Core Insights - IQSTEL Inc. and Cycurion Inc. are reinforcing their long-term commitment through a strategic alliance, emphasizing a collaborative vision for future growth [3][4][5] - Both companies have decided to distribute $500,000 worth of their own shares as a pro-rata dividend to shareholders, rather than redistributing cross-held shares, which is seen as a more efficient structure [1][2] - The retention of cross-holdings, valued at $1,000,000, signals a deeper trust and alignment between the two companies, indicating a commitment to joint product development and market expansion [5][6] Company Overview - IQSTEL Inc. is a global connectivity and digital corporation, forecasting $340 million in revenue for FY-2025, with a goal of becoming a $1 billion tech-driven enterprise by 2027 [9] - Cycurion Inc. specializes in IT cybersecurity solutions and AI, serving clients across various sectors including government and healthcare [7] Joint Development Initiatives - The companies are co-developing advanced cybersecurity technologies and AI-based applications aimed at telecom operators and financial institutions across more than 20 countries [6] - Further updates on joint products are expected in Q1 and Q2 of 2026, indicating ongoing collaboration and innovation [6]

Core Viewpoint - US tech giants, including Apple, Amazon, Cisco, Meta, HP, and Intel, oppose the allocation of the 6 GHz band for mobile services, advocating instead for its use for Wi-Fi services [1][2]. Group 1: Spectrum Allocation and Auction - The US technology companies argue that the technical and commercial readiness for mobile services in the 6 GHz band is not established [2]. - The government has indicated that 400 MHz of frequencies in the 6 GHz band are available for auction, with 300 MHz expected to be available by 2030 and 500 MHz to be delicensed for low power applications, primarily Wi-Fi [5][6]. - Reliance Jio has requested that the entire 1200 MHz spectrum in the 6 GHz band be included in the upcoming auction, despite the government's decision to delicence 500 MHz for low power applications [5][6]. Group 2: Industry Responses and Concerns - Airtel has also requested a deferment of the 6 GHz band auction due to ecosystem readiness challenges, including device availability and network equipment [7]. - Qualcomm supports the deferment, emphasizing the importance of aligning with global standards and safeguarding India's 6G future [8]. - The Cellular Operators Association of India (COAI) opposes the delicensing of the 6 GHz band, arguing that it undermines quality of service and scalability for digital applications [9][10]. Group 3: Implications of Delicensing - COAI warns that delicensing any part of the 6 GHz band could permanently limit its use for licensed mobile broadband services, affecting India's long-term digital capacity [10]. - Concerns are raised that unlicensed Wi-Fi deployments by global OTT players could disadvantage local telecom operators and reduce government revenues [11].

Core Viewpoint - US technology companies, including Amazon and Qualcomm, oppose the allocation of the upper 6GHz band for International Mobile Telecommunications (IMT) services, advocating instead for the entire 6GHz band to be designated for Wi-Fi services due to concerns over technical and commercial readiness [1][8][10] Group 1: Spectrum Allocation and Auction - The Indian government has stated that 400MHz of airwaves in the 6GHz band are available for auction, with an additional 300MHz expected by 2030, and 500MHz to be delicensed for low-power applications like Wi-Fi [2][10] - Reliance Jio is pushing for the entire 1200MHz spectrum in the 6GHz band to be included in the upcoming auction, despite the government's decision to delicence part of the band for low-power applications [2][10] - Airtel and Qualcomm have called for the deferment of the auction for the 6425-6725 MHz and 7025-7125 MHz bands, citing the need for ecosystem readiness and alignment with global standards [4][10] Group 2: Industry Associations' Stance - The Cellular Operators Association of India (COAI) opposes the delicensing of the 6GHz band, arguing that licensed IMT spectrum is essential for quality service and scalability for future applications like 6G [5][6][10] - COAI warns that delicensing any part of the 6GHz band could permanently limit India's digital capacity and affordable service provision [6][10] - The Manufacturers Association of Information Technology (MAIT) supports the idea of allowing unlicensed access in the lower 6GHz band and suggests extending this to parts of the upper 6GHz for future Wi-Fi generations [7][10]

In what’s being reported as the largest workforce reduction in company history, Verizon is preparing to cut approximately 13,000 jobs. The telecom giant, which employed about 100,000 people at the end of 2024, is racing to stay competitive in a tough wireless service and home internet market, according to CBS News (1). Must Read Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how Dave Ramsey warns nearly 5 ...

Core Insights - T-Mobile US, Inc. is a significant player in the telecommunications sector, known for its innovative connectivity and customer service, competing with major companies like Verizon and AT&T [1] - The company has extended its partnership with the Formula 1 Heineken Las Vegas Grand Prix, reinforcing its position as the Regional 5G Innovation Partner of Formula 1 [1][2] Financial Performance - T-Mobile's stock is currently priced at $209.48, showing a slight decrease of 0.49% or $1.03, with trading fluctuations between a low of $206.68 and a high of $211.36 today [3] - Over the past year, the stock has seen a high of $276.49 and a low of $199.41, indicating market volatility [3] - The company's market capitalization is approximately $234.33 billion, reflecting its substantial presence in the telecommunications industry [5] - Today's trading volume stands at 6.29 million shares, indicating active trading interest [5] Insider Transactions - SIEVERT G MICHAEL, a director of T-Mobile, sold 22,500 shares at $214.25 each but retains approximately 286,196 shares [4]

Investment in AST SpaceMobile - AST SpaceMobile received a $155 million investment in early 2024, followed by an additional $203 million in shares during Q1 2023, indicating strong confidence in its partnerships with carriers like AT&T and Vodafone, which collectively serve over 2.5 billion subscribers [1] - AST plans to offer nationwide intermittent service in the U.S. by late 2025, with expansions to Canada, Japan, and the U.K. in early 2026, suggesting explosive growth prospects [1] - Analysts predict significant revenue growth driven by these partnerships, supported by a $1.2 billion cash buffer and a recent $420 million loan for satellite launches [1] Alphabet's Investment Strategy - Alphabet's investment in AST SpaceMobile is valued at approximately $459 million, representing 18% of its equity holdings, as it aims to build a satellite-based cellular network to connect unmodified smartphones directly from space [3] - Through GV and CapitalG, Alphabet manages a portfolio of about 37 public stocks valued between $2.5 billion and $3 billion, with AST SpaceMobile, Planet Labs, and Arm Holdings as its largest positions, reflecting a strategy focused on high-growth sectors [4] - Alphabet's venture arm targets innovations that enhance connectivity for Android devices and improve geospatial data capabilities, aligning with its broader ecosystem [5] Performance and Market Outlook - AST SpaceMobile's stock has increased by 143% year-to-date, despite a recent decline after missing Q3 estimates, trading around $52 per share [7] - The company has potential for a 50% upside by 2026 if it captures a portion of the $100 billion satellite broadband market, indicating significant market disruption potential [7] Planet Labs Overview - Planet Labs holds a $356 million stake in Alphabet's portfolio, representing about 17% of its holdings, and operates over 200 satellites for daily global imagery [8] - The company’s data supports environmental analytics and integrates with Google’s Earth AI models, enhancing Alphabet's cloud services for enterprise clients [9] Arm Holdings Overview - Arm Holdings, valued at around $258 million in Alphabet's portfolio, designs energy-efficient CPU architectures used in 99% of smartphones, with a focus on supporting Google Cloud [13] - Fiscal Q2 2026 revenue for Arm topped $1 billion, reflecting a 34% year-over-year increase, with analysts forecasting 21% long-term earnings growth [14]

Group 1 - Madison Mid Cap Fund reported a return of 1.9% in Q3 2025, underperforming the Russell Midcap Index which increased by 5.3% [1] - The Information Technology sector led the performance for both the quarter and year-to-date [1] - The fund's top five holdings were highlighted as key picks for 2025 [1] Group 2 - GCI Liberty, Inc. (NASDAQ:GLIBK) experienced a one-month return of -6.56% and a three-month decline of 12.56%, closing at $33.75 per share with a market capitalization of $968.552 million on November 20, 2025 [2] - Madison Mid Cap Fund sold its holding in GCI Liberty, Inc. due to mediocre growth prospects and its small market capitalization, which was deemed immaterial to the portfolio [3] Group 3 - GCI Liberty, Inc. is not among the 30 most popular stocks among hedge funds, with a belief that certain AI stocks present greater upside potential and lower downside risk [4]

Core Insights - IQSTEL Inc. is projected to reach $1 billion in revenue by 2027, with a forecast of $340 million for FY-2025, indicating strong growth potential in the tech-driven sector [1][22] - The current share price of approximately $4.50 does not reflect the company's intrinsic value, which is supported by a robust balance sheet and expanding high-margin business lines [6][8] Telecommunications Services - IQSTEL provides carrier-grade solutions such as VoIP, SMS, Fiber Connectivity, DID, eSIM, and Roaming, which form the operational backbone of the company and generate substantial annual revenue [2] Fintech Ecosystem - The fintech division includes AI services through platforms like AirWeb.ai and IQ2Call.ai, offering call automation and virtual assistants for customer service and sales [3] Cybersecurity Offerings - In partnership with Cycurion, IQSTEL delivers enterprise-grade cybersecurity services, including 24/7 monitoring and threat detection, catering to telecom and corporate clients [4] CEO Insights - The CEO highlighted that the market undervalues IQSTEL's share price relative to its net equity per share of $4.66 and the company's asset value of $12.23 per share, indicating a significant valuation gap [8][13] - The company has achieved a $2.7 million EBITDA run rate and aims for $15 million by 2026, with expectations that this will trigger a revaluation of the stock [9][12] Shareholder Value Initiatives - A recent $500,000 dividend in shares reflects the company's commitment to rewarding shareholders and signifies a transition to a phase of accelerating profitability [15][16] - The company aims to enhance shareholder value as its Telecom, AI, Cybersecurity, and Fintech divisions continue to scale [18][19]

Core Viewpoint - AST SpaceMobile has experienced significant stock price increases driven by speculation and future forecasts, but the company is still in the early stages of commercialization and faces challenges in sustaining its growth trajectory [2][3][5]. Company Overview - AST SpaceMobile's stock has surged 168% year-to-date, despite a recent market pullback due to concerns over an AI bubble and economic slowdown [2]. - The company reported $14.7 million in revenue for Q3 2025, which is more than triple its total revenue for 2024, primarily due to achieving U.S. government milestones [3]. - AST has secured over $1 billion in revenue commitments from major partners such as Verizon, Vodafone, and Saudi Arabia's stc Group, and has launched its first five BlueBird satellites [4]. Financial Performance - The current market capitalization of AST SpaceMobile is approximately $20 billion, which reflects high expectations despite the company just beginning to commercialize its business [5]. - Company guidance indicates projected revenue of $50 million to $75 million for the second half of the year, with an expectation of around $50 million in Q4 [6]. Industry Context - The telecom industry, which constitutes AST's primary customer base, has been characterized by slow growth, low valuations, and significant debt burdens [7]. - Comparatively, Verizon, a key customer, has a market cap of $172 billion and a price-to-earnings ratio below 9, highlighting the mature nature of the telecom and broadband sectors [8]. - The potential for AST's valuation to increase beyond $20 billion exists, but there may be limitations unless the company diversifies beyond broadband services [8].

Summary of Lumen Technologies FY Conference Call Company Overview - **Company**: Lumen Technologies (NYSE: LUMN) - **Date of Conference**: November 19, 2025 Key Industry Insights - **Industry**: Telecommunications and Communications Infrastructure - **Current Trends**: Transition towards digital services and network-as-a-service offerings Core Points and Arguments 1. **Revenue Growth Strategy**: Lumen is transitioning from mid-single-digit revenue declines to projected growth by 2028 or 2029, with half of its revenue now coming from growth items and the other half from declining segments [7][8][9] 2. **Network-as-a-Service (NaaS)**: Lumen's NaaS offerings are growing at a rate of 30% quarter-on-quarter, indicating strong digital adoption and scalability compared to traditional telecom services [9][16] 3. **Competitive Advantage**: Lumen's existing infrastructure allows for significant scalability, with the ability to carry thousands of services over a single port, which is unique in the industry [16][23] 4. **AI and Data Infrastructure**: The company emphasizes the importance of its network in supporting AI and multi-cloud environments, positioning itself as a critical player in the AI infrastructure build-out [33][34] 5. **Financial Restructuring**: Lumen plans to reduce its debt significantly through the sale of fiber assets to AT&T, which will lower total debt from over $18 billion to just above $13 billion, enhancing financial stability [103][104] 6. **CapEx and Infrastructure Development**: The majority of capital expenditures are focused on utilizing existing conduits for fiber deployment, with a projected spend of around $2 billion in core business CapEx [65][70] 7. **Cost Transformation Initiatives**: Lumen is undergoing a broader cost transformation, including ERP modernization and leveraging AI to improve operational efficiency, targeting a $1 billion exit run rate by the end of 2027 [132][136] 8. **Market Positioning**: Lumen is focusing on large enterprises and public sector opportunities, with a strong emphasis on direct cloud on-ramps to enhance service delivery [141] Additional Important Insights 1. **Customer Engagement**: Lumen is shifting its focus from traditional telecom sales to engaging with C-suite executives, emphasizing the value of improved total cost of ownership through its services [25] 2. **Market Skepticism**: There are concerns about a potential AI bubble, but Lumen differentiates itself by being in the networking business, which is not overbuilt and is supported by customer prepayments [33][34] 3. **Future Outlook**: The company anticipates continued growth in its digital offerings and is exploring opportunities for further asset sales, including copper mining, to streamline operations [159][165] This summary encapsulates the key points discussed during the Lumen Technologies FY Conference Call, highlighting the company's strategic direction, financial health, and market positioning within the telecommunications industry.