Just caught that AST SpaceMobile reported Q4 today and honestly, this satellite broadband play is looking rough. Revenue beat expectations at $40.7M (up 2,020% YoY), but the real problem is management just slashed full-year 2026 guidance from a $0.74 loss to $0.90. That's not the direction you want to see.

Here's the thing - ASTS stock was trading near $100 back in January, then spiked above $120, but just closed below $80 last week. The bear case is pretty straightforward: yes, their constellation of satellites is technically impressive and revenue is growing 250% to around $200M, but the valuation is completely disconnected from reality. At a $29B market cap, they're trading at 145X sales. That's absolutely insane. Even Palantir trades at like 70X and they're actually profitable.

The company's building something real - global cellular coverage via satellite direct to phones, partnerships with 50+ mobile operators - but they need to prove they can actually execute and hit these numbers. If they deliver strong guidance and land major new deals today, maybe the stock bounces. Otherwise this bear market for ASTS could keep running.