T-Mobile US

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: AT&T, T-Mobile, and Verizon Plan Satellite Connectivity Joint Venture - $AT & T(T.US)-Mobile US(TMUS.US) $Verizon(VZ.US) $AT & T(T.US)

👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

➤ AT&T, T-Mobile, and Verizon agree in principle on 𝐬𝐚𝐭𝐞𝐥𝐥𝐢𝐭𝐞 JV.

➤ Partnership aims to reduce U.S. 𝐰𝐢𝐫𝐞𝐥𝐞𝐬𝐬 𝐝𝐞𝐚𝐝 𝐳𝐨𝐧𝐞𝐬.

➤ Companies will pool 𝐬𝐩𝐞𝐜𝐭𝐫𝐮𝐦 and share satellite connectivity resources.

➤ Focus includes rural coverage and 𝐝𝐢𝐫𝐞𝐜𝐭-𝐭𝐨-𝐝𝐞𝐯𝐢𝐜𝐞 communications.

➤ Existing carrier-satellite agreements will remain 𝐢𝐧 𝐩𝐥𝐚𝐜𝐞.

➤ Venture aims to improve connectivity during 𝐧𝐚𝐭𝐮𝐫𝐚𝐥 𝐝𝐢𝐬𝐚𝐬𝐭𝐞𝐫𝐬.

➤ Collaboration could accelerate nationwide 𝐬𝐚𝐭𝐞𝐥𝐥𝐢𝐭𝐞 𝐦𝐨𝐛𝐢𝐥𝐞 services.

📊 𝐈𝐍𝐕𝐄𝐒𝐓𝐎𝐑 𝐍𝐎𝐓𝐄: FCC Chair Says U.S. Needs Multiple Satellite-to-Phone Providers - PC Mag - $AST SpaceMobile(ASTS.US) $Amazon(AMZN.US)

👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

➤ Carr highlights 𝐀𝐦𝐚𝐳𝐨𝐧 and 𝐀𝐒𝐓 𝐒𝐩𝐚𝐜𝐞𝐌𝐨𝐛𝐢𝐥𝐞 as key competitors.

➤ FCC Chair Brendan Carr says market needs at least 𝟑 satellite-to-phone providers.

➤ 𝐒𝐭𝐚𝐫𝐥𝐢𝐧𝐤 currently leads U.S. direct-to-phone connectivity services.

➤ T-Mobile’s Starlink partnership reportedly saw lower-than-expected adoption.

➤ Amazon plans direct-to-cell offerings through 𝐆𝐥𝐨𝐛𝐚𝐥𝐬𝐭𝐚𝐫 acquisition assets.

➤ AST SpaceMobile targets commercial satellite service rollout by year-end.

➤ FCC signals support for broader 𝐬𝐚𝐭𝐞𝐥𝐥𝐢𝐭𝐞 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧 and innovation.

🌙 After-Market Earnings Recap:

$Waste(WM.US) $Teradyne(TER.US) $Fair Isaac(FICO.US) $Caesars ENT(CZR.US) $Robinhood(HOOD.US) $Omnicom(OMC.US) $NXP Semiconductors(NXPI.US) $Mondelez(MDLZ.US) $Welltower Op(WELL.US) $Visa(V.US) $Starbucks(SBUX.US) $Enphase Energy(ENPH.US) $CoStar(CSGP.US) $Booking(BKNG.US) $T-Mobile US(TMUS.US) $Expand Energy(EXE.US) $Seagate Tech(STX.US) $Bloom Energy(BE.US)

$T-Mobile US(TMUS.US) Double Beat

EPS: $2.27 vs $2.02 est

REV: $23.107B vs $22.968B est

🟩 +1.22%

We have our fourth private credit collapse in two months, and this one shows exactly why institutional lenders shouldn't be trusted to verify their own collateral.

Bankim Brahmbhatt ran Carriox Capital, a New York telecom financing outfit that convinced BlackRock's HPS Investment Partners and BNP Paribas to lend him $552.6 million. The entire deal was built on one claim: he had legitimate receivables from T-Mobile, Telstra, BICS, Telecom Italia Sparkle, and Taiwan Mobile backing the loans.​

None of it was real. Brahmbhatt forged contracts that appeared to be signed by representatives from these carriers. He created fake invoices supposedly issued by these companies claiming they owed Carriox money. Then he spoofed email addresses mimicking these carriers' real domains and sent fake verification emails to make the receivables look legitimate. By stacking these fabricated invoices on top of each other, he created what looked like $500+ million in collateral. The lenders saw assets and funded the deal without catching any of it.​​

Here's where it gets embarrassing. When HPS and BNP Paribas finally tried to verify these receivables by actually calling T-Mobile, the carrier said they had no idea what Carriox was talking about. No contracts. No invoices. Nothing existed. One phone call would have instantly revealed the entire fraud. These are supposed to be institutional-grade lenders with world-class risk management. Yet somehow they missed basic due diligence.​

While all this was happening, Brahmbhatt's people were also stealing cash. Whenever payments came through the lender-controlled collection accounts, instead of applying those funds to the debt, they diverted the money offshore. So he wasn't just fabricating collateral. He was stealing actual cash flows in real time.​

Lenders sued in August 2025 and froze all assets. Carriox filed for Chapter 11 bankruptcy with $500 million to $1 billion in liabilities and basically zero assets remaining. HPS is sitting on $552.6 million in losses with nothing to recover against.​

The kicker is BlackRock acquired HPS for $12 billion in July 2025 specifically to expand into private credit and get access to its $148 billion platform. Within 90 days of closing that deal, they're holding a half-billion dollar fraud loss on receivables that HPS supposedly vetted and monitored.​

That's not just a bad deal. That's a massive question mark about whether one of the world's largest asset managers actually has the infrastructure to verify complex collateral in modern lending markets. If BlackRock's $12 trillion asset management machine can miss $500+ million in forged documents and fake invoices, what else are they missing? This is the systemic risk that should concern everyone.

Source: StockMarket.News