Investment Rating - The report indicates a critical need for additional mid-band spectrum licensing to avoid a looming spectrum crisis in U.S. wireless networks, which could significantly impact economic growth and technological leadership [6][14][49]. Core Insights - The U.S. is facing a spectrum crisis that threatens to degrade wireless network performance and economic growth, with a projected loss of $1.4 trillion in GDP between 2025 and 2035 if additional spectrum is not licensed [6][13][15]. - By 2027, U.S. networks will be unable to meet nearly 25% of traffic demand during peak hours, worsening to only 27% by 2035, indicating a severe capacity shortfall [9][10][15]. - The report emphasizes the urgent need for policymakers to license additional mid-band spectrum to ensure reliable wireless networks and maintain U.S. global technology leadership [14][49]. Summary by Sections Executive Summary - The U.S. spectrum crisis has long-term negative implications for economic growth, with rising demand and constrained supply pushing networks to their limits [6][14]. - Without additional spectrum, the U.S. risks losing $1.4 trillion in potential GDP between 2025 and 2035 [6][15]. Spectrum Shortfall Impacts on Wireless Networks - The spectrum shortfall will start impacting consumers as early as 2026, with significant congestion expected by 2027 [9][10]. - By 2027, the U.S. will face a spectrum deficit of 401 MHz, which could triple to 1,423 MHz by 2032 if no new spectrum is licensed [17][79]. The Risk to Enterprises without More Spectrum - Upstream manufacturers and ecosystem solution providers will lack the incentive to innovate, leading to a loss of access to next-generation technologies for enterprise end-users [11][144]. - The lack of spectrum will adversely affect productivity and market development opportunities across the wireless connectivity value chain [144]. Downstream Consequences for Consumers - Consumers will experience degraded service quality, with increased latency and reduced bandwidth, impacting their quality of life [36][39]. - Next-generation technologies, such as mobile AI applications and autonomous vehicles, will struggle to reach the market due to insufficient spectrum [12][36]. Call to Action: Core Recommendation - Policymakers must urgently license additional mid-band spectrum to address the looming spectrum deficit and ensure the U.S. maintains its global technology leadership [14][49].

Investment Rating - The report does not explicitly provide an investment rating for the Wi-Fi industry Core Insights - The Wi-Fi industry faces challenges due to an over-allocation of spectrum, which does not necessarily enhance user experience or performance [4][5][6] - The performance improvements across Wi-Fi generations have diminished, with Wi-Fi 4 showing the most significant advancements compared to its predecessors [28][29] - The need for additional unlicensed spectrum is questioned, as current performance levels exceed the requirements for typical applications [15][29] Summary by Sections Introduction - The evolution of wireless communication has seen cellular networks grow to nine billion subscribers, while Wi-Fi connects nearly 20 billion devices globally [2][3] Spectrum Allocation - The U.S. has allocated significantly more mid-band spectrum to unlicensed Wi-Fi compared to licensed networks, which contrasts with Japan's balanced approach [3][6] - The report advocates for a rationalization of spectrum allocations to support both licensed and unlicensed technologies effectively [6][7] Performance Analysis - Wi-Fi 4 achieved a 760% increase in download bandwidth and 588% in uploads, while subsequent generations have shown modest improvements [8][28] - Testing indicates that Wi-Fi 7 can achieve high throughput of 3 Gbps at close range, but performance drops significantly with distance [19][26] Regulatory Challenges - The report highlights the need for better spectrum management and the potential for additional spectrum to support licensed networks facing congestion [5][6] - It suggests that the U.S. should aim to auction an additional 1500 MHz of spectrum to correct imbalances in allocation [7][36] Simulation and Predictions - Various simulation studies have produced conflicting estimates of spectrum needs, indicating a lack of consensus on the future requirements for Wi-Fi [33][36] - The report critiques the reliance on simulations that do not accurately reflect real-world conditions, emphasizing the need for more realistic modeling [9][33]