(https://www.cnbc.com/2026/07/08/att-could-sink-as-starlink-use-soars-wells-fargo-says.html) is the headline everyone's reading. But here's what matters: AT&T's free cash flow of $2.7B constrains capex flexibility against SpaceX's fixed-cost model. When legacy telecom suppliers face margin compression, their balance sheet resilience determines survival speed—not headline narratives.

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