AST SpaceMobile CEO, SpaceX IPO & Alaska's Oil Boom 5/18/26

 Trump threatens Iran, oil prices are rising and bond yields are in focus.
 Futures are falling. I'm Morgan Brennan, and this is your morning call.
 Good Monday morning. It is great to be back here in the studio with you.
 Let's get a check on it, US stock futures after a down day on Friday
 for the major averages, and a mixed picture overall last week.
 As you can see right now, we have the S&P and the Dow both poised to open
 lower a bit later this morning. But the NASDAQ, those futures are higher right now.
 Let's take a look at the Treasury market as we've seen this big run up in Treasury yields.
 In recent days, you can see a bit lower taking a slight breather this morning
 with the US 10-year Treasury yielding 4.593%.
 Keep in mind, we're still at 12-month highs here.
 Let's get a check on the US 2-year Treasury, which is yielding 4.08% right now.
 We're at about 14-month highs, and also the 30-year Treasury,
 which is climbing higher above 5% right now.
 We're basically at 20-year highs for the 30-year, and by the way,
 JGB's even higher. 30-year there is trading at levels we haven't seen since 1999.
 But in terms of the US Treasury, 30-year Treasury, look at that yield versus the QQQ,
 which tracks the largest NASDAQ companies.
 There's an inverse relationship there, and that is happening.
 As yields have moved higher, you've seen tech take a bit of a breather here.
 We'll see how this plays out this week too, and what is going to be a very big week
 for this AI and tech trade.
 Let's take a look at energy as well as we're seeing crude prices in the green.
 WTI is up about 3-quarters of 1%, $106 a barrel.
 Brent is also up similar amounts trading just about $110 a barrel.
 Our Bob, natural gas, also moving to the upside.
 Let's check on the action around the world too.
 Ben Bulos is standing by in London. He's got the trade there. Ben.
 Good morning, those higher energy prices have been weighing on European stocks.
 We saw them decline for the most parts in early trade as a sell-off in those global bonds deepens.
 We're also watching the G7 Finance Minister's Meeting in Paris,
 where policymakers are holding discussions about the economic impact of the war
 in the Middle East as well as volatility in the bond market.
 That's the picture on the regional borses.
 Let's have a look at the sector gain as oil and gas stocks are the main climbers today.
 This is after President Trump won.
 The clock is ticking for Iran as the impasse and negotiations to end the conflict continues.
 To the downside, travel and leisure stocks have touched weaker today leading the board of losers.
 Ryanair's chief financial officer told us this morning.
 He does not expect dramatic scenarios this summer,
 despite concerns that rising jet fuel costs could put extra pressure on carriers
 potentially causing some to collapse. Morgan.
 Keep an eye on that, Ben Bulos. Thank you.
 We're going to stick with the global market action.
 Got a rough report out of China overnight.
 As a key economic greed hit a multi-year low,
 and actually we've got a lot of data out of China overnight.
 Eunice Yoon has more from Beijing.
 She's going to break it all down for us.
 Hi, Eunice.
 Hey, Morgan. Well, the retail sales figure were the worst reading since China reopened
 from the zero COVID controls back in December of 2022.
 The FAI, the fixed asset investment, contracted,
 surprising a lot of folks who had expected an expansion of 1.6%.
 The factories were somewhat of a bright spot.
 We saw a lot of front loading in the month, likely because of the Iran war,
 but because of the flip side, of course, is that the higher oil prices
 was affecting the prices of the inputs into a lot of the products that go overseas.
 Now, this might explain why China would be pursuing a more stable relationship
 with the U.S. after President Trump left here,
 and the Xi summit was over, both sides released their readouts.
 And where they agree is that both sides say that they have agreed on a board of trade
 and a board of investments.
 So, these are ways in which they'll be able to manage discussions over, say, tariffs, for example.
 But where they differ, differ is that the U.S. released a lot of hard targets.
 The U.S. said there would be $17 billion more agricultural purchases per year until 2028.
 They'll have at least 200 Boeing jet purchases by the Chinese,
 400 or more beef plants will get to export approvals,
 which will help to give them more access to the market here.
 And then the U.S. readout really focused on the Chinese pledge to address rare earth concerns by the U.S.
 The Chinese, though, no hard targets, no timelines, nothing like that,
 they described it as a preliminary result, no mention of the rare earth,
 but what they did have was a focus on the U.S. pledge to supply jet engines
 to China.
 And what was interesting was that that did not exist in the U.S. readout.
 President Trump had told reporters on Air Force One that the Chinese would purchase
 somewhere between 400 to 450 jet engines.
 And so, we don't have any information about that.
 We're again on the U.S. side, but what I think is interesting is that the backdrop of this
 is that the Chinese have been pushing their own homegrown plane maker called KOMAC,
 which desperately needs these types of engines and was hoping to have a big year in 2025,
 but then kind of ran into some issues because the Trump administration had put restrictions on those jet engines,
 changing around, but it really affected their production schedule.
 Sounds like we need to reach out to GE Aerospace.
 I know Larry Kulp was one of the CEOs in attendance, one of the U.S. CEOs in attendance.
 I mean, I'm going to nerd out for a second because he's been a huge global phenomenon in the shortage in jet engines.
 So, we'll dig more into that, Unisun, great recording last week amid that summit.
 And, of course, this morning for us here on Morning Call as well, you rock, Unisun.
 By the way, we're going to have more on Rare Earths with Interior Secretary Doug Burgum a little later this hour, too.
 We're going to turn to the Middle East now, though.
 President Trump turning his attention back to Iran reportedly set to meet with top security advisers tomorrow
 on next steps with peace talks continuing to stall.
 Our Dan Murphy has more from Abu Dhabi.
 Dan.
 Hey, there, Morgan.
 We'll oil back around $110 US dollars a barrel after President Trump said the clock is ticking for Iran.
 Trump said Iran better get moving fast or there won't be anything left of them in a truth social post overnight.
 Adding time is of the essence.
 As you say, Axios reports the president will convene his national security team in the situation room tomorrow
 to discuss military options if the latest diplomatic track continues to stall.
 The Iranian said today that talks via Pakistan are ongoing, but the blockade in the street is still there.
 And the president says the ceasefire is on life support.
 Oil also moving higher after a drone strike caused a fire at an electrical generator near the UEE's Barraka Nuclear Power Plant,
 which is about 175 miles west of where I am right now in Abu Dhabi.
 Barraka is the Arab world's first nuclear power plant.
 It supplies about 25 percent of the UEE's total power needs, striking that site,
 or even its outer perimeter, is a really significant escalation.
 There were no casualties.
 The IAEA director general also confirmed importantly there was no impact on radiological safety levels.
 And interestingly as well, the UEE actually stopped short of directly accusing Iran,
 but the diplomatic advisor Anwar Gargash was pretty clear, saying the strike represents a dangerous escalation
 and a dark development that violates all international laws and norms.
 Iranian state media had previously listed that Barraka plant as a potential retaliation target
 after the U.S. threatened to obliterate Iran's power plants back in March.
 Of course, nuclear sites have really been, as you know, more going to recurring flashpoint
 in this conflict over the last three months as well.
 And our sources here say authorities have been preparing for the chance that Barraka could potentially be target.
 Morgan?
 All right, Dan Murphy, thank you.
 Well, if that weren't enough, investors are gearing up for a busy week of earnings,
 capped off by a number of big-name retailers.
 In video, star of the show on Wednesday, joining me now on set is Dan Ives,
 with Bush Security's Global Head of Technology Research,
 as well as Vance Howard CEO of Howard Capital Management.
 It's great to have you both here. Dan, I'm going to kick this one off with you.
 We just showed that chart of 30-year treasure yields versus QQQ's.
 Are we overstretched here in terms of this AI tech trade and just how far it's run, how quickly?
 Okay, that's why it's so important in terms of Nvidia earnings
 because I think that's going to put just more fuel in this tech rally.
 You know, we think tech stocks are up another 10-12% rest of the year.
 Look, we're going to have some of these white and knuckle moments
 in whether it was Iran, whether it's rates, special wars coming in,
 but it just continues to be the risk on trade.
 Because this fourth industrial revolution, like we said,
 it's top of the third inning, one out, and that's where we are.
 And I think you're going to continue to see these dips get bought.
 Why do you say, especially, with wars coming in?
 Because I think there's just worries, you know, him coming in,
 what does it mean for tightening, you know, worries about rates,
 if you look at just like any time a chairman comes in,
 what the stocks do over the next three to six months.
 So there's definitely nervousness, the bears will come a little out of hibernation mood
 and you'll see him scare some of the bulls.
 But the reality is that we are still early in this trade in terms of AI.
 We'll hear from Godfather of AI this week.
 And that's going to be just another important data point
 in what we see as this plays out.
 You have the best in the names for all these different companies and CEOs.
 Fans, want to get your thoughts on this, especially given the fact that
 if you do look at some of the technicals,
 we are looking, at least within the equity markets, with oil hire,
 with rates having this big run up overstretched.
 Well, it is in the short term, but I agree with Dan.
 You know, I think it's sort of a white knuckle,
 we're kind of giving you a little bit of pause.
 But, you know, just move your stops up a little bit.
 I think you need to be a little bit nimble.
 But I think Dan spot on.
 I think the market's going to go higher.
 I think he's right that, you know, the tech trade is still very much alive
 and I think any pullback is viable.
 You know, our target was 77, 700, 800 on the S&P.
 It looks like we're going to get there by mid-summer.
 And, you know, 8,000 is in the sights.
 How would you be playing the tech trade right now, Vance?
 I would be nimble, but I would be long tech.
 I'm very bullish on it, and I can't see tech going.
 You know, I think we're going to get a pullback here,
 maybe 3 to 5%, which would actually be a gift,
 or you have some chance to add to some positions that we like,
 put some capital to work, that maybe we've been sitting on cash
 just a small amount.
 And I think it's a good chance to take the opportunity
 to buy some great equities.
 I do want to dig a little more deeply.
 Oh, go ahead.
 You look like you're ready to go here.
 Guys, I think Vance makes phenomenal points in terms of these dips.
 Get bought.
 Look what we saw in March.
 Yeah.
 Speaking of, Nvidia, wow, talk about a breakout ahead of these results.
 I mean, expectation that you're going to see revenue re-accelerate here
 in their new fiscal year.
 And perhaps even coming stronger than that for Q1.
 How do you see it?
 The black leather jacket's getting ready for Wednesday.
 Because I think the street numbers still are underestimated.
 We think anywhere from 15 to 20%
 over the next few years.
 Because everything we've seen from our checks in Asia
 from Taiwan show, demand the supply 10 to 1 for Nvidia chips.
 You've seen it from AMD, TSMC, just go across or the food chain.
 And I think this is really going to be another breakout moment
 relative to the AI trade.
 I think investors are still, especially when it comes to physical AI,
 they met the China trade.
 You know what I think about each 200s?
 That's not factored in.
 And look, the Godfather of AI speaks.
 You'll hear a pin drop on trading for us,
 because that is the most important thing in this market.
 Vance, I mean, we also have a market that seems to be continuing
 to shrug off geopolitics here for the most part.
 Yes, we're seeing the move higher in crude oil.
 Again, this morning on the comments and this idea
 that maybe perhaps you see a re-escalation to get to de-escalation
 given the logger head we continue to see in the Middle East right now.
 China Summit seems like a little bit of a nothing burger, dare I say?
 At least based on the information we have publicly,
 what matters to this market going forward?
 How much of this is in video?
 How much of this is a SpaceX IPO?
 How much of this is something else?
 Well, you know, I think that the nothing burger is a good thing.
 I think that nothing really going out of China,
 I think, was probably kind of healthy,
 because I don't know.
 You know, he went over there with an agenda.
 Maybe he met the agenda we don't know.
 But, you know, I agree with Dan.
 I think the video is going to go higher.
 I think that the trades that we're looking at are very, very positive.
 I'm really bullish on the market, but I want to think that,
 I think one caution that really throws caution to me
 is where the tenure treasury yields were headed over the past couple of weeks
 as they've headed higher.
 You know, is this an inflection that inflation's coming back?
 You know, we sort of poo-pooed it last time that, you know,
 it was transitory.
 Well, you know, maybe it's not going to be transitory this time,
 but this energy effect, the cost of energy going up is getting to be
 a real deal that we're going to have to deal with.
 And it is a supply and demand issue,
 but energy something needs to be looked at.
 Inflation still needs to be looked at
 and this tenure treasury yield going up needs to be looked at.
 So, there is some caution that needs to be taken here.
 Affordability versus AI.
 This seems to be the nexus of the tug of war for investors here.
 Finally, Vance, I just want to get your thoughts on some of the names
 that you like here,
 because their names that have already seen some pretty strong moves,
 but also I think arguably speak to the secular growth trends
 that we're talking about.
 There's Micron or Rocket Labs or even Cummins on the industrial side
 with AI build out.
 And you know, and if you're looking at inches like Cummins,
 I think that's going to be a great play,
 especially for these data centers and what's going to be needed.
 But you know, you can also play it with an ETF,
 PAV, Pave, you know, they've got sort of a combination
 of different infrastructure stocks that are going to benefit
 from these data centers that are being built.
 Everything from caterpillar to coming engines to concrete
 that's going to be needed.
 So, I think there's a lot of great opportunity
 out there that's going to take place.
 Okay.
 Thank you to both of you, Vance Howard and Dan Ives.
 Dan, don't go too far.
 I'll be here.
 Because we've got a lot more coming up here with you
 for the call crew a little bit later in the hour.
 And in the meantime, we've got a lot more to cover in the show
 before we get to that conversation,
 where moves out America in how the US is stepping up
 to fill the global energy supply gap
 and hitting every day Americans along the way
 where it hurts their wallets.
 But US Interior Secretary Doug Burgham is going to weigh in
 on all of this next.
 Plus, we're gearing up for that SpaceX IPO I just mentioned.
 We speak with one investor, instrumental,
 and Elon Musk's last public market debut.
 And later, Relief at Samsung.
 I had a potential worker walk out on Thursday.
 I got a very busy hour still ahead.
 You don't want to miss it more than call the right back.
 Welcome back to Morning Call.
 US Energy exports are surging, hitting US oil stores
 and driving up fuel prices around the country.
 But the White House is looking for solutions and Relief.
 Australian Energy Major Santos announced,
 announcing, quote, first oil at Pika.
 This is the crude site that it's been developing
 with Repsall and Alaska.
 It's located in the National Petroleum Reserve.
 Pika is bringing online 80,000 barrels per day.
 Oil that will be available.
 Via the Trans-Alasca Pipeline, be shipped to the West Coast
 and possibly to Asia.
 I toured Pika with US Secretary of Interior Doug Burgham on Friday
 as the companies were extracting those first barrels,
 which will ship via the 50-year-old 800-mile Trans-Alasca Pipeline
 that I just mentioned to then load on tankers.
 And I asked the Secretary what this will do for energy prices.
 Getting that back up makes that pipeline safer.
 But when it hits the southern coast of Alaska,
 it has an opportunity to be serving California,
 serving Hawaii, serving our territories like Guam
 and American Samoa, the US territories in the Pacific,
 but also our allies.
 And so again, when we talk about energy dominance,
 we do talk about having energy to sell to our friends and allies
 so they don't have to buy from our adversaries,
 the ones that are waging war and waging terrorism.
 So again, Alaska not just lowering the prices for all Americans,
 but playing a huge role going forward in the major shift
 in the geopolitics of energy in the world.
 It is eight days from Anchorage to Tokyo,
 and most of that is along the Illusion Islands.
 That's all US-controlled territorial waters
 with the US Navy versus right now a country like Japan
 getting 92% of their oil from Australia Harmoose
 and it can be a 30-35-day trip on a good day
 or maybe not at all right now.
 Well, the $3 billion Pika site currently touts
 the largest rig operating on Alaska's north soap.
 This is a two and a half million-pound module
 that's sitting atop giant wheels
 that can move at about one to two miles per hour drilling.
 And then from there fracking for miles,
 you can see how big those wheels are right there on your screen.
 Alaska is experiencing a big energy comeback.
 Crude output expected to grow to 750,000 barrels per day
 by 2030, that's according to Wood McKenzie.
 That's up from 475,000 in 2024.
 This reverses a decades-long decline in Alaska,
 thanks to part two Pika,
 but also Conoco Phillips nearby Willow facility,
 which we also toured, and that comes online in 2029.
 Others, including Exxon Mobile and Shell,
 are changing course to return to the MPRA,
 and it's a similar story for natural gas in Alaska, too.
 For the Trump administration, energy dominance,
 as they call it, is part of a broader US resource strategy
 and a geopolitical shift that also includes mining.
 This state, which is as big as California,
 plus Arizona, plus New Mexico, plus Texas.
 I mean, that's how big Alaska is across this incredible state
 with touching not even one-tenth of one percent of the surface.
 You can get at so many mining opportunities in this enormous,
 broad, beautiful state.
 And there's one, Amla Road.
 We're going to be there in a couple days,
 where President Trump assigned the authority
 to build a 211-mile road that goes into an area
 that there are over 1700 mining claims that have been undeveloped
 because there was no road infrastructure.
 And building that road is going to allow that development to occur
 across a number of key critical minerals.
 Now, Amla Road is in the very early stages of construction.
 We actually toured the intended route,
 and saw some of that early testing around bridgework this weekend.
 And we did that alongside the governor,
 Governor Dunlevy, and a number of Alaska lawmakers as well.
 But Amla Road is not without controversy, either.
 There were protesters onsite for the signed ceremony.
 But if you're going to talk about the relationship with China
 and this idea of long-term countering China's stranglehold
 on where Earth's and other critical mineral production
 and refining capabilities, then especially coming off
 of that summit, Alaska becomes a critical focus
 and one that will continue to track.
 Well, straight ahead, following in Spirit Air's footsteps,
 why Ryan Air says what happened in the U.S.
 is likely to happen across the European continent as well.
 First, we're watching shares of bio-rad laboratories.
 Reports activist investor Elliott Management,
 Investment Management, has built a sizable stake
 in the medical device maker,
 hoping to boost its underperforming stock price,
 no word on the exact size of the stake.
 But you can see shares are about 5% right now,
 more in call right back.
 Welcome back to morning call,
 we're turning to the World of Elon Musk.
 After three weeks of, well, fiery, spicy testimony,
 jury deliberations begin today in Musk's trial against open AI
 and its CEO, Sam Altman,
 over allegations of misleading investors
 and staying away from the company's founding mission.
 While the jury works behind closed doors,
 Musk will be more likely returning as attention to SpaceX
 as we follow multiple reports at the company plans to go public
 on the NASAC as soon as June 12th,
 aiming to raise $80 billion or more
 and what would be the biggest IPO of all time.
 A June 12th listing would also mean Wall Street
 will finally get a peak at SpaceX's financials.
 We're expecting that this week.
 I'm key details around its various businesses,
 including, by the way, XAI.
 Joining me now is someone who helped Musk's last company go public.
 Steve Wesley is founder and managing partner
 at the Wesley Group in a former Tesla board member.
 Steve, it's great to have you on the show.
 Welcome, a lot to get through here.
 But I just, I do want to start with this open AI case
 and jury deliberations starting today.
 In the world of Musk, how significant is the outcome of this case?
 Well, look, I think you're likely to see a mix for it.
 But the big news is, SpaceX is heading towards
 what may be the largest IPO in history.
 I think it's going to remind people that Musk
 appears to have the mightest talks.
 I think that's going to be the headline not just for next week,
 but for the upcoming weeks ahead.
 Yeah, so in light of that, as someone who did help,
 I realize you haven't been involved with Musk's companies
 for a while now, at least not directly.
 But as somebody who did help take Tesla public,
 what if folks need to understand about this IPO process,
 potentially what it could entail?
 Well, look, I think it's going to be a massive IPO.
 You've got to give a lot of credit to Gwinshot
 well, the CEO of SpaceX.
 But Elon clearly has a master plan here.
 He's tied together not just, you know,
 the world's largest space company launching essentially
 three quarters of all satellites put into orbit
 that he's got Starlink, multiple other properties there.
 There's a lot to tie for that the bottom line is it's growing quickly.
 He seems to be inventing reinventing the world.
 And I think it's going to be a blockbuster IPO.
 Yeah, and if you step back and if you actually look at all
 of the different companies that he's involved in,
 they all have the potential to work together to get humanity
 to becoming a multi-planetary species.
 And in the meantime, even if you just look at the role of SpaceX
 in terms of enabling connectivity, which enables autonomous taxis,
 just how to think about all of these intersections across
 the Musk Empire here.
 As by the way, we also watch for a starship test flight tomorrow.
 Well, I think that's exactly right.
 If you're an investor, there's a lot to tie for here.
 They're clearly a dominant leader in terms of putting satellites
 into space rocket propulsion.
 But, you know, is it really worth $2 trillion?
 I think investors are going to have to figure out
 you've got SpaceX really leading the world
 and putting satellites into space.
 You've got Starlink clearly a dominant telecommunications provider.
 And then you've got Grock in the AI piece of it.
 You know, that's a lot for investors to tie for.
 But the bottom line is, even clearly seems to be seeing
 the future a little bit ahead of others.
 I can't wait to see the actual financials.
 I think there's going to be a lot of discussion
 if you unpack just what's going on in there.
 It's going to be a little bit like Christmas morning for analysts.
 Oh, yeah, I think for reporters like myself as well.
 And we've been getting a steady leak of information,
 but it'll be good to actually see the numbers
 and the filings.
 So in light of that, let's talk a little bit about Tesla,
 specifically, especially with Musk speaking at a conference
 in Tel Aviv, just I think in the last couple of hours
 and talking about steady progress for having self-driving
 become more ubiquitous and saying a number of other things
 here around Tesla.
 Well, it tests an interesting spot.
 You've got this, again, blockbuster IPO.
 It looks like Elon's got the Midas touch.
 But when you look at Tesla's numbers,
 they're down 16% in China.
 That's a problem because China's the largest auto market in the world,
 80% larger in the United States.
 I counted for 38% of Tesla's total revenues last year.
 You don't want to see them being down in China down 37% in Europe.
 US sales down 8%.
 They just raised the price for the Model Y, which can't help.
 Pledge line is, Tesla can't afford to drop sales in China.
 They've got a ramp up, as you pointed out,
 that full self-driving in more cities soon.
 Okay, Steve Wesley, it's great to have you on.
 Thank you.
 Thank you.
 And as I just mentioned, we are looking to that
 SpaceX Starship test plate as soon as tomorrow,
 the first one in seven months.
 You want to talk about bringing data centers to space.
 You're going to need to bring Starship online.
 So we'll be watching that.
 But still on deck right now.
 We're talking about, or I should say, taking on Starlink.
 We are talking to the CEO of one of the companies
 that's seen its stock pop more than 200% over the past year,
 up 1700% over the past two years,
 and is very focused on this idea of space-enabled,
 space-based connectivity, direct-to-device.
 Other side of the spring.
 As America celebrates its 250th anniversary,
 CNBC spotlights the companies that rose with the nation
 and continue to shape its future.
 My name is Juan Andrade.
 I'm the president and chief executive officer of USA.
 USA's story is part of American history,
 and it's part of that innovation and risk-taking culture.
 We have been around for 104 years.
 We were started by 25 soldiers who came together
 because nobody would ensure them.
 All the insurance companies at the time
 thought they were too high-risk because of their profession,
 so they came together, not for business,
 but for a purpose to protect each other.
 When I look at the company now 104 years later,
 that same mission and that same focus remains today.
 We represent over 14 million members,
 and we have 38,000 colleagues that work here in the United States,
 but also in continental Europe and the UK,
 where we also support our active-duty members
 who happen to be deployed there.
 I do think that our history, our success,
 is part of the American success story.
 I think that the country has been shaped by that culture
 of entrepreneurship that you see.
 This is the reason why people had the courage to go
 over the Rocky Mountains.
 This country gives you a lot more opportunity.
 Access to capital.
 You don't get access to capital in places like China,
 Russia, as easily as you do in the US.
 All these startups that we have out there,
 well, that's venture capital, right?
 These are Americans taking risk on an idea.
 And I think that is what makes our country so special.
 The free market system, our ability to adapt,
 our ability to overcome, our ability to be on the leading edge
 of new technologies, new manufacturing techniques.
 This is what's made America great over the last 250 years.
 Good morning, everyone.
 I'm Morgan Brennan.
 Welcome back to Morning Call.
 Let's get a check on US Stock Futures,
 which are lower this Monday morning.
 That is after a decidedly down day for the major averages
 on Friday in a mixed week.
 Last week, but you could see right there on your screen
 down, poised open down 300 points.
 Let's check on some of the morning's latest headlines as well.
 Reports, arm holdings.
 It's facing a US antitrust investigation from the FTC.
 Looking to see if it's trying to illegally monopolize parts
 of the chip market.
 Bloomberg says the agency has already notified the company,
 telling it to preserve all documents.
 You can see those shares though, fractionally higher.
 Shares of Samsung are also higher.
 In Asia trade, after the company and its union held another round of talks
 in an effort to avert a potential strike as soon as this Thursday.
 A court is also ordering the union to maintain normal production levels,
 even in the event of a strike.
 And you can see Samsung shares are popping up 4% right now.
 Samsung has been a huge contributor to the cost fee.
 The World Health Organization, meantime, is declaring a global health emergency
 over an Ebola outbreak in the Democratic Republic of Congo and in Uganda,
 warning the epidemic could still be spreading undetected.
 So far, around 80 deaths and more than 200 possible cases have been reported.
 One really minted Fed Chairman Kevin Warsh,
 making his public debut in Paris this week,
 meaning with G7 Finance ministers to discuss the situation in the Middle East.
 The summit wraps up tomorrow, and we will keep an eye there.
 And a stark warning from Ryanair amid the global jet fuel crisis
 and economic uncertainty around the straight-of-war moose.
 Company CFO on CNBC Europe earlier this morning,
 saying small carriers could follow in spirit air's footsteps.
 I think prices will remain higher for longer,
 which puts Ryanair in a particularly strong position,
 given our strong fuel hedging, as I said, out to the back end of March
 in April of next year.
 And I think our competitors are going to struggle significantly.
 They don't have the hedge lines that we have.
 They don't have the balance sheet that we have
 and they don't have the cost base that Ryanair has.
 So I wouldn't be surprised into the winter to see
 as similar as we saw with spirit in the United States,
 some European airlines getting themselves into trouble.
 Do we have plans for some kind of an armageddon situation?
 Of course we do, but I don't see that coming to pass.
 While we're watching shares of AST Space Mobile,
 as well, nearly 14% on the year,
 but more than 1700% over the past two years.
 And you could see right there, up about 2% this morning,
 premarigate the company,
 which is focused on delivering cellular service to any phone,
 any device in the world from satellites in lower Earth orbit,
 getting renewed attention after Verizon T-Mobile and AT&T
 announced an joint venture to use satellites to eliminate dead zones
 across the US.
 AST already has contracts with Verizon and AT&T.
 The company was also riding the way of an investor enthusiasm
 for SpaceX ahead of next month's SpaceX IPO.
 Well joining me in a first on CNBC interview
 is a Bell Avalon founder or chairman and CEO at AST Space Mobile.
 And it is great to be speaking with you again.
 Good morning, Morgan.
 I'm good.
 You've seen very, very busy.
 There's a lot to get to here with you,
 but first let's start with this idea of a joint venture
 between the largest US telecom providers
 to add space enabled connectivity.
 How will you play in that?
 Well, I think that's an effort to make direct-to-device connectivity
 to every American.
 And I basically make it in a way that is standard,
 available in every device in every phone for every carrier.
 And for that, that's great.
 It's a great news.
 And it's now every American can get our service.
 Can you share any details in terms of that relationship
 and the role you're playing at?
 Well, I think we are the only broadband system
 that it is available in terms of the technology
 to basically do hundreds of megabits per second
 directly to any device.
 This is a change of how the operator think about
 where the connectivity from space plays a role
 today, to the usage of the technology.
 And I believe this is a great news for us.
 We are key enabler for this.
 We invented this.
 We did the first voice call over satellite.
 The first 5G connection over satellite.
 The first broadband connection over satellite.
 And just a few weeks back.
 We demonstrated close to 100 megabits per second
 from space directly to your phone.
 And that's very unique and a very nice position to be in
 as the world is transforming how people connect.
 Yeah.
 I want to get into that a little bit more here in just a moment.
 You also recently released earnings maintained
 full year revenue guidance.
 The thing that investors really focus on
 is these blueberry satellites.
 And how quickly you can build them and deploy them.
 I mean, we did see that Blue Origin New Glenn rocket launch
 that ultimately ended in a failure to deploy
 your satellites in the correct positions
 and to be able to start operating and working.
 45 satellites is still your plan for this year.
 What does that look like?
 It is.
 We're on target today.
 What's shipping the next batch of satellites to the launch pad?
 We have launches approximately every month.
 And now it's opening.
 I mean, we have multiple launch providers as partners,
 including SpaceX.
 And we are very excited about what will happen during the year
 in terms of launches and in terms of multiple launches
 that we have with multiple partners for doing that.
 Speaking of SpaceX, I was just in Alaska over the weekend.
 And it's incredible.
 You go to parts of the wilderness above the Arctic Circle.
 There's no roads.
 In some cases, there's no running water.
 But there is starlink.
 So how do you think about this competitive landscape
 and this competitive environment when starlink
 is looking to do direct-to-device as well?
 And then, of course, you have Amazon's Leo buying global star.
 I think this whole revolve about the speed and capacity
 that you can get into the phone.
 What have changed the transformation that is happening
 in the wireless industry is that space is not just
 when you're in the middle of nowhere.
 It's when you're driving from here to the Hamptons
 and where your connectivity is not as good as you expected.
 So broadband will make the difference,
 making it available to absolute every device
 without any change to the device
 and really get hundreds of megabits per second into the device.
 For that, you need a spectrum.
 You need satellites.
 And more importantly, you need large satellites
 because that's really where the tricks happen.
 It's physics.
 You need large satellites that have the ability to listen
 to the very small power that is more device
 putting going up to space.
 And that's what we have.
 We have over 38 hundred patents.
 And patent-pending claims on how to do that.
 That's what we have demonstrated.
 And what we're showing out today is not a future demonstration.
 We get recently announced over 100 megabits per second
 directly to a regular device.
 Yeah, forget energy.
 I would actually argue that spectrum is probably
 one of the most prized commodities out there
 and will continue to be.
 Because arguably even more than energy,
 you need full connectivity to fully realize this AI revolution.
 Absolutely.
 I mean, that's why we make a huge investment.
 We did a big bet that actually is paying off.
 We bought a spectrum in North America.
 Over 45 megahertz of spectrum.
 We have priority right outside North America.
 We're around 60 megahertz of spectrum.
 And more importantly, together with the partners,
 we have access to their IMT regular spectrum
 that is already on the phones.
 So some of our partners have close to 100 megahertz of spectrum
 that they can allocate to our network.
 Nobody have anything close to that.
 So in terms of available spectrum,
 when you combine our ability to address
 low-band, mid-band, and future MSS spectrum,
 we have more than anybody else.
 So broadband is the future.
 We focus in making the satellite large for that.
 We focus in investing billions of dollars
 to get this technology to work.
 And we are in the verge of starting to deploy it.
 Very quickly.
 SpaceX IPO game changer for the sector overall.
 I think it created a new category that is great for everybody
 in the space.
 I think it provides a visibility.
 And if you think about what is really the current revenue
 to come from that, it's connectivity.
 So connectivity, it is a game changer.
 It's a new revolution for the wireless industry.
 And a lot of that will come from space.
 And we see it as a market-time expansion.
 So we don't see this as a replacement.
 We see it as an expansion of what the wireless ecosystem can do.
 And that's what we partner with every single one.
 We have over 50 operator who we have partnerships.
 Including now, we have access to every operator in the United States.
 OK.
 Avail Avalon.
 Avastuse-based mobile.
 It's great to have you here on set.
 Thank you.
 Thank you so much.
 Well, we got a lot more to come here on Morning Call.
 Including big moves from big names in the last quarter
 around stocks that you know, including Berkshire Hathaway.
 Morning Call.
 We'll be right back.
 Let's take a look at some notable O13F filings while watching.
 Let's show what the big investors did during the first quarter.
 Berkshire Hathaway was busy during CEO Greg Abel's first quarter at the helm.
 The company shed its stakes in Visa and Mastercard as well as United Health
 and Amazon among others.
 But the company had some big news.
 That were added as well.
 We're then tripling the amount of alphabet shares as well as adding Delta and Macy's.
 Well, George Soros fund management brought $64 million worth of Berkshire in the quarter.
 It also went for a chip splurge.
 Good timing.
 Increasing its stakes in Nvidia by 61% and Taiwan 70% by 49%.
 It too cut its stake in Amazon and brought that down by nearly 18%.
 Well, that's what we're talking about.
 That down by nearly 18%.
 Well, straight ahead, the morning call crew team up the trading day and week ahead,
 including the reality check when crew member says is coming this week for markets.
 It's time for your call street where we look at the topics driving the trading day ahead.
 Crew members today, Dan Ives Global Head of Technology Research at Web Bush Securities
 back with us Keith Buchanan, Global Investments Senior Portfolio Manager
 and James Pathakukis, aka Jimmy, Economic Policy Analyst at American Enterprise Institute.
 It's great to have all of you here.
 We've got a lot to get through.
 Let's see what we can do.
 Let's start with the big week for Big Tech, Dan Ives.
 In video on tap, we also got this Google IOS event, SpaceX Perspectus, potentially going public.
 Other things, what are you watching?
 Look, it all speaks to like this fourth industrial revolution.
 This is SpaceX, a lot of focus on that coming out likely in June.
 Book in video.
 We could talk about everything.
 That's what investors are focused on because there's no better sense in terms of the foundation,
 the purge for what's going on the AI revolution in a video.
 And I think what we're going to continue to see is the demand trends accelerating.
 We've seen that from Malaysia, Jackson.
 Physically AI hasn't even come.
 And that's why to get the popcorn out moment when the Godfather speaks on Wednesday.
 Jimmy Pathakukas, your thoughts.
 Yeah.
 Yeah.
 I agree with that.
 But what I'm looking for is what I want to see is sort of any color, any hint to hear
 why how businesses are adopting this technology.
 And are they actually getting results that affect the bottom line?
 Any color that we're moving to that sort of real value creating adoption?
 That is going to be a big moment when we see a lot more information.
 And that's what I'm focusing on.
 All right.
 How do you see this Keith?
 We appreciate the weight from a literal and figurative standpoint
 that in video post on the market.
 But we're looking, we're focused on rates.
 And we feel like that's the bigger story right now as it develops.
 And puts more pressure on the decision makers in not only the war in Iran,
 but also around the world from a central bank standpoint.
 We feel like that's really the pressure point this week.
 Yeah.
 Okay.
 So let's stay with that then, Keith.
 Because obviously you've got the kickoff of the Worsh era here.
 But we should also note that this run-up we have seen in U.S. Treasury yields has also been a global phenomenon as well.
 JGB, 30-year, it's trading at levels that we haven't seen since 1999.
 So what's driving all of this and how much can something like monetary policy actually get at it?
 Absolutely.
 And I think we're coming to the point where the reality of the situation of higher oil prices
 and the longer they stay higher, the more it implicates a really higher inflation environment
 that the market is really starting to price in and really hasn't really seen into equities.
 And how we're looking at it as a trade-off and we might have a game of chicken source
 of AR productivity and optimism around that.
 And inflation reality is really setting in, emanating from higher energy prices
 but also throughout our system.
 So those are colliding in real time.
 And for like this week is critical as to which force will it winds out going forward.
 Yeah, Dan, we were talking about this earlier.
 AI versus affordability.
 This seems to be the nexus of the tug-of-war for investors right now.
 I think also it's obviously great points here.
 But the investors are viewing it, okay, it's a short term.
 On the other side, the current, when the Iran situation gets resolved.
 And I think investors have recognized Liberation Day, the Iran War lows in terms of March.
 If you get caught up in the geopolitical and caught up in Fed and rates,
 I think you do miss some of the underlying trends that we view year and year three
 of an eight, ten year build out of AI.
 Yeah, AI versus affordability, Jimmy, in focus.
 I think also for the public, given the fact that we are in this midterm election year
 and we continue to track that in the background.
 But also arguably going back to the Fed for policy makers to here.
 Inflation sticky, but also labor market.
 The data so far have been pretty resilient.
 And don't get me started on manufacturing industrial data, which is very strong.
 Yeah, listen, let's just focus on a consumer.
 Consumers been pretty resilient.
 Well, the consumer continued to be resilient.
 That's why I'm really looking at the upcoming earnings from the retailers
 that I'm looking for, you know, not just like are there cracks appearing?
 Like, how is the consumer coping?
 You know, are they?
 You know, if you're going to look at these upcoming long iron earnings,
 are people like, are they focusing more on discretionary kinds of things
 versus more sort of fun items?
 Are they going more?
 Are the baskets smaller?
 All that stuff.
 Listen, these are the, I understand sort of the short term versus long term analysis.
 But there's in the short term, like as I say, in the long term, we're all dead.
 In the short term, we have huge factors, interest rates are ran.
 And, you know, we're just not quite not sure how the AI thing's going to play out.
 Yes, long term productivity gains.
 But you would actually expect it to drive interest rates higher in the near term.
 And the streets are already high.
 Yeah, speaking of consumer, Keith, retail earnings on tap this week.
 What are you watching?
 We're not saying, but Walmart is not only the name that we own across a couple of our funds.
 But it's also the name.
 We feel like it's a great barometer for the segment of the market.
 We feel like it's most vulnerable right now with this inflation really pressure
 that's putting on our economy.
 And can a K-shaped economy and spending really hold up if that lower end of the wage
 on really, really suffers in this moment.
 So we're really focused on buying patterns, not only from an equity standpoint
 and the returns that we've been able to get from that stock.
 But also what it tells us about the consumer that we feel like is,
 that we're worried about right now and at lower end of the day.
 Okay.
 We're actually going to leave it right there.
 We're getting a little bit of breaking news.
 So thank you to our morning call crew this morning.
 Let's get a check on Regeneron because those shares are sinking.
 Late stage trial for its experimental skin cancer treatment,
 missing its main goal of improving how long patients live without their advanced melanoma.
 That is getting worse.
 You can see those shares are down 10% big move for a big pharma name.
 US stock futures are also lower.
 And with that, we're going to send it over to Squawk Box.