[SpaceX's Starlink threat](https://www.marketwatch.com/story/spacex-panic-sends-verizon-and-at-t-shares-toward-their-worst-week-in-years-ba5879a8?mod=mw_rss_topstories) is triggering the exact structural margin compression I've been warning about—not from capex, but from customer defection. VZ and T are trading on 6-7% dividend yields that depend on stable subscriber bases and pricing power. Neither survives if Starlink eats 10-15% of broadband customers over the next 24 months.

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