J P M O R G A N North America Equity Research 04 August 2026 Hardware & Networking Carrier Capex Tracker: Telco and Cable/Broadband CapEx Outlooks Unchanged; 2Q26 Spending In-Line with Expectations Key takeaways from Telco and Cable/Broadband 2Q26 earnings: In Telco, T is becoming more aggressive in pursuing fiber market share, with Fiber ARPU flat y/y (excluding Lumen) as the company sacrifices broadband revenue to maximize combined fiber and wireless revenue instead (i.e. convergence). Together, T and VZ ...