Morning Call 10/9/26

OpenAI's revenue came in far below prior reports and AI-linked stocks whipsawed, while SpaceX's spectrum buy directly threatens legacy telecom.

• SpaceX spectrum land-grab: SpaceX bought ~$8B of 800MHz spectrum from Grain Management, hitting AT&T, Verizon, T-Mobile (down 5.5-6.5%) while Crown Castle (+8.5%) and SBA Communications rallied.
• OpenAI's revenue reset: CNBC confirmed OpenAI's Sept annualized revenue was ~$18B lower than reported, at just $5B, though Bloomberg sees it hitting $70B by year-end; NVIDIA/Oracle/CoreWeave fell then bounced.

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