Plus: 🛰️ Beyond the Moon, a community watchlist of 20 space companies.
Narratives you should be watching | | |
| - Why AST SpaceMobile isn't a satellite company, but a bet that the last mile of mobile coverage gets solved from orbit.
- Why Onto Innovation isn't just another semiconductor equipment stock, but the key inspection chokepoint the AI chip race cannot route around.
- Why Nu Holdings isn't just a Latin American bank, but the world's most efficient digital banking model, currently trading at its cheapest multiple in years.
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| AST SpaceMobile: The Boldest Direct-to-Cell Bet in Public Markets |
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| | Why this Narrative made this week’s picks | Author has made the case for one of the most ambitious infrastructure stories in public markets. AST SpaceMobile is building cell towers in space, connecting ordinary smartphones through existing carriers rather than around them. The author is upfront that the stock is already pricing in a lot of that future, and also outlines the bear case. | Author’s valuation assumes an estimated revenue of US$55b in 5 years | |
| | Onto Innovation: The Advanced Packaging Chokepoint that is undervalued with intrinsic discount |
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| | Why this Narrative made this week’s picks | Author has identified a chokepoint in the AI chip race that most investors haven't noticed. Every chip stack has to be inspected before it leaves the factory, and Onto Innovation owns that step. Replacing it, the author argues, takes over a year of requalification and the market is pricing a toll booth like a cyclical stock. | Author’s valuation assumes ~20% p.a. revenue growth for 5 years. | |
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| The Largest Digital Bank in the World Outside Asia, at Its Cheapest Multiple in Years |
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| | Why this Narrative made this week’s picks | Author argues that a sharp pullback driven by credit concerns has created an entry point into a fundamentally unchanged business. No branches, no fees, and an efficiency ratio that the author says has no comparable peer in global banking. Mexico just hit breakeven, following the exact path Brazil took years earlier. | Author’s valuation assumes ~24% p.a. revenue growth for 5 years. | |
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| | Community watchlist pick: Beyond the Moon - 20 compelling space companies! 20 publicly traded space companies across D2D, ISR, broadband, lunar, and manufacturing. | | | See the list | | |
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