Can AI Reverse Engineer Your Stocks? $ASTS, $ADBE, $PLTR, $GOOGL, $SE, $LMND, $NTDOY & more (E155)

Monkey had the worst week ever. He opens the $ASTS segment with Deutsche Telekom, Orange, Telefónica and Vodafone signing a letter of intent to explore a joint bid for satellite spectrum, admits he bought his two calls at the worst possible time, then hears the advice Luke sent him by WhatsApp that morning: the world is a cruel place, and as investors we just need to suck it up, learn and move forwards. Monkey takes the hit and argues that a week like this is when you do the diligence. Then Luke brings REA, the GitHub tool that reverse engineers apps down to native binaries, and the two of them go through Hamilton Helmer's 7 Powers column by column to see which moats AI can cross, by copying them or by routing around them: Sea Limited's Garena, Alphabet's search business, Lemonade, Adobe, Nintendo, Palantir and more go under the microscope.

🌩️ Monkey's worst week and Luke's advice: suck it up, learn, move forwards

🚗 Tesla's flying Roadster demo: freak show or engineering?

🇪🇺 Deutsche Telekom, Orange, Telefónica and Vodafone sign a letter of intent to explore a joint bid for satellite spectrum

🛰️ $ASTS at $16B against Starlink: the valuation gap Monkey can't square

⚖️ Position sizing: Luke's small start vs Monkey's big bet

🤖 REA, the GitHub tool that reverse engineers apps down to native binaries

🏰 Hamilton Helmer's 7 Powers, column by column

🎮 $SE: Garena was 10.5% of Sea's 2025 revenue and 60% of its operating income

🔍 $GOOGL: Search is 56% of Alphabet's revenue, and AI agents may route around it

🖌️ $ADBE: from 21.7x sales in November 2021 to 3.7x at the Oct 16 close

🏛️ $PLTR: government and commercial halves, 72.6x sales at the Oct 16 close

SEGMENTS

00:00 Cold open 01:37 Tesla's flying Roadster: freak show or engineering? 02:54 $ASTS on the fringes of the Musk empire 05:28 When Starlink turns from partner to competitor 06:16 Monkey's $ASTS calls and a brutal week 08:30 Why weeks like this end investing journeys 12:37 Small companies, rates and the cost of capital 15:41 To $ASTS shareholders: the valuation gap with Starlink 19:16 Position sizing: a small start vs a big bet 21:46 Is AI doomed? Is software doomed? 23:38 REA: the tool that reverse engineers anything 25:57 Hamilton Helmer's 7 Powers 31:42 Scale economies: Amazon and Sea Limited's Garena $SE 34:33 Network effects: Meta and Alphabet's search business $GOOGL 37:06 Counter-positioning: Lemonade $LMND 39:56 Switching costs: why Monkey would short Adobe $ADBE 42:11 Branding: Nintendo, and Mario in downtown Austin 45:25 Cornered resources and process power: AST, IREN, SpaceX, Rocket Lab 49:42 Palantir $PLTR: a business in two halves 54:17 Fiscal.ai and sign-off

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