NFA, my own thoughts. Multiple compression happens when people go from asking "what if" to "what for". AI is still in this "what if" stage because it literally unlocked tens of billions of dollars of net new spend in a new category. Nothing was replaced, a new industry was born. Robotics started off by asking "what can we automate" but now we're talking about automating factory workers and doing the dishes. I can already do the dishes. Crypto had the "what if" moment with NFT's, with L1's, L2's, etc but now its just payments infrastructure getting bid up. Space for the next few years is just more rockets and satellites. The moon, though, is a "what if". People have been talking about manufacturing in space or doing more experiments in space for more than a decade. Nothing is currently manufactured in space. Defense is in this "what if" phase. Re-inventing defense is a creative endeavour, of what defense could look like in the future to combat future threats. Just a personal framing I thought of. There's really no easy justification for multiple expansion and compression except that there are people that are willing to pay a certain multiple to buy equity.