New Street Research - More Delay and Uncertainty Ahead for BEAD Program

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New Street Research

Blair Levin

EUR 8535.00 For Business Accounts Only

More Delay and Uncertainty Ahead for BEAD Program

Since Trump’s re-election more than 13 months ago there has been uncertainty as to how and when NTIA would distribute the BEAD money to the states. Due to recent events involving the GAO, NTIA contractual language, and the AI Executive order, that uncertainty will continue into 2026. In this note we describe the causes of uncertainty and the path for resolution.

19/12/2025 1 EN

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

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Analysts

Blair Levin

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We hosted another session of the 5th annual BCG × NSR Gen-AI Big Idea Series this week. We will host a slate of exceptional speakers through Feb-26 (full line-up here). This session was a conversation with Hock Tan, CEO of Broadcom, along with Kirsten Spears, CFO, and Charlie Kawwas, President of the Semiconductor Solutions Group. Please see the link below for our takes.

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Blair Levin

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VZ/FBYR/CPUC Update: Build Out Requirements Remain an Issue

In a recent analysis of an Administrative Law Judge issuing a Proposed Decision recommending California Public Utilities Commission (CPUC) approval of the VZ/FYBR deal, albeit with numerous conditions, we focused on the conditions related to the tension between VZ’s letter to the FCC changing its policies toward DEI and requirements under California law and regulation, as that has been the key discussion point in the process to date. We noted but did not focus on the build-out requirement in part because of two reasons.

EUR 8535.00

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More Delay and Uncertainty Ahead for BEAD Program

Tesla’s robotaxi secret weapon: customer vehicles

Gen AI Big Idea Series – The Broadcom Platform – ​Hock Tan, CEO

VZ/FBYR/CPUC Update: Build Out Requirements Remain an Issue

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Gen AI Big Idea Series – The Broadcom Platform – Hock Tan, CEO