US and European telecom stocks tumbled on Friday after SpaceX’s acquisition of low-band spectrum heightened concerns over growing competition from satellite-based mobile services. T-Mobile US, Verizon and AT&T fell between 5.5% and 7.4% in premarket trading, while the STOXX Europe 600 Telecommunications index dropped over 2% to its lowest level since January 30.The slide came after reports that SpaceX had agreed to acquire private-equity firm Grain Management’s nationwide 800 MHz spectrum portfolio in a deal valued at about $8 billion, bolstering the company’s ambitions in satellite-to-cellular connectivity. Is Europe rallying behind USA in every tecnology corner ?
