaningful step change in revenue versus what prior
• 7:37
  expectations would have. The FCC approval doesn't really
• 7:40
  change prior expectations of revenue.
• 7:41
  It just changes the the certainty of achieving those
• 7:45
  revenues. So that's coming.
• 7:48
  Looks like we're getting closer and closer.
• 7:50
  And it would make sense that this might actually be timed
• 7:52
  around the Batch 1 shipment date, which could be any day
• 7:57
  now, frankly. But I don't know if there's any
• 8:00
  grand plan in terms of the FCC timing.
• 8:03
  Nigeria is following suit. And so we're going to see this
• 8:08
  over the next year is other countries are going to launch
• 8:12
  their own consultations for frameworks on DTC.
• 8:16
  And this is something the company always communicated to
• 8:19
  people. So originally ASTS was going to
• 8:22
  launch with an Equatorial constellation and they
• 8:28
  subsequently changed. But when we first started doing
• 8:32
  our diligence, of course, we were looking at this Equatorial
• 8:34
  constellation, which is exactly what the FCC filings were
• 8:38
  reflecting and thinking, you know, OK, so there's a lot of
• 8:41
  countries actually where they already have approval, which is
• 8:43
  very interesting. And so in my earliest drafts of
• 8:46
  the DD, it pointed out that there's different regimes in
• 8:49
  different countries. And sometimes you, you really
• 8:51
  could already get approval and go.
• 8:53
  And so then the FCC approval in theory could take a, a second
• 8:58
  seat to, you know, these other countries and you could get it
• 9:02
  up and running. Now, that was a very naive view
• 9:05
  of myself. And the company really, really
• 9:07
  set me straight on that course, too.
• 9:08
  And so they would make it very clear that FCC approval is, is
• 9:13
  absolutely crucial. It's the largest, deepest
• 9:16
  telecom market in the world. To not operate in the US would
• 9:19
  be a very significant impairment of value.
• 9:21
  Doesn't mean they wouldn't still have a business, but it would be
• 9:23
  a significant impairment of value.
• 9:25
  Moreover, when you get FCC approval, that's the light on
• 9:30
  the Hill. And so when the FCC approves it
• 9:34
  and creates the frameworks for that, that's going to be the
• 9:37
  domino that causes global adoption.
• 9:40
  And that's what I that's what we're seeing.
• 9:41
  And so as you see countries like Nigeria, Australia, the EUUK,
• 9:48
  I'm sure there's many others. Those regulators are all
• 9:51
  following the step of the FCC. And that's why that FCC approval
• 9:55
  is doubly important, is it effectively is a global green
• 10:00
  light, which I believe is at this point you could don't
• 10:02
  mistake for granted. But a couple years ago, I think
• 10:05
  he could have had a much more fervent argument with the bears
• 10:09
  on the pathway of regulatory approval.
• 10:11
  Tim Farrar infamously was adamant that this would never,
• 10:16
  ever, ever get FCC approval and that there was no framework in
• 10:20
  Europe. And that would take a decade.
• 10:22
  This, that and the other all proven to be absolutely wrong.
• 10:25
  But that was also when the stock price was, you know, below 10.
• 10:28
  And so that's when the the regulatory risk coupled with the
• 10:31
  financial risk, coupled with the commercial risk were all these
• 10:34
  massive discount factors on the stock price.
• 10:37
  And the slingshot to 100 and 100 plus dollars per share is a
• 10:43
  result of a de risking of all of those components of the stock.
• 10:46
  So we've massively de risked financing, we've massively de
• 10:49
  risked operating execution, massively de risked technology
• 10:53
  and the writings on the wall with the regulators.
• 10:55
  So again, massively de rest and that's great.
• 10:58
  That's what gets you to a real market cap that starts to have
• 11:01
  this other dynamic for the short thesis.
• 11:04
  So it no longer are people saying it won't get approved.
• 11:07
  Those guys all got their brains blown out.
• 11:10
  Now it's really centered on, well, it will work and it will
• 11:13
  get approved, but we don't think the market's big fine.
• 11:17
  That's exactly what we thought would happen in terms of the the
• 11:21
  bear dialogue. The bears are never just going
• 11:23
  to flip the show. They, you know, good, a good
• 11:26
  short frankly, and this was, it was interesting hedge fund trick
• 11:29
  is if you're, if you're short of stock and then you start to not
• 11:32
  feel great about it, the answer is usually to flip and go long,
• 11:37
  not just get flat, but actually go long.
• 11:39
  That's in my experience. You know, if you're already so
• 11:41
  galvanized to be short and you start to really lose your, your
• 11:44
  conviction on that, it, it usually means that it's so much
• 11:49
  better than than you think it is because you're already such a
• 11:52
  negative bias toward the stock that you just want to flip it
• 11:55
  and, and go along. Traders like Stevie Cohen would
• 11:59
  do that. Mere mortals like myself would
• 12:02
  just come up with this funny little pithy statement to tell
• 12:06
  people anonymously on spaces, but never actually do it myself.
• 12:10
  But that is what I think he what I think these shorts should do
• 12:13
  once they start to realize their thesis is falling apart.
• 12:15
  But they don't do that. They change the goal posts,
• 12:18
  which is great because we want to have these bears create this
• 12:21
  wall of worry and it's easy to rekindle that wall of worry.
• 12:27
  And so just reminder of how fragile sentiment can be.
• 12:30
  Corey kind of nailed it where you know, the meme where the cat
• 12:34
  is looking at a chart that's straight up and then has like a
• 12:36
  little bit of a red dip and it's like, why is it going down?
• 12:39
  No, that's how I felt on Friday and I reminded myself I went,
• 12:43
  well, the stocks 115 dollars. Guess I should chill out.
• 12:48
  And you know, there's a lot of debate actually in the
• 12:50
  background as to whether or not the kook bottom is still a valid
• 12:52
  indicator. And all I could say is the kook
• 12:55
  bottom is uncontrollable. My emotional immaturity when the
• 13:00
  stock goes down is unlikely to ever truly be fixed.
• 13:03
  It just might take deeper levels for the kook bottom to reveal
• 13:06
  itself. But don't, don't portend an
• 13:10
  early death of the kook bottom in my emotional stability.
• 13:13
  That's all I got to say. But do you stay focused?
• 13:16
  But let's talk about the bears. So Peter Adderton is the CEO of
• 13:22
  Boost Mobile. No, sorry.
• 13:26
  He was the founder of Boost Mobile.
• 13:27
  He's the founder of Mobile X. This is a real guy.
• 13:30
  He's a real telecom executive. For reasons unknown to me, he
• 13:35
  likes to troll the space mob. And you think that Aceo would
• 13:39
  have a better use of time? And King Tut actually brought
• 13:43
  this up to him of don't you have a better use of time?
• 13:45
  And he, I actually had a great answer.
• 13:47
  He said, well, not really because I have a great team, so
• 13:50
  I have plenty of time to troll retail investors on a pre
• 13:54
  revenue satellite stock. I guess that's an interesting
• 13:58
  way to talk about your skill as ACEO to build strong teams,
• 14:01
  which is in fact the job of ACEO, so good for him.
• 14:05
  But he does bring up this point of AST Space Mobile has a white
• 14:10
  label strategy and he believes it's fundamentally flawed when
• 14:14
  measured against Starlink's strategy.
• 14:17
  So this is an interesting point and one I've thought about for
• 14:20
  years. And especially when the stock
• 14:22
  price was low, I thought, well, does this company's strategy
• 14:26
  violate sort of simple VC logic One O 11?
• 14:30
  Might ask what is simple VC logic?
• 14:32
  One O 1 And you want to own your customer.
• 14:35
  That's kind of a good thing to do when looking at a consumer
• 14:41
  company. You want to have a direct
• 14:43
  relationship with your end consumer so you're not
• 14:46
  disintermediated. You own the value chain in the
• 14:50
  delivery. These are these are logical
• 14:52
  things. And so Peter makes the point
• 14:56
  that Starlink built a global brand and not just a back end
• 15:00
  feature. Well, true, but they did that
• 15:03
  with fixed broadband, not with D to C And this is the issue that
• 15:09
  Pete, if I may call him Pete, is missing.
• 15:13
  So normally you want to go direct to your consumer.
• 15:16
  Well, if what I just said is true and direct to consumer is
• 15:21
  therefore always good, why is it that VCD to C companies are
• 15:26
  heaping piles of crap, maybe with very, very few exceptions,
• 15:32
  but they are heaping piles of crap.
• 15:35
  Because what Peter misses, take a standard D to C model for
• 15:39
  example, is that while you're going direct to your consumer
• 15:42
  and he would say, well, that's great, they are not a back end
• 15:46
  feature. You got Mark Zuckerberg standing
• 15:50
  there on his palatial estate in Hawaii having the last laugh
• 15:55
  because he's taking 60 to 70% of your entire gross margin in the
• 15:59
  form of customer acquisition cost.
• 16:01
  That's the killer is how do you acquire those customers and keep
• 16:07
  them. And so Starlink went into a
• 16:10
  market with Elon Musk, who is a one man marketing team, truly an
• 16:16
  end of one individual. I don't believe Tesla has really
• 16:18
  run ads and Starlink has, but they haven't had to run money
• 16:23
  because it's a very unique product that was kind of markets
• 16:26
  itself. That's a very rare thing to do.
• 16:30
  But importantly, the current Starlink product is
• 16:33
  self-sufficient. You buy the dish, you connect to
• 16:36
  the Internet. Done.
• 16:39
  D to C isn't going to work that way.
• 16:42
  You cannot right now offer a direct D to C plan because that
• 16:47
  would involve replacing the MNL or or worse, selling a
• 16:52
  complimentary service directly to the consumer on top of the
• 16:56
  MNL, which really doesn't make sense to me.
• 16:58
  I don't know how that could possibly work given a phone
• 17:00
  really has to be tied into one core network and so D to D to C
• 17:09
  is fundamentally incompatible with D to C, So direct to sell
• 17:17
  is incompatible with direct to consumer.
• 17:20
  You need the channel partner because you are having to tie
• 17:24
  into the MNL back core, which you could not possibly recreate
• 17:28
  yourself because your service would be it just there's a real
• 17:33
  reason why the terrestrial networks are probably going to
• 17:35
  have a very strong place in a typical user's journey.
• 17:38
  The capital intensity would be mind boggling to do for one, and
• 17:44
  then the customer acquisition will be mind boggling as well.
• 17:48
  Anyone that was just watching all the football games, who do
• 17:50
  you see advertising? It's, it's the MN OS and they're
• 17:54
  fighting viciously for your business, offering promotions
• 17:59
  and things like that. So their customer acquisition
• 18:01
  cost is not just the ad that you saw, but then it's the subsidies
• 18:05
  on the iPhones and things like that.
• 18:07
  It's enormously expensive to acquire customers.
• 18:10
  And so has this model been tried before?
• 18:12
  Well, let's call Raging Capital real quick because you know,
• 18:17
  grandma, it's reminding me of the Iridium IPO.
• 18:21
  That's what they did. They went direct to consumer.
• 18:24
  They had their own Iridium phone and they were offering a
• 18:27
  integrated system. And guess what?
• 18:30
  Bankrupt. It's super expensive to acquire
• 18:33
  customers and it's super impractical to offer a redundant
• 18:39
  stand alone service for supplementary coverage, at least
• 18:42
  in the current state of technology.
• 18:44
  So what he misses is that direct to consumer is simply not an
• 18:48
  option. Nevermind that Starlink itself
• 18:50
  is not going direct to consumer for its D to C product.
• 18:53
  It's going through T-Mobile. Checkmate, Peter.
• 18:57
  And then what he's also missing is the unbelievable breath of
• 19:01
  distribution that you get by pairing with the DDCS.
• 19:05
  So what would be the analog of the distribution that ASTS is
• 19:09
  going to get? Imagine if you had the App Store
• 19:13
  to yourself. That's what ASTS has to an AT&T
• 19:19
  sub. There's an App Store.
• 19:22
  It's the things you add on to your AT&T plan.
• 19:26
  There's going to be one option for this type of very important
• 19:31
  service and that is going to be ASD, Space Mobile.
• 19:35
  AT&T is giving us a monopoly on the equivalent of the App Store
• 19:40
  for every user in America. And then we have that same deal
• 19:43
  with the largest M and OS around the world.
• 19:47
  That's a distribution advantage. That's how the money is made.
• 19:51
  Peter, I don't think has the same background I have, and
• 19:55
  which is to say that he's not a smart person in his own respect,
• 19:59
  but a business strategist. I don't think he is.
• 20:03
  And so I think this is fundamentally a point that he's
• 20:06
  not understanding. It's one I've thought deeply,
• 20:08
  deeply about because I'd ask myself and go, God, kook, why
• 20:12
  did you have a screen name called Kook?
• 20:15
  That's really the first thing I was thinking about.
• 20:16
  I'm like, does it mean you're the kook or other people the
• 20:20
  kook? Who are you reporting on?
• 20:22
  Or is it a self report of a kook?
• 20:23
  Or are you reporting other kooks?
• 20:25
  It's just so confusing to me. I don't really even remember how
• 20:28
  I did it. I had COVID at the time.
• 20:30
  It's all a blur. But you know, it's one of life's
• 20:32
  great mysteries is why the hell did I call myself the kook
• 20:34
  report? But the other great mystery I
• 20:38
  had was why did I have my entire net worth in a company that is
• 20:42
  AB to B technology play that doesn't own the end consumer?
• 20:47
  You know, the great outcomes of this world have an incredibly
• 20:50
  strong consumer relationship. Think Meta, Google, Apple,
• 20:56
  Microsoft. Even though people seem to hate
• 20:57
  Microsoft, I love Microsoft. So I would say they have a very
• 21:02
  strong consumer relationship with myself.
• 21:07
  But then you have the other things that don't like NVIDIA.
• 21:10
  NVIDIA at a time you had the hardcore gamers, we have a, you
• 21:12
  know, pretty strong relationship because they were building their
• 21:14
  own rigs. Now it's just selling the data
• 21:16
  centers. And so, you know, there, there's
• 21:18
  an exception to that rule. And sometimes I think you just
• 21:22
  have to have some light exceptions to your own rules.
• 21:24
  And for me, this issue about the relationship with the consumer
• 21:28
  is something I, I think deeply about.
• 21:31
  And what I hope happens is that ASC Space Mobile is smart enough
• 21:38
  to forge its own brand identity with the Space Mobile service,
• 21:41
  the red A things like that. That's why it's all very
• 21:44
  important that we pester AT&T to death to kind of go, you know,
• 21:48
  red AT&T and create a brand identity for this service so it
• 21:53
  that it isn't truly invisible to the consumer, which it otherwise
• 21:57
  would be. People would just be like, wow,
• 21:58
  my phone works. That's amazing.
• 22:00
  It is cool if there's actual real differentiation.
• 22:02
  Just like T-Mobile users know they're using Starlink, I want
• 22:06
  AT&T and Verizon users to know they're using Space Mobile.
• 22:09
  Not that it's a big deal, but you always want optionality
• 22:11
  around consumer identification because you never know what the
• 22:16
  future will bring. But if we want to talk about
• 22:18
  things that are purely B to B back end, let's talk about
• 22:23
  Terrawave. So Terrawave came out this week,
• 22:26
  drilled the stock and it was one of those things where Katzie was
• 22:31
  saying like this is the most positive thing I've ever seen.
• 22:33
  And the market was, you know, gapping down whatever it was
• 22:36
  quite a lot, if I remember correctly.
• 22:39
  And it's interesting because Terra Wave is the sum of many
• 22:44
  coincidences and we'll get that to that in a second.
• 22:47
  But let's talk about what Terra Wave is.
• 22:50
  So Blue Origin announced its Terra Wave constellation, which
• 22:53
  is different from Amazon's Kiper.
• 22:55
  It's a space based transport backbone.
• 22:57
  So think of global crossings, but in space.
• 23:04
  And it is optimized to move big boy amounts of data between
• 23:08
  fixed endpoints. So I, for example, am not a
• 23:12
  fixed endpoint as a tweet out of my pickup truck.
• 23:16
  I am not going to be a Terra Wave user.
• 23:20
  A data center moving massive amounts of cloud data AI
• 23:24
  workloads is especially if there's any flaws or downtime
• 23:31
  with the fiber network. And this is a network that will
• 23:36
  be used really by government data centers and some
• 23:40
  enterprises. And it should, from what we
• 23:43
  could tell, it can be very complementary to other things
• 23:45
  because it provides sort of the freeway system up in space to
• 23:49
  get data up and around the world so that you don't necessarily
• 23:52
  have the same dependencies on terrestrial infrastructure at
• 23:57
  all points at all times. Pretty neat.
• 24:00
  It's going to have a 5300 satellite Leo layer.
• 24:05
  That's where you access the network.
• 24:07
  And then that Leo network beams things up to the MEO network,
• 24:11
  Middle Earth orbit, which is going to have 128 satellites.
• 24:13
  That what that's what provides sort of the, the I-90, if you
• 24:17
  will. And so think if you're just
• 24:19
  trying to think of any city where I actually know the roads,
• 24:22
  think of Boston. So you're on the, you're on the
• 24:24
  one kind of driving through Revere and then that's your,
• 24:29
  your Leo network kind of could be kind of slow sometimes.
• 24:32
  And then you get on I-90 and bang, you're on, you're on the
• 24:35
  Middle Earth orbit layer going ideally faster than you were on
• 24:40
  the 1. So that's Terra wave.
• 24:43
  The market very quickly figured out that this is not Blue Origin
• 24:47
  competing with ASD Space Mobile. People immediately went to their
• 24:50
  dark little gremlin space of thinking, Oh my God, if SpaceX
• 24:55
  has Starlink and they won't launch our satellites, Asterisk
• 24:59
  SpaceX launches our satellites, then Blue Origin having their
• 25:02
  own constellation will mean that Blue Origin won't launch our
• 25:04
  satellites. Asterisk Blue Origin is
• 25:06
  launching our satellites. So even though these things are
• 25:09
  already contractually baked, it continue to happen.
• 25:11
  People always go to this dark little place thinking that all
• 25:14
  of these space companies have a deep seated desire to scream in
• 25:18
  the office of the FTC saying I am abusing my market position,
• 25:22
  please sue me. They're not doing that.
• 25:25
  They will do the opposite. But in any respect, it's
• 25:28
  literally not competitive and it might be complementary.
• 25:31
  And so the Terra wave constellation is very useful to
• 25:38
  Amazon, for example. So with all of the data center
• 25:42
  they they have, with all the AI workloads they have, you're
• 25:46
  adding a very crucial component to communications infrastructure
• 25:50
  through this. But then you're also adding a
• 25:53
  lot of demand for your New Glen launcher.
• 25:56
  So they can't just rely on ASD Space Mobile and I guess they
• 26:01
  could rely on Kuiper. But New Glen is very quickly
• 26:04
  having a very big book of business.
• 26:07
  It's very exciting for them, that crew that you know, that
• 26:10
  crew, but that team working on New Glen launcher knows that
• 26:14
  they have demand for that rocket.
• 26:16
  It's going to be underwritten by quite a few large customers at
• 26:20
  this point. Kuiper, ASD Space Mobile, Terra
• 26:23
  Wave, Golden Dome, all of these are actually highlighted by Blue
• 26:26
  Origin themselves. They're specific about
• 26:28
  highlighting the importance of ASD space mobile in their book
• 26:33
  of business. So what's interesting though is
• 26:36
  Terra wave coincides with quite a few other things.
• 26:40
  And so just recently lawmakers eliminated Millnet, which was
• 26:44
  going to be a government operated constellation built by
• 26:47
  SpaceX to provide data transport services gone.
• 26:52
  Why is that? The money instead went to the
• 26:55
  PWSA which is really more the umbrella that ASTS operates
• 26:59
  under. Interesting.
• 27:03
  That is 1 big thing. So that program got killed right
• 27:08
  as this is getting launched. And then we go back to that
• 27:11
  photo of Jeff Bezos and Abelle saying congratulations.
• 27:15
  Now what did they agree to? Well, obviously Blue Origin
• 27:20
  launch was 1. We had speculated for some time
• 27:23
  that there was going to be some Co investment and things like
• 27:26
  that. That has not happened and and
• 27:28
  frankly we might be wrong on that doesn't make all the sense
• 27:30
  in the world for that to be happen.
• 27:32
  If it did happen, it wouldn't really surprise me.
• 27:35
  But then a partnership for military and government work
• 27:39
  utilizing our satellites, but then having the backhaul so you
• 27:43
  don't have terrestrial dependence by way of terror wave
• 27:47
  actually starts to make a lot of sense.
• 27:49
  And so these coincidences add up.
• 27:52
  It was literally the first thing that went to my mind when I saw
• 27:54
  that article from military daily or whatever about the
• 27:58
  cancellation of Milnet named my initial tweet off the cuff was
• 28:01
  just, you know, diversifying away from SpaceX to ASTS.
• 28:07
  It just seemed pretty clear to me.
• 28:09
  Katzie found out that the over the the frequencies between
• 28:14
  Terra wave and ASTS match. And so these systems are
• 28:18
  actually compatible with each other.
• 28:21
  Very interesting Quinky Dink and all of the pieces are there.
• 28:28
  And so ASTS has the optical inter satellite laser links, we
• 28:33
  have the DC service links, you have the PLM which can put the E
• 28:40
  node B on the satellite and not necessarily rely on ground
• 28:43
  stations, which could be useful for the military.
• 28:45
  We've got these big QV feeders that we saw on the new
• 28:48
  satellites. It all kind of adds up lately,
• 28:51
  as in the past five years, whenever space mob sort of sees
• 28:55
  these coincidences, we've we've actually been right on
• 28:58
  everything except the Enroll 69 program.
• 29:01
  And that we might have been right on, we'll just never know
• 29:03
  because it's the NRO is the most secretive and most important
• 29:07
  sort of Defense Department from what I understand that no one
• 29:11
  knows about. And it's entirely possible that
• 29:13
  we actually are part of NRO, but we we had thought that we were
• 29:17
  actually the NRO 69 satellite and I believe we were wrong.
• 29:21
  So that may be one instance where our speculation was wrong.
• 29:25
  But then we look at the, the Fudsters were cooked to come
• 29:28
  out, but thank God not for us. And so people search to really
• 29:32
  hone in on the technical aspects of Terra wave.
• 29:35
  Really, I don't know if this is our problem, but they're just
• 29:38
  saying, you know, this is a complex system for them to build
• 29:40
  in terms of having the scalability of the QV band and
• 29:44
  things like that. At this point, I tend to believe
• 29:47
  that Blue Origin had figured it out, but again, not not really
• 29:53
  our problem to solve, but when stepping back, it's just another
• 29:59
  piece in the puzzle. Where as Theodorus the Atheist
• 30:02
  says, once you have high throughput links through
• 30:07
  something like Terra Wave, why not just have the data centers
• 30:10
  in space too? And so you're, you're seeing,
• 30:13
  and I think this is going to be one of these gradual and sudden
• 30:15
  types of things. It gradually you're going to
• 30:18
  just see the pieces necessary for space based AI data centers.
• 30:22
  And there's going to be the same cadence of people trying to make
• 30:26
  the math work. I've tried.
• 30:27
  It is not immediately obvious, but there's a lot of things I
• 30:32
  for sure don't know. But then you're going to have,
• 30:35
  you know, more of these systems up there that underwrite their
• 30:37
  use cases in other ways, which therefore buys down the
• 30:41
  incremental cost of capacity for doing other things.
• 30:45
  So it's a good economies of scale type of asset up there.
• 30:48
  And, you know, all of a sudden, you can really have a transport
• 30:51
  layer of data around the world that normally would have been
• 30:55
  handled by fiber. So yeah, maybe we are a step
• 30:57
  closer from having big data centers in space.
• 31:00
  Elon certainly thinks that that's true.
• 31:04
  Other really big things that are moving forward are Golden Dome.
• 31:08
  And so I took a lot of heat from Europeans last week on my
• 31:11
  Greenland comments. Everyone's super sensitive on
• 31:14
  everything nowadays, and I just call it as it is.
• 31:17
  I don't like most people. At first I was like, wait, what?
• 31:21
  We're going to take Greenland? I mean, I don't.
• 31:23
  I certainly wasn't born to be a politician, I guess.
• 31:25
  But as I studied it, it made more and more sense in studying,
• 31:30
  you know, the stuff. And ultimately, you know
• 31:35
  nothing. You know, there's no rules in
• 31:36
  the jungle. There's just suggestions.
• 31:39
  And so this all went to a peak last week.
• 31:43
  Greenland, frankly, now seems like yesterday's news.
• 31:45
  But Trump seemingly struck a deal was with Trump.
• 31:49
  You actually really never know if you struck a deal or tacoed
• 31:51
  unclear. Sometimes they can look like the
• 31:53
  same thing. But he was very explicit that
• 31:57
  the US Golden Dome will be involved with whatever deal he
• 32:00
  negotiated with Greenland. So he's secured the real estate
• 32:03
  for what are likely to be a lot of interceptors and ground
• 32:07
  systems for Golden Dome, which for those playing at home, it is
• 32:11
  important for the pieces of Golden Dome to come together.
• 32:14
  If expecting the rest of Golden Dome to get bought and paid for,
• 32:19
  then it looks like it's taking shape.
• 32:21
  And I don't know if Greenland was actually a critical path for
• 32:25
  it. Makes sense that it might have
• 32:27
  been just because of the importance of those polar
• 32:30
  orbits. But anyway, now we don't have to
• 32:33
  speculate whether or not that in particular was a critical path
• 32:37
  item. Sticking with our theme of kind
• 32:41
  of government coincidences, we also had a program called RGPS,
• 32:49
  which was a Space Force program and it was cancelled.
• 32:55
  So in this world where what we've seen is that the
• 33:02
  electronic warfare is as important as ever, why in the
• 33:07
  world would the space for Force cancel Agps resilience program?
• 33:13
  Well, there's only one answer is they found other ways to do it.
• 33:18
  And So what I really like what we're seeing is Milnet, you
• 33:21
  know, a dedicated solution, GPS resilience program, dedicated
• 33:29
  solution, these are getting cancelled.
• 33:31
  And so I believe that they're being harmonized with these
• 33:33
  commercial systems and I believe they're being harmonized with
• 33:37
  SpaceX and ASD space Mobile. That's great because that just
• 33:40
  means these these economies of scale are happening.
• 33:42
  We're able to be the Swiss Army knife and do many things for
• 33:45
  many people. That expands the Tam that puts
• 33:49
  nitrous oxide in our economic model.
• 33:53
  Because all of a sudden in the models that I've built, you're
• 33:57
  really modeling like what percent of your capacity can you
• 34:00
  monetize, You know, for that one sailboat in the middle of the
• 34:03
  Pacific, that's that's not as great as monetizing 5 million
• 34:08
  people moving in and out of service over New York City.
• 34:13
  So all of a sudden, some of these other programs could
• 34:16
  actually allow us to monetize our capacity kind of where they
• 34:20
  ain't. And so where is GPS resilience
• 34:23
  going to be really important? Well, it will be important over
• 34:26
  the US in the event there's ever an outage, but it's going to be
• 34:29
  really important in other parts of the world where there can be
• 34:33
  the the denial of that service, which is then an opportunity for
• 34:37
  us to monetize what is otherwise kind of dormant capacity we
• 34:39
  have. So these things are happening,
• 34:41
  happening. And and then Golden Dome again,
• 34:44
  just seems like a lifetime ago. That was Monday really hurts for
• 34:48
  me to believe, or I guess it was it was announced Friday, but
• 34:52
  then the follow through was Monday.
• 34:54
  And so let's look to our resident expert, tough 4R, who
• 34:58
  really breaks down what he thinks some of the timelines
• 35:00
  could be. I won't read his whole post.
• 35:02
  He put a lot of work into it. So I recommend you look at the
• 35:06
  the post that I did called remember Monday, Golden Dome dot
• 35:09
  dot dot and just talks about some of the timelines and and
• 35:14
  things maybe to expect. He also interestingly brings up
• 35:19
  the noble process. So that's the MDA Noble award
• 35:23
  that I was talking about last week, which I frankly had not
• 35:25
  had on the top of my desk. But other people like Kevin
• 35:29
  Chen, for example, we're totally on top of it.
• 35:31
  These sort of accelerated procurement models can reduce
• 35:34
  processes that otherwise could take, I don't know, a decade to
• 35:38
  two to three years, which is great because that means that
• 35:41
  all of a sudden we start to have revenue coming where it
• 35:44
  otherwise would have been bogged down.
• 35:47
  You know, when I think of bogged down, I think of Scotiabank
• 35:50
  because these guys just are totally bogged down.
• 35:53
  So this guy was out with a note on MLK Day, not seemingly
• 35:57
  knowing that US investors don't work that day.
• 36:02
  And he's working hard, apparently too hard, because he
• 36:05
  should have just saved it for Tuesday when anyone would have
• 36:08
  actually traded. But he's just been trying to
• 36:10
  downgrade this thing as hard as he can.
• 36:13
  And it makes me wonder, is there a proposition that Scotiabank
• 36:17
  might have that they're getting stuffed on?
• 36:19
  It's unclear because his behavior is pretty weird.
• 36:22
  He's just coming after this thing kind of every day.
• 36:25
  He was out on the 6th. He was out on the 13th, the
• 36:28
  14th, the 16th and 19th. It's wild.
• 36:31
  So he really wants ASD Space Mobile to go down.
• 36:36
  It's almost like he had sold one call option or something and was
• 36:40
  praying to God that he could get it below the strike price.
• 36:43
  But sorry, Andres, not possible. But then the good guys came out
• 36:50
  as usual. So Deutsche Bank, unlikely Hero
• 36:53
  has upgraded us again. They came out and upgraded the
• 36:57
  target price from $81 to $137.00.
• 37:00
  So good, good for them. What is interesting is they
• 37:07
  start to give their own assessment of launch
• 37:09
  predictions. So they think there's going to
• 37:10
  be 47 Bluebirds by year end. And some guy was saying, you
• 37:15
  know, well I'm playing from home and I think it's pretty unlikely
• 37:18
  they're going to have 5 launches by Q1.
• 37:20
  I agree. At this point it seems like it
• 37:23
  would be a a surprise to me if there were five launchers by
• 37:28
  March 31st 'cause we're going to have the new Glen launch
• 37:31
  probably in early March and then maybe there's a shot for a batch
• 37:37
  1, batch 2 launch. And I mean that is very
• 37:41
  optimistic to me that that would happen.
• 37:43
  That's 4 launches. So I don't.
• 37:45
  I don't personally see it, but I don't think it matters.
• 37:48
  Anyone that gets all huffy puffy with histrionics over that is
• 37:53
  levered, has short term calls, doesn't know what they're doing,
• 37:56
  or shouldn't shouldn't call themselves a long term
• 37:59
  shareholder. Because the whole point of the
• 38:02
  stock market is the discounting mechanism.
• 38:04
  And so if and when the company ships block batch 1, so long as
• 38:13
  then batch 2 follows in a reasonable time.
• 38:16
  And then there is a look on you know the other satellites coming
• 38:18
  which they're giving U.S. data in terms of how many satellites
• 38:21
  are in various, various stages of production.
• 38:24
  They are going to smooth out this production cadence and they
• 38:28
  will start to get In Sync with launch availability and the
• 38:32
  market will see that. So whether they have two
• 38:35
  launches in Q2 and then one in April, it just, I don't think
• 38:39
  it's going to matter. Maybe some short term volatility
• 38:41
  that's going to be pretty meaningless.
• 38:42
  But when thinking of the big stepwise functions of value,
• 38:46
  which is what I care about, it's do we have $50 stock, $100
• 38:52
  stock, $150.00 stock, $200 stock.
• 38:54
  I'm thinking in those types of buckets and the sort of bouncing
• 38:57
  around the trend line, which guys like Reform Trader do a
• 38:59
  great job of tracking, that's just kind of the noise.
• 39:02
  That's just the ebb and flows, the macro, it's the little
• 39:06
  stuff. And as long as the company in
• 39:08
  the broad arc of things is executing, then anyone that's a
• 39:11
  long term show holder, which I count myself as one is in good
• 39:15
  is in good stead. And so the the people sort of
• 39:18
  counting the peanuts on what exactly what happened by March
• 39:22
  31st and then slinging invective at the management team, I find
• 39:25
  to be quite inappropriate. And so one guy was saying, well,
• 39:28
  this management team is so grandiose.
• 39:30
  I mean, a bell literally doesn't talk.
• 39:33
  It's hard to be a grandiose when he is on grandiose.
• 39:39
  And so like, did they put out some guidance that they might
• 39:41
  miss? Yeah, but you know what?
• 39:43
  I don't want a owner operator of a disruptive company giving
• 39:49
  guidance of like, I don't know guys, let's like be chill.
• 39:52
  Just make sure we're all friends and happy and like, let's focus
• 39:55
  on the reviews we give each other so that everyone has good
• 39:58
  feedback. No, he's like, hey bitches, 5
• 40:02
  launches. And if they miss it, I'm sure
• 40:04
  he's going to. Break some glass and he's
• 40:08
  setting the cadence of impossible goals.
• 40:12
  There's another guy that's created a little bit of value
• 40:14
  that takes crap from time to time but sets ambitious goals
• 40:18
  and misses him. And his name is Elon Musk, and
• 40:20
  guess what? It works.
• 40:23
  But the other stuff I really liked about the Deutsche Bank
• 40:27
  report was the subtle hints on the Tam.
• 40:32
  And so Deutsche Bank models in some real government revenue and
• 40:38
  at ASTS, investors did a nice job creating a little
• 40:40
  infographic of just what the government and other revenues
• 40:44
  are, which for example in 2027 is $200 million finger in the
• 40:49
  air. I don't know anyone could really
• 40:50
  predict that, but it's nice to have some estimates coming out.
• 40:53
  I think this could be a much larger number in short order.
• 40:56
  But then other things that are happening, The Catsy was
• 41:00
  tracking the Joby filings and noticed that their telemetry
• 41:05
  testing is firmly within the types of bands that ASTS
• 41:10
  operates in. And so this is the type of stuff
• 41:13
  I don't think the shorts really dial in when they say, well, you
• 41:16
  know, there's only so many people going to Yosemite Park
• 41:19
  that are running from a bear at any at any moment.
• 41:22
  And when, yeah, sure, but we can get into the normal use cases of
• 41:27
  the technology until I'm blue in the face.
• 41:30
  But things like evitalls that are going to need to have
• 41:33
  constant connections, who knows how big this market is going to
• 41:38
  be. It's going to be, as we saw,
• 41:41
  dialed into cars. So India has that cool program
• 41:44
  of making all the cars talk to each other so that you can
• 41:46
  literally see around corners. This goes to the ASCs platform
• 41:49
  effect of once you create the flexible platform, people are
• 41:52
  going to build on it. People who have specific use
• 41:55
  cases that only they understand and know are going to leverage
• 41:58
  and utilize your technology from which you benefit by selling
• 42:01
  them capacity to solve new problems that are not current
• 42:06
  markets because they don't yet exist.
• 42:09
  But then they do exist and they are big.
• 42:12
  And then people are surprised why so much revenue occurred. 1
• 42:16
  fun thing is that Theodorus also just checked the price target
• 42:20
  predictions of Deutsche I I tend to ignore price targets, but
• 42:24
  this is actually pretty funny. And so they'd originally
• 42:27
  predicted 22 bucks bang hit, then they had predicted 121
• 42:32
  dollars bang hit and you know they have this out year price of
• 42:36
  672, which would be really cool if they hit as well.
• 42:42
  We also had clear clear St. come out with a report,
• 42:45
  interestingly, the exact same $137 target price.
• 42:48
  And so I didn't look too much into that, but it struck me as
• 42:50
  kind of odd. And you know, then as much as
• 42:55
  people call us the paid pumpers, which for the avoidance of
• 42:59
  doubt, we're not, no one here to my knowledge, is a recipient of
• 43:04
  consideration from the company in return for, quote, UN quote,
• 43:08
  pumping the stock. I find that just so crazy to
• 43:10
  believe that anyone would think that this level of diligence is
• 43:14
  paid pumping. The actual paid pumpers are Bank
• 43:17
  of America, Goldman Sachs, JP Morgan and Morgan Stanley.
• 43:20
  They are literally paid pumpers. And so SpaceX is hiring them to
• 43:24
  pump their IPO. And so ironies of ironies,
• 43:28
  SpaceX is the paid pumper. And you can see it because then
• 43:32
  we get iced by all of those banks except Bank of America.
• 43:36
  They're they're cool. But you know, Morgan Stanley is
• 43:38
  kind of will do whatever they can to not say the forbidden
• 43:42
  word of AST space mobile. Why you don't want to piss off
• 43:46
  Elon. I get it.
• 43:47
  You know, the fees involved on the SpaceX IPO are going to be
• 43:50
  year, you know, they're going to make their year.
• 43:53
  It's great. But those are the paid pumpers,
• 43:55
  not us. And you know, sometimes the paid
• 43:59
  pumping is exhausting when you when you have nothing good to
• 44:02
  pump. And so Ben Longmire, he's
• 44:06
  throwing it up. He's he's done as a paid pumper.
• 44:09
  He's the CEO of Starlink's DTC business and he quit.
• 44:13
  He's going now to, you know, work on his home garden or
• 44:16
  something. Or he's going to redesign the
• 44:19
  hall thruster with a small team and go to his garage and build
• 44:24
  rocket parts. Good for him.
• 44:26
  And so ask yourself, is that what you would do in one of the
• 44:30
  most dynamic, exciting new telecom markets if you had a
• 44:33
  leading position? Nope.
• 44:35
  It's what's happening when your product sucks and Elon is either
• 44:38
  kicking you out. The most likely scenario is Elon
• 44:42
  is kicking you out. And Sarah Spangelo also, she was
• 44:47
  there from the swarm days. She's laughed.
• 44:50
  And so it seems like SpaceX is doing a wholesale overhaul of
• 44:54
  that business. And we'll see what they do.
• 44:56
  But it's not bullish for those guys to have their key leaders
• 45:00
  leave. It's very bullish for AST Space
• 45:02
  Mobile because it just highlights what we all know in
• 45:05
  terms of the problems and the challenges that Starlink has.
• 45:08
  And seeing their execs leave kind of confirm that they see
• 45:12
  the same problem too. The problem that we're still
• 45:15
  looking to really understand is Starship.
• 45:18
  And so Starship crunched itself again like a Coca-Cola can under
• 45:24
  pressure, which isn't isn't positive.
• 45:27
  And so there's another another failure during testing, which is
• 45:31
  just add 1 to the long list of challenges of this Starship
• 45:36
  program. And it's just a stark contrast
• 45:40
  of maybe there is a limit to scale of Elon's approach of kind
• 45:44
  of go fast and and wing it versus Jeff Bezos doing step by
• 45:48
  step ferociously. We're we're now seeing maybe the
• 45:54
  edge case of technical limits in terms of big rockets with a
• 45:57
  certain managerial approach. But I don't count Starship out.
• 46:01
  It's still unbelievable to me that they've launched, launched
• 46:04
  the booster and caught it, but they haven't gotten the
• 46:06
  integrated system to work much less reliably.
• 46:10
  And that's a problem for SpaceX. So that's all I really have this
• 46:17
  week. Only thing I'd flag is this
• 46:20
  really cool piece that Crossroads Capital put out that
• 46:25
  just really kind of goes into their impression and and own
• 46:30
  history of the space mob. And obviously, as someone that
• 46:33
  is deeply involved in the space mob, it's difficult for me to
• 46:37
  remember the whole journey. It just kind of happened.
• 46:40
  I don't really remember when my life became space mob, when all
• 46:46
  of these different communities and working groups formed.
• 46:49
  It was just so natural. I do.
• 46:51
  I do remember the first time I reached out to Ann Penn Man and
• 46:54
  he iced me and I'll never forget because he viewed himself as
• 46:58
  such a big account that he was going to talk to some rando
• 47:01
  with. I think I had like 15 followers
• 47:03
  that were bots, but then then we ended up somehow making peace
• 47:08
  and being friends. But it is cool when you look at
• 47:11
  this group and he makes the point, this is not a bunch of
• 47:13
  group, you know, big pumpers. This is a really a dynamic
• 47:18
  principal expert network, unlike the Wall Street expert network
• 47:21
  networks, which I, I use, I'm a subscriber of them.
• 47:24
  That's where you get the platitudes.
• 47:25
  That's when you get the guys, they're hanging it up.
• 47:27
  That will kind of, oh cool, I can make 300 bucks an hour to
• 47:30
  kind of talk about what I know which is dated by a couple
• 47:33
  years. And crossers make the point that
• 47:36
  you actually do those calls to take the opposite position of
• 47:39
  Wall Street because that perspective is commodified.
• 47:42
  Space Mob has created a market driven expert network because I
• 47:46
  have a lot of money involved, you know, I am an enthusiast,
• 47:49
  but contrary to Doctor Schlaubberbanger's assertations
• 47:54
  that I am just a paid bumper, I actually do have a long position
• 47:57
  in this company. And so my work is driven by my
• 48:00
  own desire to be right on this investment, as is everyone
• 48:04
  else's, which is very different from typical expert networks.
• 48:07
  They don't have skin in the game.
• 48:09
  They don't have that same jungle theory to get it right or be
• 48:12
  eaten as we do. And that's what makes this
• 48:15
  community really unique. And the research is real.
• 48:20
  It's there's a lot of memes and stuff like that, which is fun.
• 48:23
  I enjoy it. But the, the research is real
• 48:25
  too. And the people behind the
• 48:26
  cartoon accounts for the most part are also real with varying
• 48:32
  professional backgrounds that all come together to be able to
• 48:35
  put together very complex things.
• 48:36
  And so I, I know the people I talk to regularly, especially my
• 48:39
  DMS are coming from vantage points that I cannot replicate.
• 48:43
  And then I think that when they give me their perspectives
• 48:46
  through my lens as I give it back or articulate it on the,
• 48:51
  you know, in the DD, on the weekly or on the spaces, I think
• 48:53
  they get value from too. And so it's this really cool
• 48:55
  virtuous circle of trying to contribute and Crossroads did a
• 48:59
  really nice job of of highlighting that.
• 49:01
  And I'm appreciative of people taking notice of it.
• 49:03
  And I think it's really cool and everyone should be really proud
• 49:06
  that they've been able to contribute in this way.
• 49:09
  So that's what I have this week. Thanks for joining me.
• 49:12
  And I would just buckle up. It seems like there's going to
• 49:15
  be a lot of volatility because there might be another
• 49:17
  government shutdown. There might be Iran strikes, I
• 49:20
  think seems like tariffs are off the table for a little bit.
• 49:23
  Intel blew up. I mean, who knows?
• 49:25
  And so don't get, don't get tricked by the volatility is my
• 49:30
  only advice. If you, if you don't like the
• 49:31
  stock, sell it, but don't sell it because of a bunch of macro
• 49:35
  noise, which then usually coincides with FUD.
• 49:39
  And if you want to buy it, you know, buy it and you maybe you
• 49:44
  get to take advantage of some of that volatility as well, which a
• 49:48
  lot of people have been really good at trading.
• 49:50
  So I'll end it here. Thanks again.
• 49:51
  I appreciate everyone joining and have a wonderful week.
• 49:56
  Thanks for listening to the AST T Space Mobile podcast.
• 50:00
  If you enjoyed this episode and you'd like to help support the
• 50:03
  podcast, please share it with others, post about it on social
• 50:06
  media, or leave a rating and review.
• 50:08
  To catch all the latest news about AST Space Mobile, make
• 50:12
  sure to subscribe. Thanks again and I'll see you
• 50:15
  next time. We're doing something very, very
• 50:20
  big. An activity is technology.
• 50:22
  We can really affect billion lives.
• 50:25
  FT Space Global is the only company that has proven
• 50:28
  technology to deliver several global connectivity directly
• 50:32
  through faith to the everyday people will just basically turn
• 50:37
  your phone. And.
• 50:38
  Be seamless, regardless of where you are.
• 50:40
  We don't want the user even to know that it's connected by
• 50:43
  satellite. Our role is to bring this into
• 50:47
  reality, always in partnership with the MMO.
• 50:56
  Listen, Waffles.