1104 GMT - European telecoms aren't significantly threatened by agentic artificial intelligence, JPMorgan's Akhil Dattani and Ankur Baheti write. Some investors worry that AI agents will prompt consumers to move providers more often and to negotiate down bills. Though the AI landscape is nascent and mustn't be dismissed, "we see numerous reasons why the impact on European telecoms should be contained," the analysts say. AI agents currently on the European market rarely prompt users to look to discount providers, they note. Incumbents should look to consolidate to crowd out the risk, they say. European telecoms shares fall sharply Friday after SpaceX moved to enter the mobile network market. Deutsche Telekom shares fall 6.3%, while Vodafone and Telefonica drop 4.1% and 3.9%, respectively. Orange shares fall 2.5%.