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Shares of AT&T, Verizon and T-Mobile fell sharply after SpaceX announced plans to use newly acquired spectrum to expand its Starlink satellite network into direct-to-cell service in the U.S., intensifying competition with traditional carriers. Verizon posted its worst single-day decline since 2002, and telecom stocks broadly suffered their steepest drop in over a decade. Wall Street analysts are reassessing the competitive threat SpaceX poses to legacy wireless providers as it pushes deeper into telecom territory. The sell-off reflects investor concern that satellite-based connectivity could erode the market share and pricing power of established carriers.