US Spectrum Primer - Part 1: Riding the Airwaves
Davis Hebert, CFA: Co-Head HY Research, Head of Telecom/Media
Hunter Martin, CFA: Head of Media/Cable
Savannah Buzzeo: Analyst, Telecom / Media
Brian McKenna: Analyst, Telecom & Media/Cable
27 May 2026
- How spectrum enables coverage capacity and broadband convergence across wireless networks
- What drives valuation across geography frequency mix and supply demand dynamics
- Why auctions and policy shifts may reshape carrier positioning and capital deployment
- How satellite and direct to device trends expand spectrum use beyond core telecom
- Which insights highlight spectrum as a resilient asset supporting long term network investment
Executive Summary
Spectrum knowledge is essential to understanding the evolving connectivity ecosystem today. It supports wireless cable and satellite as networks converge toward broadband access.
The wireless industry depends on spectrum to sustain growth and investment. Cable expansion into wireless highlights competitive overlap and structural limitations.
Upcoming auctions will shape the availability and ownership of key spectrum assets. Market participants are preparing for significant regulatory and competitive developments.
Spectrum assets provide underlying value even when operational performance varies. Strong ownership can support resilience during periods of uncertainty.
Satellite developments introduce new opportunities in direct device connectivity. However full scale deployment remains gradual while long term potential continues to build.
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