T-Mobile closes down 13%, biggest drop since 2013; AT&T falls 9.9%

The synchronized scale of these moves suggests a sector-wide repricing rather than a company-specific event, which matters because US telecom has long been treated as defensive, yield-oriented exposure. A joint selloff of this magnitude implies the market is reassessing something that applies to the whole group, whether competitive dynamics, capital intensity, or the cost of carrying leverage. The open question is whether this proves a one-session shock or the start of a broader de-rating, and whether the weakness stays contained to carriers or spreads to other yield-sensitive infrastructure names.