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Telecom stocks fall after SpaceX spectrum deal

Australian and New Zealand telecom shares declined following SpaceX acquisition of a US spectrum portfolio. Investors worry satellite services will challenge legacy network coverage.

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FILE PHOTO: The SpaceX logo in this illustration taken June 11, 2026. REUTERS/Dado Ruvic/Illustration//File Photo

Telecom stocks across Australia and New Zealand dropped on Monday after SpaceX acquired a US spectrum portfolio. The move ignited investor fears that satellite constellations could bypass legacy infrastructure.
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