€560M Buyback, 2G Sunset, and a $320B Rumor: The Many Forces Shaping Deutsche Telekom's Stock

T-Mobile US shuts 2G, migrates customers; Deutsche Telekom buys back shares. A $320B SpaceX rumor fuels speculation. Stock down 18% YTD, RSI oversold.

Two vastly different stories are colliding around Deutsche Telekom's stock. On one side, T-Mobile US is deep into a hard-nosed operational overhaul, shutting legacy networks and forcing millions of customers into new plans. On the other, a speculative whisper about a $320 billion takeover by SpaceX has captured the market's imagination — without a shred of official confirmation.

The US mobile operator is modernizing aggressively. On August 3, 2026, T-Mobile US will permanently switch off its 2G network, freeing up spectrum for new capacity as it builds a defense against satellite rivals like Starlink. At the same time, millions of subscribers on long-outdated contracts are being migrated to current tariffs. T-Mobile US is offering a five-year price freeze, but analysts view the move as a calculated effort to lock in higher revenue per user over the long haul.

Behind the scenes, a separate dispute is simmering with Broadcom. T-Mobile US is in the process of removing tens of thousands of virtual machines from VMware's servers, and a temporary court order only guarantees technical support through early August 2026. The clock is ticking on that legal standoff.

Meanwhile, the parent company in Bonn is stepping in to support the share price. Deutsche Telekom is buying back its own shares for up to €560 million through the end of September, the latest tranche of a multi-billion-euro annual program. The repurchases reduce the share count and mechanically boost earnings per share, but the stock has yet to respond decisively.

The shares currently trade at €25.45, a slight recovery from a recent 52-week low of €23.54 hit on June 30. That low came after a steep decline from the February record of €34.35, leaving the stock more than 26% below that peak. Year-to-date, the loss stands at nearly 9%, and on an annual basis it is down 18.34%.

Technical indicators remain cautious. The 50-day moving average sits at €27.49, about 8% above the current price, while the 200-day moving average at €28.76 is roughly 12% higher. The RSI of 38.5 suggests the stock is technically oversold rather than overheated, offering some comfort to value hunters but no confirmation of a trend reversal.

Adding to the crosscurrents, a rumor surfaced over the weekend that SpaceX might acquire T-Mobile US. Analyst firm TD Cowen flagged the idea, noting the US carrier's market capitalization stood at around $192-195 billion in early July, meaning a deal at the rumored $320 billion would require a substantial premium. Neither Deutsche Telekom, T-Mobile US, nor SpaceX has commented on the speculation, but the market is listening closely given that the US unit accounts for the majority of the group's growth.

On the home front, Deutsche Telekom is quietly extending its dominance in German fiber optics. According to reports from manager magazin, installation costs in Germany can be up to seven times higher than in Spain, straining smaller rivals. Many are losing ground or shedding customers, while the incumbent continues to build out its network, prompting some industry observers to warn of a creeping return to monopoly conditions.

Key dates are now in focus. On August 6, 2026, Deutsche Telekom will report second-quarter results, offering details on cash flow and the US tariff strategy. Separately, CEO Tim Höttges is said to be examining a holding structure that would combine Deutsche Telekom and T-Mobile US under a single corporate umbrella. And before those numbers land, T-Mobile US will proceed with the 2G shutdown, a concrete operational milestone that will test the company's execution and its impact on customer churn.