SpaceX last week announced 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

SpaceX last week announced 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.”