We Expect T-Mobile to Execute Well as Growth Slows

T-Mobile’s brand and reputation, coupled with a strong network and spectrum position, should drive market share gains over the next couple of years. In the longer term, we expect AT&T and Verizon to match T-Mobile, and that market share will stabilize among the three carriers. A rational competitive landscape should emerge, allowing for stable pricing, disciplined investment, and expanding cash flow. However, SpaceX now threatens to upset the current market structure. While we don't expect SpaceX's Starlink to enter the traditional US wireless market, the threat of entry could still cause problems.