Signal in the Noise Vol. 233: Why the US is ground zero for FWA and satellite connectivity disruption

Research evidence excerpt

Signal in the Noise Vol. 233: Why the US is ground zero for FWA and satellite connectivity disruption

Equity Research

U.S. Media

5 June 2026

Signal in the Noise Vol. 233

Why the US is ground zero for FWA

and satellite connectivity

U.S. Mediadisruption

NEUTRAL

The US provides a unique combination of geographic scale, North America Cable, Satellite & Telecom

population dispersion, relatively benign regulatory NEUTRALServices

framework and high connectivity prices that make niche North America Cable, Satellite &

technologies more economically viable than in most other Telecom Services

markets. Kannan+1 212 528Venkateshwar7054

kannan.venkat@barclays.com

BCI, US(1) Weekly Riff: Why the US is ground zero for FWA and satellite connectivity disruption

Lauren Bonham

(2) Weekly Monitor: (a) AWS-3 Auction opens (b) Comcast’s Universal UK resort (c) YouTube adds +1 212 526 3856

Fox One to Primetime Channels (d) FCC proposes streamlining of permitting rules for wireline lauren.bonham@barclays.com

infrastructure builds BCI, US

Siyuan (Cindy) Huang, CFA

(3) Recent Notes: Telecom Trends (2 June 2026), OPTU: First steps toward a comprehensive +1 212 526 7952

resolution but still far from over (1 June 2026), TMT Classroom: How are AI data centers different siyuan.huang@barclays.com

from traditional data centers and is there a role for telecom companies? (28 May 2026). BCI, US

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Weekly Riff: Why the US is ground zero for FWA and satellite connectivity disruption

Telecom convergence has been a relatively new theme in the US despite being a broader

industry trend globally for many years.