The connectivity sector is clearly entering a new phase — one where headline subscriber growth is still important, but where investments, efficiency, and strategic pivots are increasingly shaping the narrative. Take T Mobile US: Its Q3 2025 results underline that growth is alive and well (record net adds, raised guidance), but the company also flagged elevated capital expenditure. In short, growth is there, but so is cost.

Further down the stack, you’ll find reporting on Orange’s Q3, which was also boosted by strong fiber and mobile additions, and raised full-year EBITDAaL guidance to at least 3.5%. Then there’s Nokia — the vendor behind much of the infrastructure build-out. Nokia beat estimates for Q3, powered by surging optical and cloud demand linked to AI and data centers. But importantly, it also announced it is scaling down passive venture-fund investments, signaling a shift toward more direct infrastructure exposure and less speculative venture activity.

Put together, these three companies reflect the core themes you’ll be reading about in this edition: growth is now being balanced with cost discipline; network investment is accelerating and being re-shaped by AI and cloud; and consolidation or strategic repositioning (be it Orange’s fiber growth, Nokia’s investment shift, or T-Mobile’s capex ramp) is becoming the norm rather than the exception.

In other news, Telefónica Germany is reportedly revisiting its partnership with 1&1, signaling renewed openness to cooperation — or even future consolidation — in a fiercely competitive market; Omdia’s new forecast highlights the next major battleground: 5G Fixed Wireless Access; and GBI’s partnership with Nokia to upgrade subsea and terrestrial networks across the Middle East underscores a quieter but essential story — the physical backbone of AI.