Is Elon Musk Coming for Verizon?

SpaceX has acquired spectrum to build a terrestrial wireless network alongside its Starlink satellite service, causing telecom stocks like Verizon to drop ~10%. While the move signals SpaceX's intent to enter the wireless market, analysts debate whether satellite-based wireless can truly compete with established terrestrial networks. The initiative would require $10+ billion in capex and faces significant physics challenges. Meanwhile, PepsiCo reports margin pressures as commodity costs rise faster than pricing power allows, and investors debate whether recent market gains are too concentrated in AI-related stocks.