AT&T Continues to Make Steady Progress With Wireless and Broadband Network Upgrades

We believe AT&T's investment in its fiber and 5G wireless networks has strengthened its competitive position. These investments don't come cheap, however. Maintaining pricing discipline will be crucial to earning attractive returns on capital, but competitive intensity is ratcheting up, with firms pushing to maintain growth as the wireless and broadband markets rapidly mature. We expect rational competition to prevail over the longer term, with minimal impact from new technologies like satellite, but the next couple of years could be bumpy.