SpaceX announced on Thursday a nationwide spectrum acquisition agreement aimed at deepening its penetration into the telecommunications market via its Starlink service, a move that triggered a broad decline in U.S. telecom stocks on Friday. Verizon's shares fell approximately 7%, marking their worst single-day performance since 2002; T-Mobile's stock dropped 12%; and AT&T's shares declined about 10%. SpaceX's stock, meanwhile, saw a modest gain of about 1%. FCC Chairman Brendan Carr stated that competition in the spectrum market is "very good news" for American consumers.