From the Ground Up: Comm Infra Weekly

研报英文原文证据摘录

From the Ground Up: Comm Infra Weekly

Equity Research

Industry Update — July 19, 2026

Communications Infrastructure & Telecom Services

Our Call Eric Luebchow, CFA

What's on the Agenda? Earnings kicks off this week, with multiple names reporting Equity Analyst | Wells Fargo Securities, LLC Eric.Luebchow@wellsfargo.com | 312-630-2386

across telcos (T, VZ, TMUS), data centers (DLR) and towers (CCI). Telco earnings may help

Caleb Steincalm some nerves after the recent sell-off after SPCX's IPO.

Equity Analyst | Wells Fargo Securities, LLC

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

Recent Investor Commentary: Takeaways from Earnings Previews. We spent last week

chatting with clients on the setup into earnings. On the data centers, we sense positioning

has turned more positive after the recent sell-off, with most investors expecting a beat-

and-raise from EQIX and an FFO guidance reiteration from DLR after its recent equity

raise. Industry checks on demand show bookings near all-time highs (6 GWs of leasing in

Q2 across the U.S. alone), so there's no evidence of a slowdown.

The "concerns" around data centers are less about DLR and EQIX and more about headline

risk across the AI space. A state moratorium on new builds in New York raised further

alarms on local opposition constraining data center builds (even if it could have a positive

impact on pricing). Moves by META and SPCX to sell excess compute have created a

narrative around oversupply at certain hyperscalers. And plenty of bears are trying to call

the peak of the capex cycle (we strongly disagree).

We do not expect Q2 earnings to show any real sign of industry weakness. EQIX may raise

its long-term guidance range this quarter, where we suspect the mid-point of revenue