Zaid Admani

This move by Amazon seems to be all about boosting their satellite internet business that used to be called Project Kuiper, but it's now called Leo.

You know, it's a similar business to Starlink, where thousands of satellites in space provide internet service to us humans down here on Earth.

The problem for Amazon, though, is that they are way behind their goals and losing ground to Starlink.

Just to give you some context here, Amazon only has around 240 satellites in orbit, while Starlink has over 10,000.

Starlink also has 10 million paying customers, over $10 billion in revenue, and they seem to be the only profitable part of SpaceX so far.

Now buying

global star isn't going to solve all of Amazon's problems right away.

You know, global stars network is much smaller than Starlink.

It's business is a bit different.

You know, they mostly focus on connecting phones and devices and low coverage areas.

And they're kind of best known for powering Apple's emergency satellite feature on the iPhone.

I mean, Global Star only has like 48 satellites in orbit, but that's not the only reason Amazon's buying them.

You know, Global Star also has 800,000 mobile satellite subscribers, and they also own some pretty valuable spectrums, which is worth a lot these days.

Remember, SpaceX agreed to buy Echo Star's spectrum for around $17 billion last year.

So this acquisition for Amazon makes sense and it shows that they're very serious about building out their satellite internet service.

Global Star stock is up around 7% this morning following the news of the acquisition.

And it's also propping up other satellite stocks this morning like Iridium, ASD Space Mobile, and Viasat, which are all up around two to 3% at the time of this recording.

Let's talk about some stocks making moves today.

Shares of Novo Nordisk are up after the pharma giant announced a deal to utilize OpenAI's technology to help boost drug discovery and get new treatments to the market faster.

Now, this isn't Novo's first AI move.