A linear path that Elon is likely pursuing with connectivity/compute to capture full stack TAM: 1. SpaceX continues to eat into telco and datacenter/compute market share, while having a unique long term moat w/ it's launch capabilities. 2. Develops new version of smartphone that is AI native, probably has little to no apps (We're here today - but early) 3. Eventually it becomes the largest telco/compute. Full stack value capture from compute > connectivity > hardware > OS > "X app for everything." Leans in heavy with cheap AI native smartphone. 4. SpaceX acquires Neuralink after it becomes mass produced/scalable. The next hardware not being a screen but instead your mind. Skipping AR glasses etc.(Dan Held)