Doom Hedging: SpaceX a Defensive AI Stock?

Calls for a self-imposed slowdown of foundation model development to avoid unintended safety/security consequences have rattled the AI trade. We offer 5 reasons why SpaceX may prove to be a relatively more "defensive" AI name among its peers. (1) Diversification: SpaceX is not a pure-play AI name—Starship milestones (Flight 14 estimated September 22nd, Flight 15 mid-to-late October/early November) are separate from the AI trade, and Connectivity is the cash flow generator with >100% YoY sub growth. (2) Optionality: long-term holders believe in commercialization of space-based AI infrastructure, which largely inflects beyond 2030;