Why AT&T Stock Slumped in October

AT&T's stock fell over 14% in October despite beating third-quarter earnings estimates, primarily due to investor concerns about SpaceX's aggressive expansion into the consumer telecom market. SpaceX acquired wireless spectrum, secured FCC approval for its Gen2 satellite constellation, and reportedly plans to establish 80,000 cell sites across the U.S., positioning itself as a potential nationwide wireless carrier that could threaten incumbent telecom providers.