The FCC ruling just put a structural ceiling on telecom margins — and nobody's pricing it in yet. (https://www.cnbc.com/2026/06/04/supreme-court-sides-with-fcc-in-clash-with-wireless-carriers.html) on carrier fines. This isn't regulatory theater — it's a $10B+ earnings headwind materializing for $VZ and $T. The market is treating this as noise because energy and coal subsidies are hogging the narrative.

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