My view: Bearish in the short term; hard to see a significant rally by year-end, as valuations will be suppressed.

Reasons: 1. Although revenue is growing (mainly driven by Starlink), AI-related Capex spending is even more aggressive. Before FCF is validated, the market will likely remain cautious rather than buying aggressively.

2. Lock-up expirations are queued up. The supply and demand dynamics will speak for themselves in the stock price.

3. Valuation is still too expensive. Following the first point, to mitigate risk, the market tends to default to lowering expectations before FCF is validated, digesting the 'bad' scenario first.