10月9日：周五，由于SpaceX收购低频段频谱的消息引发了市场对卫星移动服务竞争加剧的担忧，美国和欧洲的电信股大幅下跌。
Oct 9 : US and European telecom stocks tumbled on Friday after SpaceX's acquisition of low-band spectrum heightened concerns over growing competition from satellite-based mobile services.
在盘前交易中，T-Mobile US、威瑞森和AT&T的股价跌幅介于5.5%至7.4%之间；STOXX欧洲600电信指数则下跌逾2%，创下1月30日以来的最低水平。
T-Mobile US, Verizon and AT&T fell between 5.5 per cent and 7.4 per cent in premarket trading, while the STOXX Europe 600 Telecommunications index dropped over 2 per cent to its lowest level since January 30.
作为欧洲市值最高的电信运营商，德国电信股价下跌6.5%；英国沃达丰下跌4.1%，法国 Orange下跌2.3%，西班牙电信则下跌3.9%。
Deutsche Telekom, Europe's largest telecom operator by market value, fell 6.5 per cent, while Britain's Vodafone dropped 4.1 per cent, France's Orange lost 2.3 per cent and Spain's Telefonica slipped 3.9 per cent.
此前有报道称，SpaceX已同意以约80亿美元的价格收购私募股权公司Grain Management所持有的覆盖全美的800兆赫频段频谱资源，此举将助力该公司拓展卫星与蜂窝网络互联业务。
The slide came after reports that SpaceX had agreed to acquire private-equity firm Grain Management's nationwide 800 MHz spectrum portfolio in a deal valued at about $8 billion, bolstering the company's ambitions in satellite-to-cellular connectivity.
摩根士丹利分析师在报告中指出：“我们认为此次收购表明SpaceX将更积极地收购频谱资源。”他们还补充道，对现有电信运营商构成的威胁可能会逐步显现，首先是在农村市场。
"We believe the Grain transaction is a clear sign that SpaceX is going to be a more aggressive acquirer of spectrum," Morgan Stanley analysts said in a note, adding that any threat to established carriers is likely to materialize gradually, starting in rural markets.
相较于高频段无线电波，低频段频谱的传播距离更远，穿透建筑物及其他障碍物的能力也更强，这十分有利于SpaceX推进其Starlink Mobile业务。
Low-band spectrum can travel longer distances and penetrate buildings and other obstacles more effectively than higher-frequency airwaves, enabling SpaceX's Starlink Mobile push.
尽管交易双方并未公布具体财务条款，但据《华尔街日报》援引消息人士的话称，这笔交易的估值约为80亿美元。
While the companies did not share financial terms of the deal, the Wall Street Journal reported, citing sources, that it is worth $8 billion.
在宣布收购消息后，SpaceX股价上涨4%，不过该交易仍需获得监管部门的批准。
SpaceX shares rose 4 per cent after announcing the acquisition, which remains subject to regulatory approval.
电信铁塔运营商逆势上扬：投资者们认为SpaceX的无线业务规划最终将带动对地面基础设施的需求增长，因此这些铁塔运营商并未随行业整体走势下跌。
TOWERS BUCK SELLOFF Telecom tower operators bucked the sector-wide selloff, as investors bet SpaceX's wireless ambitions could ultimately drive demand for additional terrestrial infrastructure.
美国铁塔公司、皇冠城堡公司以及SBA通信公司的股价涨幅介于6.7%至8.3%之间。
American Tower, Crown Castle and SBA Communications advanced between 6.7 per cent and 8.3 per cent.
摩根士丹利表示，这笔交易对塔台运营商而言具有“边际上的建设性”，并指出，即便是以卫星为核心的网络，也可能需要部署塔台、屋顶基站和小蜂窝基站，而更广泛的都市竞争则需要更多地面基础设施和频谱资源。
Morgan Stanley said the transaction was "incrementally constructive" for tower operators, noting that even a satellite-centric network could require deployments of towers, rooftops and small cells, while broader urban competition would require substantially more terrestrial infrastructure and spectrum.