"No more leading AI stocks" as SpaceX eyes expansion into terrestrial communications

A forecast has emerged that leadership in the AI market will shift from infrastructure to the real economy. As AI technology deepens and finding the next leading stocks becomes more difficult, analysis suggests the market's center of gravity will move toward the realm of "Physical AI," which encompasses robotics and autonomous driving.

In the third installment of the "Let's Debate with the Man Who Reads the Economy" series hosted by the economic YouTube channel The Man Who Explains the Economy (Kim Kwang-seok TV), researcher Jeong Ui-hun appeared to discuss AI industry trends and the business expansion of SpaceX. The discussion focused on changes in the AI value chain and the potential for SpaceX, led by Elon Musk, to penetrate the communications market.

AI value chain moving beyond GPU and memory to 'Physical AI'

Regarding the flow of leading stocks in the AI industry, Jeong Ui-hun noted that 2025 was led by GPUs, while the first half of 2026 showed a trend led by memory semiconductors. However, he expressed skepticism about whether memory semiconductors will continue to play a leading role. He stated that if the leading stocks change, they will move within the AI value chain, identifying "Physical AI" as the next stage.

Physical AI is a field that includes robots, autonomous vehicles, AI PCs, AI smartphones, and AI home appliances. Jeong Ui-hun predicted that 2027 would be the point when visible results in this area appear extremely clearly. The analysis suggests that after AI software services arrive first, leadership will shift to front-end industries that serve as consumer touchpoints, opening the era of Physical AI.

Will SpaceX Starlink become a 'monster' in the terrestrial communications market?

Analysis was also raised that Starlink, the satellite communication service from SpaceX, could encroach upon the territory of existing terrestrial telecommunications providers. As the United States government recently opened the way for Starlink to be allocated terrestrial communication frequency bands during the approval process for SpaceX satellite launches, attention is being drawn to the possibility that the boundary between satellite and terrestrial communication providers may collapse.

While satellite and terrestrial communications were previously treated as separate markets, this approval signifies that an environment has been created where Starlink can compete directly with terrestrial communication providers. Jeong Ui-hun explained that Starlink is rapidly absorbing market share in the satellite communications market based on overwhelming service quality and will likely target the terrestrial communications market in the future to increase market growth rates.

In particular, Starlink is highly likely to expand its market, focusing on vast regions in Africa and Asia where communication infrastructure is insufficient, by utilizing the characteristics of satellite communications which have no national barriers. Jeong Ui-hun analyzed that if Starlink continues to increase its share within the terrestrial communications market, it could become an entity capable of changing the paradigm of the communications market.

This trend is interpreted as part of the big picture drawn by Elon Musk. The key point to watch is how the moves of SpaceX—encompassing autonomous driving, robotics, the space industry, and now communication services—will exert influence within the future AI value chain.

Source: original video (YouTube)