AMT

SpaceX agreed to buy nationwide 800 MHz airwaves from Grain Management for its new Starlink Mobile service. AT&T, Verizon and T-Mobile shares fell on the threat. Cell tower owners such as American Tower, Crown Castle and SBA Communications could gain if SpaceX builds ground sites.

Meta reportedly developing its own cloud business threatens the captive-customer model that AI infrastructure firms depend on. The consensus is this is a CoreWeave-specific credit event. The real trade: large-cap data center REITs and colocation providers whose valuations assume perpetual hyperscaler outsourcing are mispriced on the downside.