On October 9, AT&T Inc. fell 5.46% in pre-market trading, trading at $23.24 per share, with turnover of approximately $6,083.94. The decline came after reports that SpaceX will acquire nationwide mobile communications spectrum assets, triggering deep concerns about the competitive landscape for traditional telecom operators. AT&T, Verizon, and T-Mobile all fell sharply in after-hours trading, with Verizon down 6.8% and AT&T shares extending losses to as much as 8% at one point. The move marks a notable reversal from earlier in the week, when AT&T announced a fiber joint venture with GIP and CPP Investments aimed at accelerating community network builds. Analysts have recently lowered AT&T targets — Scotiabank cut its target to $27.50 from $29.25, while Arete Research lowered its target to $23 from $28 — reflecting ongoing concerns about capital spending and satellite competition. Despite the fiber JV and a new partnership with OpenAI on internal legal design, the market is reacting more forcefully to the potential disruption posed by SpaceX entering the mobile spectrum market.

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