Either Emirates, Etihad, and Qatar are a threat to Delta’s business or they aren’t. If it’s even close to the existential threat that Delta executives claim, that should be priced into the the market’s valuation of their future prospects. If it doesn’t matter, then the controversy is a tempest in a teapot.
At the very least, critics of the Gulf carriers have to explain why the stock market doesn’t appear to see validity in their position.