Key Takeaways From Our Conversation w/ Tom Wheeler, Former FCC Chairman

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Key Takeaways From Our Conversation w/ Tom Wheeler, Former FCC Chairman

Update

July 29, 2026 12:33 AM GMT

Morgan Stanley & Co. LLCMTelecom & Cable Services | North America Sean Diffley, CFA

Equity Analyst

Key Takeaways From Our Sean.DIFFLEY@morganstanley.comBlake Netter, CPA +1 212 761-5868

Blake.Netter@morganstanley.com +1 212 761-4679

Conversation w/ Tom Wheeler,

Telecom & Cable Services

North America

Industry View In-LineFormer FCC Chairman

We hosted a call with Tom Wheeler, former Chairman of the

Federal Communications Commission (FCC) to discuss some of

the FCC's top policy priorities, including upcoming wireless

spectrum auctions and emerging satellite direct-to-device

technology.

Key Takeaways

Growing upstream data usage will drive demand for additional spectrum and

require re-engineering of wireless networks in the coming years

Verizon likely to have the greatest appetite for spectrum in upcoming auctions

Next major spectrum-buying opportunity is the Upper C-band auction in '27;

expect strong demand but high spectrum relocation payments could weigh on

valuation

SpaceX remains a wildcard, with several potential paths to compete in the US

wireless market, each potentially fraught with legal hurdles and/or complexity

Which frequency bands are most useful? Wheeler framed wireless spectrum as a

scarce asset whose value depends on propagation, capacity, and how it fits into an

operator’s existing spectrum portfolio. Low-band spectrum (<1 GHz) remains

essential for broad coverage, while mid-band spectrum (1 GHz to 6 GHz) has

emerged as the industry’s “workhorse,” striking a balance between coverage and

capacity.

The incumbent wireless carriers' positions vary markedly: Verizon has historically

relied more heavily on network densification than spectrum acquisition.