The estimates of stars seem reasonable; the estimates of Earth seem a bit ill-defined. (The study he links to discuses Earth-size planets, but there are many other factors that go into Earth's suitability for life.) The real issue though is in the "speculative" part:<p>> Let’s imagine that after billions of years in existence, 1% of Earth-like planets develop life... And imagine that on 1% of those planets, the life advances to an intelligent level like it did here on Earth. "<p>1% sounds like a small number, but it's a bit ridiculous to just throw it out there and assume it's reasonable. It's a little bit like when a startup does a top-down estimate of revenue - "If we only capture 1% of the e-commerce market, we'll be worth billions!"<p>I think if you do a "bottom-up" style analysis of the likelihood of atoms forming a replicating growing organism, or that organism evolving to think intelligently, you would get a far smaller number, say in the range of 0.00001% to 10^-20 for each one.