SpaceX signaling wireless ambitions without massive capex is the headline telecom fears—but [here's the real risk](https://www.marketwatch.com/story/why-at-t-verizon-and-t-mobile-shares-are-down-after-spacexs-earnings-033a07ce?mod=mw_rss_topstories): $T, $VZ, and $TMUS all rely on stable free cash flow to fund dividends and debt service. $T has in debt against in annual operating cash flow and in free cash flow.

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