BUSINESS

John Ternus is expected to usher in a renewed focus on hardware as Apple positions itself for the age of AI.

Most founders pride themselves on being constantly reachable — but that habit often turns them into the bottleneck. Here’s why stepping back is the real mark of leadership.

Most entrepreneurs try to overcome imposter syndrome — but the ones who grow the fastest learn how to use it as a hidden advantage.

AST SpaceMobile (ASTS) just lost roughly $2 billion in market cap after a failed satellite deployment raised new questions about timing.Shares fell about 5% on April 20 after BlueBird 7 was placed into an unusable orbit, increasing concerns that the company’s path to a working network and timeline for meaningful revenue could be delayed.BlueBird 7 setback adds pressure to deployment timelineAST SpaceMobile delivered a tough update on April 19. BlueBird 7 will be de-orbited after Blue Origin’s third New Glenn mission placed the satellite into an off-nominal orbit that is too low for sustained operations.The satellite was insured, so the company expects to recover the cost of the satellite. But the bigger issue is time.ASTS still plans to have around 45 satellites in orbit by the end of 2026, but losing BlueBird 7 raises the stakes for every remaining launch. The businesses’ economics improve once the constellation reaches a level where carriers can rely on consistent coverage. The company is still targeting a cadence of one launch every 1 to 2 months, and BlueBird 8 through 10 are still expected to be ready to ship in about 30 days. Keeping that pace would keep the 2026 buildout on track, but any delays would push revenue further out and make the timeline to monetization less certain.ASTS guides for $150M-$200M in revenue in 2026AST SpaceMobile is generating real revenue, but the revenue mix shows the business is still in buildout mode.Fiscal year 2025 revenue came in at $70.9 million, with 2026 guidance of $150 million to $200 million.More Space Stocks:Space stock flies following successful Artemis II launchBuying This Small-Cap Space Name After Intriguing AI PartnershipHow to invest in SpaceX before the IPOToday, most revenue still comes from gateway and infrastructure sales tied to building out the network. Infrastructure revenue shows progress and partner engagement, but high-margin, recurring service revenue will likely be what really drives the company’s long-term value.Bulls would argue that current growth is laying the groundwork for that transition as more satellites come online and carrier partnerships begin to scale.Cash cushion shifts focus to executionAST SpaceMobile has matured into a very different position financially than it has been in the past. The company ended 2025 with $2.8 billion in cash and now has about $3.9 billion in pro forma cash after additional financing, giving it far more flexibility than earlier in the buildout.That matters in a capital-intensive satellite model because deploying a constellation requires heavy upfront spending on manufacturing, launches, gateways, and working capital before recurring revenue appears.

AST’s $3.9B cash position reduces funding risk and shifts the story toward execution and deployment timing.Anadolu via Getty Images

With billions on hand, AST can absorb a failed mission like BlueBird 7 without needing to raise equity right away.The key question now is whether this liquidity is enough to get the company far enough into deployment to reach a point where commercial revenue can start to build on itself.What could drive ASTS higherOn-time BlueBird 8–10 launches keep the 2026 rollout on trackSatellite count ramps as planned, improving coverage and usabilityCarrier service revenue overtakes hardware, boosting revenue qualityStrong cash position funds launches without dilution riskMore satellites drive partner adoption and recurring revenueWhat could pressure ASTS sharesBlueBird 7 loss delays coverage and pushes out monetizationLaunch or orbit issues create gaps and hurt network reliabilityRevenue stays tied to hardware, limiting valuation upsideDeployment delays weaken confidence in the growth timelineSlow carrier adoption delays revenue and cash generationKey takeaways for ASTS investorsAST’s story has not broken, but the margin for error is getting thinner. The company has the capital to keep building, but the business only works once the network reaches scale and starts generating recurring service revenue.That means execution now matters more than anything, because delays push the monetization timeline further out.Related: Oracle adds $100B in market cap on major announcement

Monday’s viewing line reaches as far south as southern Iowa.

Celebrating the release of their new single, “REDRED,” CORTIS have teamed up with Airbnb Original to bring their immersive Seoul Hideout to book.

Netflix released its first look at Tim Burton’s “Wednesday” Season 3 on social media on Monday with a photo of Jenna Ortega’s Wednesday Addams in Paris.

Marvell Technology (MRVL) just added roughly $5 billion in market cap, with the stock jumping about 6% after reports that Alphabet is exploring a potential AI chip partnership with the company.Investors are starting to price in what a real hyperscaler design win could mean for Marvell’s role in custom AI silicon and its long-term earnings power.Google chip talks could expand Marvell’s ASIC upsideReports surfaced on April 20 that Alphabet is “in talks” with Marvell Technology about two new AI chips, a memory-processing unit, and an inference-focused TPU, Yahoo Finance reported. While this has not been confirmed, it could be big news for Marvell’s custom ASIC business.A memory-processing chip would push Marvell deeper into AI system architecture, closer to performance-critical parts of the stack where design cycles are longer and replacement risk is lower. An inference-focused tensor processing unit (TPU) would expand Marvell’s exposure beyond training and into a larger, higher-volume workload tied directly to deployed AI services.More Marvell Technology:As Marvell Jumps on Nvidia Deal, Here’s Where I’d Pull the TriggerNvidia’s $2 Billion Investment in This Holding Should Be a Wall Street Wake Up CallRinging the Register on Marvell Again and Adding to Another HoldingThese types of chip wins matter because they put Marvell deeper inside AI systems, according to Reuters, in roles that are harder to replace and that generate more revenue per deployment. Inference demand is also more durable than training, since it follows real-world usage of AI models rather than one-time infrastructure buildouts. If a program reaches production, that can translate into more consistent, long-term revenue.That said, the market is still reacting to reports rather than confirmed revenue. Oppenheimer recently raised its price target from $150 to $170 and already expects Marvell’s ASIC revenue to top $2 billion this year. Another hyperscaler program would expand the long-term earnings base.Over the next two to four quarters, the key test is whether management confirms a Google design win, shows a step-up in booked designs, or raises its custom silicon outlook.Record bookings validate Marvell’s AI engineThe more important support for the stock came from Marvell Technology’s latest results. The company reported record FY2026 revenue, record bookings, and record design wins.Bookings and design wins can be just as important for Markell as a revenue beat because they show customers are committing to near-term spend while expanding Marvell’s future footprint. This lowers the risk that growth is unsustainable or driven by one-time revenue.Quarterly revenue rose 22% year over year to $2.219 billion, while full-year revenue climbed 42% to $8.195 billion.Marvell also said roughly 74% of revenue now comes from data centers. That concentration adds risk if AI spending slows, but it also means AI demand has outsized leverage on results.In that context, record design-win activity suggests the current revenue base is not only larger, but also backed by a deeper pipeline.

Marvell’s FY2027 outlook signals accelerating growth, with revenue and margins pointing to a higher earnings tier.Nikada via Getty Images

Marvell FY2027 guidance points to accelerating scaleMarvell Technology’s FY2027 outlook pushed the story forward. Management guided for Q1 FY2027 revenue of $2.400 billion, plus or minus 5%, with non-GAAP gross margin of 58.25% to 59.25%.That’s a meaningful signal. It frames FY2027 as a scaling year, not one where demand just holds steady at a high level. For investors, acceleration only matters if the quality of that growth holds, and so far, the margin outlook suggests it will.Gross margin in the 58% to 59% range suggests Marvell expects to grow revenue without giving much back on mix or pricing, signaling improving earnings power as it scales.Oppenheimer ties that path to revenue above $11 billion, reinforcing the idea that Marvell could be entering a higher, more durable earnings tier.What could drive MRVL higherA formal Google ASIC win would add another hyperscaler program and deepen the custom-silicon revenue base.A memory-processing role would push Marvell further into AI system architecture.An inference TPU win would expand exposure into higher-volume, steadier workloads beyond training.Converting record design wins into production ramps would improve revenue visibility.If data center remains the majority of revenue, it would reinforce the AI earnings narrative.Accelerating FY2027 growth with stable gross margins would likely drive estimate revisions higher.What could pressure MRVL sharesHeavy data center concentration leaves Marvell exposed to any slowdown in AI infrastructure spending.Delays in converting bookings into production could weaken confidence in the growth story.Customer timing, qualification, or ramp issues could push out revenue realization.Margin pressure from mix shifts or higher startup costs could limit earnings leverage.Competitive pressure from Broadcom and in-house hyperscaler chip efforts remains a risk.Key takeaways for MRVL investorsThe Alphabet news highlights how much upside is tied to Marvell’s custom ASIC business. A confirmed win would push the company deeper into AI infrastructure and expand a revenue base that is already scaling quickly.But until management confirms new programs or raises guidance, the story sits in between strong fundamentals and speculation. If execution follows through, the stock could start to reflect a higher, more durable earnings tier.Related: Oracle adds $100B in market cap on major announcement

Goop Kitchen is bringing its ghost kitchen to prime real estate in Midtown Manhattan

Looking for help with today’s New York Times Wordle? Here are some expert hints, clues and commentary to help you solve today’s Wordle and sharpen your guessing game.