AT&T stock has been lagging the market, down 12% over the last year compared to the S&P 500 being up 16%. A lot of the selloff seems tied to fears about SpaceX's Starlink taking their market share. Last week, AT&T announced a deal with Amazon to use their low Earth orbit satellite network for broadband services. This positions them to compete directly with Starlink instead of just letting them take market share. Right now the stock is trading at less than 9x trailing earnings and has a 4.3% dividend yield. Between the cheap valuation and the new Amazon partnership, the Starlink concerns might be priced in at these levels.