📡 Starlink’s India push

Good morning. Trump has introduced a gold smartphone called the Trump Mobile T1.

It's marketed as All-American, but experts doubt the claim, citing its likely Chinese manufacturing due to cost and complexity.

The irony is not lost on anyone 🫠 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 📡 Starlink’s India push

• 🇮🇳 DGCA clears 787s, flags Air India

• 🗞️ Bite-sized summaries

  • 🤔 Trouble in paradise

  • 💰️ Musk is in fundraising mode

• 🧑‍🍳 What else is cookin’?

MARKETS

🇮🇳 India

• Indian stock markets ended lower, mirroring global weakness amid ongoing geopolitical tensions. Selling was seen across most sectors, with pharma and metal stocks leading the declines, while IT stocks managed to buck the trend and post gains. Only 9 out of 30 Sensex stocks ended in the green, with Tech Mahindra up 1.71% and Sun Pharma down 2.18%. Volatility eased slightly, with the India VIX falling nearly 3% to 14.40.

🌍️ International

• US stock markets closed lower as escalating tensions in the Middle East weighed on investor sentiment. Losses were broad-based, with major technology stocks like Microsoft, Apple, and Amazon all down less than 1%, while Nvidia managed a slight gain. Oil prices surged as geopolitical concerns intensified, prompting risk aversion and a move into safe-haven assets. The yield on the 10-year Treasury note dipped to 4.40% as investors sought safety. Market volatility was heightened by uncertainty over the Israel-Iran conflict and its potential economic impact.

ARTIFICIAL INTELLIGENCE

📡 Starlink’s India push

India’s digital ambitions just got a major boost from space.

Communications Minister Jyotiraditya Scindia recently met with Gwynne Shotwell, President of SpaceX, to explore how Starlink’s satellite internet could help bridge India’s deep digital divide. Calling satellite communications (satcom) India’s “next connectivity frontier,” Scindia emphasized that such technologies are not just useful—they’re transformative.

Starlink, a SpaceX subsidiary, has already secured its satcom license in India, joining Reliance Jio-SES and Eutelsat OneWeb in a fast-emerging race to beam broadband directly from satellites. It’s now awaiting final spectrum approvals and regulatory clearances before it can begin offering services.

Why does this matter?

• Because even with India’s booming telecom sector, hundreds of millions remain offline, especially in remote or rural areas where laying fiber or building towers is expensive or impractical.

• That’s where satellite internet comes in. By blanketing the country from space, it promises reliable, high-speed connectivity everywhere—from Himalayan villages to oceanic fishing boats.

This is more than just faster YouTube. It means access to education, telemedicine, e-commerce, and digital government services for those who’ve been left out of India’s tech boom.

But competition is heating up. Amazon’s Project Kuiper is also knocking on India’s regulatory door. The coming years could see a fierce battle in orbit—with billions of dollars, and billions of lives, at stake.

Read more: Economic Times

DGCA

🇮🇳 DGCA clears 787s, flags Air India

In the wake of the tragic crash involving Air India’s Boeing 787, the Directorate General of Civil Aviation (DGCA) has issued its first formal findings.

• The aviation watchdog has given a clean chit to the entire Boeing 787 fleet, confirming that 24 of the airline’s 33 Dreamliners have passed enhanced safety inspections.

• The aircraft, along with their maintenance systems, meet all current safety standards.

However, beneath this reassurance lies a deeper concern:

• The DGCA has flagged persistent maintenance and operational coordination issues within Air India - issues that may not have directly caused the crash but could threaten passenger safety and operational efficiency if left unaddressed.

• The regulator emphasized the urgent need for Tata-owned Air India to improve internal coordination across engineering, operations, and ground services.

• Spare parts availability, too, must be ramped up to reduce delays and disruptions.

The gravity of the situation was underscored by the loss of 271 lives, including passengers and civilians, when a London-bound flight crashed moments after takeoff from Ahmedabad. The horrific accident has put Air India’s processes under a microscope and prompted widespread public concern about flight safety.

In response, the airline has already cancelled 66 Boeing 787 flights, signaling immediate operational consequences.

Overall: While India’s aviation sector has grown rapidly, this tragedy is a sobering reminder that scale must be matched with safety. Regulators, airlines, and industry stakeholders must not only meet global benchmarks but also anticipate failures before they happen.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🤔 Trouble in paradise - OpenAI is reportedly considering accusing Microsoft of anticompetitive behavior in their partnership, potentially seeking regulatory review and launching a public campaign, per WSJ. This comes amid tensions over contract terms, cloud exclusivity, and future profit rights. OpenAI aims to restructure the deal—reducing Microsoft’s control and adding Google Cloud as an alternative provider. Microsoft, which invested $1B in 2019, is seeking further concessions. Negotiations are ongoing, but the dispute could threaten one of AI's most significant alliances.

💰️ Musk is in fundraising mode - Elon Musk’s AI startup xAI is reportedly in talks to raise $4.3 billion in equity funding, alongside a $5 billion debt sale, as it burns through the $14 billion raised since its 2023 founding. The maker of the Grok chatbot is facing steep costs from AI training and infrastructure. Despite the spending spree, xAI is now valued at $80 billion, up from $51 billion last year. The company may also receive a $650 million rebate from a manufacturer. In contrast, rival OpenAI plans to raise $40 billion at a $300 billion valuation.

📱 WhatsApp changes its tune - WhatsApp is introducing ads to its platform, marking a significant shift from its previous ad-free model. Starting June 16, 2025, advertisements will appear in the "Updates" tab, which includes Status and Channels, while private chats remain unaffected. These ads are personalized based on limited user data such as location and language, ensuring privacy is maintained. Additionally, WhatsApp is launching paid subscriptions for Channels, allowing users to access exclusive content, with Meta planning to collect a 10% commission on these subscriptions. Analysts project that WhatsApp's new monetization strategies could generate over $10 billion in annual ad revenue by 2028, significantly contributing to Meta's financial growth.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• China-Pak military alliance, India's readiness figure in parliamentary panel meet.

• Fed policymakers meet as new data raises growth concerns, geopolitical risks rise.

• NABARD urges bankers to move towards value chain financing, market-linked interventions.

• Softbank-backed Lenskart said to near filing for $1 billion IPO.