Delian argued that terrestrial wireless carriers (T-Mobile, Verizon, AT&T) have a moat based on physical ground infrastructure, but Starlink's direct-to-phone capability will break that moat. He thinks "all [carrier] valuation gets transferred to SpaceX over the next... 10 years." The advent of space-based broadband (Starlink) with global coverage directly to devices threatens to obsolete the core infrastructure advantage of legacy telecom carriers. AVOID the incumbent telecom carrier sector, as their business model and valuation are under existential, long-term threat from SpaceX's Starlink. Carriers successfully adopting or partnering with Starlink; slower-than-expected rollout of direct-to-cell technology; regulatory intervention.