I’ve been a trader and investor for 44 years. I left Wall Street long ago—-once I understood that their obsolete advice is designed to profit them, not you.
Today, my firm manages around $4 billion in ETFs, and I don’t answer to anybody. I tell the truth because trying to fool investors doesn’t help them, or me.
In Daily H.E.A.T. , I show you how to Hedge against disaster, find your Edge, exploit Asymmetric opportunities, and ride major Themes before Wall Street catches on.
Table of Contents
H.E.A.T.
When billionaires start talking about putting data centers in orbit, it’s not because they’re bored.
It’s because something on Earth is breaking.
The “AI boom” is quietly morphing into an energy + bandwidth + physics problem. And when the constraints get tight enough, you get ideas that sound like science fiction… right up until the money shows up.
What just happened (and why it matters)
Blue Origin filed a plan for “Project Sunrise”—a proposed constellation of up to 51,600 satellites—explicitly framed around the idea that AI’s benefits are being bottlenecked by the availability and affordability of compute infrastructure… and that “space-based data centers” could help.
Key tells from the filing:
This isn’t a cute “few satellites” experiment. 51,600 is a full industrial-scale build.
The network is built around optical links (laser-based connectivity) and “routing traffic” through Blue Origin’s TeraWave system and other networks—meaning the “AI-in-space” concept is really about moving vast data streams efficiently and building a new fabric above the Earth.
And this doesn’t exist in a vacuum:
Blue Origin already unveiled TeraWave earlier—an FCC-filed mega-constellation concept of 5,408 satellites, with high-capacity links and optical inter-satellite connections.
Google has been testing the broader “space compute” concept too—announcing Project Suncatcher with Planet Labs as a pilot aimed at space-based solar-powered computing, while other big players openly question near-term feasibility.
So don’t think of this as “Bezos has a wild idea.”
Think of it as: the biggest operators on Earth are admitting the AI factory needs a new power-and-bandwidth architecture.
The uncomfortable truth: “Space data centers” are a symptom… not the product
The public headline is “AI data centers in space.”
The investable signal is this:
1) The AI bottleneck is shifting from chips to infrastructure
We all obsessed over GPUs. But the market is waking up to the next constraint stack:
Power availability
Grid congestion / interconnection queues
Cooling
Bandwidth inside and between clusters
Latency + reliability
Supply chain for optics and high-speed links
When the biggest, most capable capital allocators start filing plans to lift compute into orbit, it’s not because it’s “easy.”
It’s because terrestrial constraints are forcing radical optionality.
2) The “real moat” is moving down the stack: photons, not prompts
Whether orbital compute works in 2028 or 2038, the direction is loud:
Data has to move faster, with less power.
Copper works… until it doesn’t.
The future fabric is more optical, more photonic, more vertically integrated, and more constrained by manufacturing reality.
That’s why the market keeps snapping back to optics every time the AI story moves from training hype to inference reality.
3) This is going to be a regulatory knife fight
A constellation this large isn’t just an engineering project. It’s a political project.
You can already see it in the early pushback: Amazon’s satellite unit went to the FCC to argue SpaceX’s “space-based data center” concept (with talk of a one‑million‑satellite constellation) reads like a placeholder, not a deployable plan.
That’s your preview of what’s coming: spectrum battles, orbital debris rules, national security angles, and “who owns the high ground” politics.
The part everyone gets wrong: space is “free power” but not “free physics”
Yes—solar is abundant in orbit.
But compute doesn’t run on vibes. It runs on:
mass you can launch
heat you can reject
radiation you can survive
maintenance you can’t do easily
economics that have to beat a data center in Ohio running on cheap gas
Even bullish observers acknowledge space-based data centers are not an easy near-term economic win.
So if you’re trading this like “data centers are leaving Earth next year,” you’re playing the wrong game.
The right game is: who sells the enabling layers while the dream gets funded.
Winners: the “space-AI picks and shovels” basket
Here’s how I’d build a short, practical watchlist around the real, near-to-midterm monetization path (even if orbital compute takes years):
A) Optical / photonics: the arteries of AI (and the arteries of space networks)
If space networks scale, they scale on optical interconnects. If terrestrial AI clusters scale to “AI factories,” they scale on optical too. Either way, photons win.
Stocks to watch (US-listed):
Coherent (COHR) – lasers, photonics, advanced optics exposure (directly in the “AI optics” narrative)
Lumentum (LITE) – optical components/lasers, heavily tied to data-center optics cycles
Corning (GLW) – fiber / glass / connectivity backbone (less “sexy,” more infrastructure)
Fabrinet (FN) – manufacturing leverage in optical modules (a classic “capacity wins” beneficiary)
Why this matters: the filing itself frames optical links and TeraWave routing as core to the architecture.
B) Space connectivity & ground segment: the toll collectors
No satellite economy works without ground infrastructure, terminals, and managed connectivity.
Stocks to watch:
Viasat (VSAT) – satellite communications + services (high volatility, but it sits where demand could land)
Iridium (IRDM) – global LEO comms footprint (more stable “real network” exposure than most)
C) Geospatial + “edge AI in orbit”: where Planet Labs fits
Planet Labs is pitching a future where AI unlocks more value from imagery—and the “space compute” angle is part of that conversation. The market is already rewarding that narrative.
Stocks to watch:
Planet Labs (PL) – high beta, high narrative sensitivity, but squarely in the “AI + space data” crosshairs
(Optional higher-risk add) BlackSky (BKSY) – another geospatial name often tied to defense + imagery demand
Losers: the “gravity tax” basket
If this theme accelerates, it doesn’t instantly kill terrestrial data centers. But it changes where margin pools and bargaining power go.
A) Companies selling “AI compute” without controlling energy or network cost
If you can’t control power and bandwidth, your unit economics get squeezed as competition rises. That’s especially true for any player trying to compete with hyperscalers while buying power at retail and bandwidth at market rates.
(Translation: beware “AI compute” stories where the moat is a slide deck and a lease.)
B) The “too-early, too-excited” space-SPAC style trade
This theme will spawn a lot of capital raising and story stocks long before cash flows.
If you can’t explain:
what gets built first,
who pays,
what the recurring revenue is,
and why it’s defensible,
…then it’s not a business yet. It’s a volatility machine.
C) A subtle one: terrestrial bottleneck trades can get crowded
If everyone crowds into the same “AI on Earth is power constrained” winners, a credible “Plan B” (even years out) can create sentiment air pockets—especially in names priced for permanent scarcity.
The big takeaway
The headline is “Bezos wants space-based data centers.”
The implication is much bigger:
The AI race is no longer just a chip race. It’s a race to own the fabric—power, photons, and physical infrastructure.
And the market doesn’t need space data centers to work next year for this to matter.
It only needs one thing to be true:
The terrestrial AI buildout is hitting constraints fast enough that Big Tech and Big Capital are funding extreme alternatives.
That’s already happening.
News vs. Noise: What’s Moving Markets Today
We’ve been warning you that as we get closer to the 200 day moving average markets will at least test it. Yesterday the S&P 500 broke below, and so far this morning the downtrend looks like it will continue……
That’s important as many money managers us this as a hard stop and could bring some selling.
We saw a brief pop when Netanyahu said that Iran is incapable of enriching uranium. Normally don’t pay much attention to what people say, but if you assume Trump is looking for an off ramp that could have been it.. Judging by the action this morning though, the market’s aren’t buying it.
GLD had an undercut and rally at it’s 2/2 low of 422.55 and is slightly positive this morning…..
I wrote about the miners yesterday, and I like them here.
The strength continues to be in the memory and optics names, as well as space (see above). I’d like to add to them on a meaningful dip, I’m not a huge fan of buying something that’s already had parabolic upside while the rest of the market is coming down. In those type of situations they usually end up coming for everything.
Here are some market thoughts I shared on Twitter yesterday…..
ETF News
A Stock I’m Watching
Today’s stock is Franco Nevada (FNV)…….
I’d be watching the 2/5 low of $222.60 for a possible undercut and rally move. This is one of my favorite gold miners typically as it’s a royalty company and therefore has less direct exposure to higher oil prices.
In Case You Missed It
The H.E.A.T. (Hedge, Edge, Asymmetry and Theme) Formula is designed to empower investors to spot opportunities, think independently, make smarter (often contrarian) moves, and build real wealth.
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