(https://www.marketwatch.com/story/why-at-t-verizon-and-t-mobile-shares-are-down-after-spacexs-earnings-033a07ce?mod=mw_rss_topstories) — and that headline crushed $VZ $T $TMUS today. But here's what the market's missing: the real damage isn't the disruption risk. It's the *timing* of that disruption hitting balance sheets already stretched from capex bets and rising debt service costs.

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