Crown Castle has pursued a different growth strategy than its two largest competitors by focusing solely on the US telecom market. Efforts to build fiber networks and promote small cells to wireless carriers ended with poor returns on capital. The firm wisely, in our view, decided to sell its fiber business, closing the transaction in May 2026. Crown is now a pure US wireless tower operator with few major growth opportunities in front of it, but its infrastructure is still critical to the functioning of US wireless networks.