In these final days of 2025, markets are hitting record highs on the strength of AI-driven valuations. Yet the conversation around an emerging AI correction risk has intensified as investors weigh stretched multiples and rising capital costs. The year began with a jolt when DeepSeek briefly rattled the market in January, raising fears of a… Read More: AI Infrastructure: Momentum, Mismatch, and the Emerging Correction Risk »
With 2025 drawing to a close, we (Xona Partners) recap key highlights in digital infrastructure across data centers and telecom assets, including wireless, fiber, satellite, and submarine systems, while looking ahead to developments in 2026 (download below). We titled the preface Digital Infrastructure: Momentum in 2025, Validation in 2026 to reflect our view that 2026… Read More: Digital Infrastructure: Momentum in 2025, Validation in 2026 »
Earlier last week, on October 28, Nvidia held its GPU Technology Conference (GTC) in Washington, DC, where it made a number of announcements. One of these was a $1 Billion investment in Nokia, which sparked excitement across the telecom sector. This post takes a deeper look at that investment. For context, I would note the… Read More: Nvidia and Nokia: A Strategic Bet on Edge AI RAN »
Using optical links for communications between space and Earth sits at the frontier of technology and presents significant challenges. While optical inter-satellite links (ISLs) have surpassed RF ISLs in deployments and applicability, RF remains the primary mode for feeder links connecting satellites to ground stations. Still, interest in optical feeder link (OFL) technologies persists and… Read More: Optical Feeder Links: Unlocking the Next Frontier in Space Communications »
Strategic interest in Ground Stations as a Service (GSaaS) is rising, driven by two counteracting trends in the satellite industry. The rapid proliferation of low Earth orbit (LEO) satellites is fueling demand for flexible, distributed ground station networks that can support dynamic, high-throughput connectivity. At the same time, financial pressures on geostationary orbit (GEO) operators… Read More: Orbiting on Demand: How GSaaS is Rewiring the Satellite Industry’s… »
Low Earth Orbit (LEO) satellite constellations providing direct to device (D2D) services rely on terrestrial mobile spectrum to operate. This is only possible through an agreement with a mobile network operator, as regulated by national frameworks governing such services. This was the case until recently, when AST SpaceMobile and SpaceX acquired Mobile Satellite Spectrum (MSS)… Read More: Friend or Foe: Rethinking the Role of NTNs After the… »
Networking is undergoing its most explosive transformation since the dotcom era, driven by the growing demands of AI infrastructure. This shift is happening quietly, without the fanfare that surrounds AI applications or GPUs, yet its impact is just as profound. Connectivity at every level—device, server, rack, and data center—is being fundamentally reengineered to support the… Read More: Powering the AI Revolution: Unleashing High-Speed Connectivity for Next-Gen Data… »
The $23 billion deal announced today between AT&T and EchoStar to transfer EchoStar’s 600 MHz and 3.45 GHz spectrum is far more than just a spectrum transaction. It has several strategic consequences related to market structure that will unfold over the next few months. I’m listing some thoughts here upon announcing this deal today. The… Read More: Reading Between the Bands: A First Look at AT&T–EchoStar’s $23B… »
On August 7, 2025, the FCC adopted new rules governing subsea cable landing licenses, marking the first major update in over two decades. This move reflects a broader shift in U.S. policy that treats economic security as national security, with implications for infrastructure deployment, investment strategy, and global data flows. The new framework introduces formal… Read More: The New Rules of Subsea Connectivity: Rewiring Global Infrastructure for… »
Are terrestrial spectrum-sharing frameworks like the FCC’s SCS and ISED’s SMCS failing to provide viable bandwidth, pushing Non-Terrestrial Network (NTN) operators to aggressively pursue Mobile Satellite Service (MSS) spectrum for greater independence and scalability? Recent developments suggest that the spectrum battle is shifting from terrestrial networks to orbital assets. There are growing indications that terrestrial… Read More: The NTN Spectrum Wars: Is MSS Becoming the Only Viable… »
High Altitude Platform Systems (HAPS) have gained increasing attention as a tactical tool in the defense sector; however, their adoption as a communication solution has lagged, with several attempts failing due to high costs. With a new generation of active startups and projects in this area, we outline some of the critical hurdles that HAPS—as… Read More: Navigating the Future of HAPS: Challenges, Investments, and Innovations »
SpaceX argues that EchoStar isn’t fully utilizing its MSS spectrum (AWS-4 band), while EchoStar insists that meeting FCC deployment requirements should be enough to retain its license. This raises a key regulatory question: Should spectrum rights be based on actual usage, or is compliance with deployment rules sufficient? To what extent do commercial factors give… Read More: MSS Spectrum Showdown: SpaceX vs. EchoStar »
In today’s geopolitically charged environment, LEO satellite constellations represent more than mere communication networks—they are symbols of power and sovereignty, and vital for national security. In this context, strategic imperatives outweigh financial considerations. This is the backdrop for China’s ambitious push to develop its own satellite constellations. In this new space race, China’s mega-constellations are… Read More: China’s LEO Megaconstellations: Closing the Gap in the Global Space… »
Contention for midband spectrum in the 3 GHz band is intensifying as a reorganization of the band’s allocation appears likely within the next 2–3 years. This spectrum race affects a diverse group of stakeholders, including mobile network operators (MNOs), government users, cable operators, small and rural internet service providers, satellite operators, and enterprises such as… Read More: Midband Spectrum Showdown: Balancing Innovation and Efficiency »
A confluence of factors drives the race to build sovereign AI infrastructure—Generative AI and Large Language Models (LLMs), escalating geopolitical and national security concerns, and NVIDIA’s aggressive expansion into the data center market with its powerful GPU hardware and software stack that fuels the next generation of neoclouds. As a result, “AI Factories” have emerged… Read More: Navigating Risks and Opportunities in Sovereign AI Infrastructure »