Investing.com -- Shares of major U.S. telecommunications companies took a sharp hit in after-hours trading Thursday after SpaceX announced a definitive agreement to acquire a nationwide 800 MHz spectrum portfolio from Grain Management. Before you buy NVIDIA: our AI model's stock picks are beating the market by 120%+. See the list now » The acquisition paves the way for SpaceX's Starlink Mobile to deploy a hybrid satellite-and-terrestrial network, positioning the aerospace company as a formidable, direct competitor to legacy wireless providers. Following the announcement, AT&T Inc. plummeted 6.75%, T-Mobile US dropped 5.4%, and Verizon Communications fell 5%.
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