Hey!

This week, I came across two business stories worth telling you about:

In my late 20s, I worked with an extremely talented team building AR software for defense companies like Boeing, Raytheon, and Pratt & Whitney.

Many of them ran on wearable tech headsets like Google Cardboard and Microsoft’s HoloLens. It was great for companies to showcase products and software.

But everyday people? Nah. Nobody wanted them.
The hardware was too clunky, and no one wanted to be seen in public with it.

I always thought that if the hardware could be pared down to simple, everyday frames, consumers would buy it.

Almost 10 years later, “Ray-Ban Meta” is selling like hotcakes.

Meta solved the problem. They ditched the big, clunky screen and partnered with Ray-Ban to sell regular-looking glasses with built-in cameras, microphones, speakers, and AI.

Meta’s Reality Labs division needed this win.

In 2014, Meta bought Oculus for nearly $2 billion and has never made a profit on the investment. Some circles consider it one of the most expensive and unprofitable corporate bets in tech history.

But Meta might be on the verge of overcoming that last headset failure.

In the first half of 2026, Oculus lost $8.65 billion in operating income, but global shipments of today’s slimmed AI glasses grew 263%, with Meta accounting for nearly 81.3% of that market.

We’re still early in the AI-glasses game, but I’ll be watching to see how Meta pivots. Ultimately, I want to see whether they can turn this score into a game winner.

Investor Lens: It’s not all about who launches a product first. The winners are the companies that figure out why consumers reject a product, then fixes it.

Two months ago, I told you in a letter that I was buying SpaceX stock.
Today, those shares are up more than 35%.

We all should have bought more, because now Elon plans to turn Starlink into a cellphone network to compete with Verizon, AT&T, and T-Mobile.

To do it, here’s what needs to happen:
SpaceX already has high-frequency radio signals that carry massive amounts of data across devices. But walls and trees easily block those signals.

So SpaceX needs the same kind of low-frequency signals other networks use. They travel farther and can pass through roofs, walls, and other obstacles.

On October 8th, the company announced an $8 billion purchase of those low-frequency signals.

The market took notice, because the same day, Verizon, AT&T, and T-Mobile lost nearly $39 billion on Wall Street.

Think about this: Starlink already has 12 million subscribers and generated $1.66 billion in operating income in the first half of the year.

Pair that with the fact that they own satellites (no other carrier does) and rockets to launch more whenever they want, and they have a huge advantage over everyone.

Investor Lens: SpaceX is turning its competitive advantages into opportunities across multiple industries, and very few companies can compete.

That's it. That’s the pitch.

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