SpaceX announced last week it acquired a block of wireless spectrum enabling
Starlink to provide mobile services directly via satellite, potentially
positioning the company as a major mobile operator. That development, alongside
rising U.S. Treasury yields that have eroded telecoms’ defensive case
(predictable growth, limited downside, high dividends), drove double-digit
declines in Verizon, AT&T and T-Mobile US shares on Friday. Third Bridge telecom
analyst John Conca said: “Competition risk is emerging in an unprecedented way.
The market thinks this may be just the beginning.”
