VZ, T and TMUS getting crushed on SpaceX news. Is the market overreacting?

SpaceX to acquire approximately $8B of nationwide low-band cellular spectrum.

Market reaction has been brutal. T-Mobile down 13%, Verizon and AT&T around 10%.

A credible fourth competitor could pressure pricing, market share and margins across an industry with enormous fixed costs.

But SpaceX is still a long way from operating a fully competitive nationwide cellular network.

Seems like a legitimate long-term competitive threat, but possibly a substantial overreaction to the near-term economics.

**Does today’s selloff represent a rational repricing of long-term competitive risk, or has the market gotten ahead of itself? Anyone buying the dip?**