Takeaways From Connect X: The Return Of The Edge Debate Amid AI Frenzy

研报英文原文证据摘录

Takeaways From Connect X: The Return Of The Edge Debate Amid AI Frenzy

TD SECURITIES (USA) LLC INDUSTRY UPDATE

May 11, 2026

■Communications Infrastructure: Towers Takeaways From Connect X: The Return Of

The Edge Debate Amid AI Frenzy

Michael Elias THE TD COWEN INSIGHT

646 562 1358

Last week, we attended Connect X in Fort Lauderdale. Our takeaways include 1) tower leasing

michael.elias@tdsecurities.com

remains steady with DISH resolution and SBAC potential takeout in focus, 2) the edge narrative

Gregory Williams, CFA is making a comeback but is awaiting an application, 3) demand for optical fiber and glass

646 562 1367 continues to accelerate creating have/have-nots, and 4) the long awaited FTTH M&A frenzy is

gregory.williams@tdsecurities.com

in full swing.

Jerome Darling

646 562 1312 U.S. Tower Leasing Activity Remains Steady With No NT Signs Of Acceleration; DISH

jerome.darling@tdsecurities.com Resolution And SBAC Takeout Speculation Remain In Focus Although Outcome Remains

Samuel Maher Unclear (Elias)

212 827 7073

Based on our conversations at Connect X, U.S. tower leasing activity remains steady, and we

samuel.maher@tdsecurities.com

do not see signs of a NT acceleration in U.S. tower leasing volumes, consistent with recent

Haydn Potgieter quarters. While AI-driven mobile data growth and expectations for an early 6G cycle continue

212 827 7897 to come up as LT positives, the near-to-medium term factors in focus are 1) the EchoStar/

haydn.potgieter@tdsecurities.com DISH payment saga, 2) SBAC takeout speculation, and 3) upcoming spectrum auctions.

Relating to DISH, beyond the ongoing litigation between EchoStar/DISH and the public tower

companies over contractual obligations, EchoStar’s CEO disclosed on its 4Q25 earnings call