VZ/FYBR: Filings Confirm Concerns about CPUC Deployment Requirement

Recent filings at the California Public Utilities Commission (CPUC) confirm that there is still a gap between what VZ is willing to do to gain approval of its acquisition of FYBR and what the CPUC wants. In this note we update our thinking on the state of play and what happens next.

Part Three of Year in Preview: Our Analysis about Policyband’s Predict...

This week we published three notes that preview what we think will be critical to investors in telecom/media/tech policy environment. In the first, we evaluated what questions do we not know the answer to today but will in a year that will have a material impact on stocks and depend in part on policy. In the second, we looked at the biggest policy related investment stories of 2025 and how the lingering elements of those stories will play out. In this third one we evaluate nine predictions mad...

Marvell Technology Inc: 1 director

A director at Marvell Technology Inc sold 5,000 shares at 93.080USD and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years c...

Optical to drive a strong 2026

Part Two of Year in Preview: What about SATS, BEAD, Spectrum, and Othe...

This week we are publishing three notes that analyze what we think will be critical to investors in telecom/media/tech policy environment in the year ahead. In the first one, published yesterday we evaluated questions that we do not know the answer to today--but will in a year--that will have a material impact on stocks and depend in part on policy. In this second one, we look at the biggest policy related investment stories of 2025 and how the lingering elements of those stories will play out i...

Coffee, Croissants & Credit/Orange, Swisscom, Telecom Italia

Orange issues dollar notes; Swisscom and Telecom Italia to accelerate joint 5G rollout

Monolithic Power Systems Inc: 2 directors

Two Directors at Monolithic Power Systems Inc sold 3,600 shares at between 930.860USD and 940.467USD. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's direc...

5G in India: a step back in Q4

Wireless 4Q25 Preview & Estimate Updates

We preview here our updated 4Q estimates for all 3 wireless carriers following our quarter-end conversations. We also discuss the current state of play in the wireless industry

Analog Devices, Inc. - November 2025 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

In Partial Win for Cable, Trump Memoranda Appears to Protect CBRS

Late Friday, President Trump released a new Presidential Memoranda on 6G and Spectrum. While what the Memoranda said is largely a restatement of what we have previously reported, we think the most important element for investors is what it didn’t say; specifically, that by omission it appears to protect the spectrum known as the Citizens Band Radio Services (CBRS) currently used by cable (and others) for wireless services. In this note we provide an analysis of the Memoranda.

The Tech Infrastructure Quarterly Bible 3Q25

We publish today our comprehensive quarterly bible: 242 pages of detailed analysis on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:

Lattice Semiconductor Corp: 1 director

A director at Lattice Semiconductor Corp sold 9,965 shares at 73.444USD and the significance rating of the trade was 70/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two yea...

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 pa...

VZ/FYBR Moves Toward California Approval

The VZ/FYBR deal has moved closer to closing with an Administrative Law Judge issuing a Proposed Decision recommending California Public Utilities Commission (CPUC) approval, albeit with numerous conditions. In this note we discuss that Proposed Decision and the steps forward from here.

VZ: Investor meeting key takeaways

We hosted a Verizon investor lunch yesterday. We feel we came away with a clearer understanding of the evolving ‘Dan Plan’. Long story short, the chances of VZ ‘burning down the neighborhood’ are far lower than generally feared. This fear has nevertheless been priced into sector stocks, which may present an opportunity across the sector.

Bible 3Q25 – Telecom: Growth in fixed & semis; mobile stabilizing

Today, we are publishing the Telecom Infrastructure section of our 29th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Fixed equipment revenues are rebounding from the inventory correction, rising 11% YoY. RAN revenues declined 1% YoY, reflecting the ongoing weak demand following the 5G cycle. Telecom semis ...