Well, here's some math. Starlink is a profitable business with about $11 billion of sales and $3 billion of free cash flow. It might be worth $75 billion at a frisky multiple of 25X free cash flow. The balance----the space launch business and the AI/data centers in space fantasy----has $7 billion of sales and NEGATIVE -$17 billion of free cash flow. So why is it worth anything, unless you are pricing a dream peddled by sell-side hucksters?! In short, after trading up to $2 trillion based on $75 billion of tangible Starlink value, where's the remaining $1.925 trillion of it? This isn't just the classical mania of the crowds. This is sui generis--- mass insanity in a casino that has been giving a lobotomy by three decades of money-printing madness at the Fed and its fellow-traveling central banks around the planet.