Wall St Opens Lower as AI Rout Hits Big Tech, Telecoms — SkimNews
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- Big Tech swings pulled Wall Street lower in early trading after a sharp AI rout, leaving Dow, S&P 500 and Nasdaq futures wobbling and stocks in their steepest decline in months.
- SpaceX worries hit telecoms even as AI tech fears pushed global credit spreads to a 17-month high; the company could be on the cusp of buying 80,000 cell towers in a bid to challenge Verizon, AT&T and T-Mobile.
Why it matters: For telecom investors, the SpaceX tower bid — 80,000 cell towers aimed at Verizon, AT&T and T-Mobile — adds pressure beyond the AI rout that dragged Big Tech into its steepest decline in months. The cross-market tell is credit: AI fears pushing global spreads to a 17-month high show the repricing was priced in credit markets, not only in equities.
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