Updated

Bernstein analyst Laurent Yoon has turned bearish on major U.S. telecommunications stocks, citing SpaceX's emerging threat to traditional telecom business models as a key concern. Yoon no longer recommends any of the major telecom names and cautioned that increased volatility lies ahead for the sector as SpaceX's satellite internet offerings gain traction and potentially disrupt established revenue streams. The warning reflects broader industry concerns about competitive pressure from space-based broadband services.