From the Ground Up: Comm Infra Weekly

Research evidence excerpt

From the Ground Up: Comm Infra Weekly

Equity Research

Industry Update — June 21, 2026

Communications Infrastructure & Telecom Services

Our Call Eric Luebchow, CFA

What's on the Agenda? Happy Father's Day! Our travel schedule slows down the next few Equity Analyst | Wells Fargo Securities, LLC Eric.Luebchow@wellsfargo.com | 312-630-2386

weeks - we'll be finishing up management check-in calls while also meeting with some

Caleb Steinlocal clients over the next couple of weeks as we get prepped for earnings.

Equity Analyst | Wells Fargo Securities, LLC

Caleb.Stein@wellsfargo.com | 704-410-1823

Recent Investor Commentary: Can Telecom Survive the Satellite Onslaught? The telco

ecosystem has been battered down recently given worries about the impact of satellite

on both home broadband and mobile competition. For instance, AT&T stock is down 13%

just the past month alone (SPX +1%) as investors debate whether satellite broadband will

be a material risk to future subscriber growth or simply a mild distraction that will fail to

disrupt higher-capacity products like fiber-to-the-home.

There are some valid reasons for the telcos to worry. Fixed wireless was largely dismissed

by cable execs and investors ~5 years ago as an inferior product with limited reliability and

lower speeds, and now FWA subs sit at over 16MM across TMUS, VZ and T, or ~14% of

the resi broadband market. Satellite could prove similarly disruptive, especially when next-

gen satellites are launched, if they offer a compelling value proposition (we've seen some

promo rates as low as $30/month in some regions).

The worry, of course, is that non-wired broadband alternatives like FWA and satellite could

eventually comprise ~30%+ of the market, effectively crowding out subscriber growth for