Diversified Telecommunication Services

AT&T has extended its contract with the Dallas Cowboys to power AT&T Stadium's mobile network and fan connectivity, keeping the company's name on the stadium. The company will also debut new stadium technology during the 2026 season, including fan experiences, mixed reality, and AI-powered moments. AT&T Stadium will now be equipped with AT&T Turbo, giving every fan, including customers of other carriers, high-priority network access to post and stream during the game, along with Starbase Connection, which transforms fan-submitted photos into custom Cowboys hype videos across stadium boards. Fans can also "Pose with the Pros" using augmented reality and put themselves in mixed reality catch-and-compete moments with the players. AT&T Stadium currently boasts one of the largest networks in the U.S. with more than 261 miles of fiber and close to 1,000 antennas throughout the stadium. AT&T has been a corporate sponsor of the Dallas Cowboys since 1996 and obtained stadium naming rights in 2013.

AT&T and the Dallas Cowboys announced an agreement to extend their partnership and continue powering the technology and fan experiences at AT&T Stadium. The deal keeps the AT&T name on the building and gives the two a platform to build faster, smarter and more immersive game-day experiences. AT&T Stadium relies on more than 261 miles of fiber and nearly 1,000 antennas throughout the venue, which the companies describe as the largest network of its kind in the country, to serve crowds of more than 100,000 people. For the 2026 season, AT&T is debuting new stadium technology including AT&T Stadium Wayfinding navigation, an expanded AR photo experience called Pose with the Pros, a mixed reality catch-and-compete moment with Dak Prescott, the AI-powered Starbase Connection feature, and AT&T Turbo Live high-priority network access available to fans of all carriers. Dallas Cowboys Owner, President and General Manager Jerry Jones said AT&T has been at the core of the fan experience and the technology foundation driving operations for 30 years, and AT&T Chairman and Chief Executive Officer John Stankey said the Cowboys will continue to innovate on behalf of fans.

Interlink Telecom Public Company Limited, or ITEL, disclosed that the National Broadcasting and Telecommunications Commission, or NBTC, has announced the lowest bidders for the high-speed internet procurement project in remote areas, Phase 3, or USO3. ITEL, together with partners, secured a total of three contracts: two contracts jointly with Thaicom and one contract with TKC covering the southern region. The project value attributable to ITEL alone is about 1.7 billion baht, with clarity on contract signing expected in the fourth quarter of 2026. The total contract value of the entire USO3 project stands at 5.42 billion baht, covering five regions nationwide. Following this award, the company's work in hand, or backlog, rises from about 2.2 billion baht to 3.9 billion baht. The project execution period is roughly five years, and revenue is expected to be gradually recognized through 2031. As for the outlook for the second half of 2026, the company expects continued growth from the first half, in which it already recorded revenue of about 1.36 billion baht. For the full year 2026, the company maintains its total revenue target at approximately 3.6 billion baht, up from about 2.86 billion baht last year. On the analyst side, Krungsri Securities Public Company Limited recommends buying ITEL shares with a target price of 2.00 baht, expecting revenue recognition to begin in the fourth quarter of 2026 and to help support a return to stronger profit growth in 2027.

AT&T has introduced Cricket 5G Home Internet, extending fixed wireless broadband over its existing 5G network for Cricket Wireless customers, and has partnered with LifeMD to give eligible AT&T subscribers free virtual healthcare visits and related telehealth services. The two moves widen AT&T's bundled connectivity offer by adding home broadband and healthcare benefits to its consumer plans, with the LifeMD benefits available to more than 100 million eligible customers. AT&T operates as a large US telecom provider with a market value of about $183.1b, and the company must fund the new perks while still managing heavy 5G and fiber spending and legacy revenue pressure. Analysts' forecasts assume 2.5% annual growth and a 13.4% margin, and the key commercial question is how many Cricket users bundle mobile and home service and what that does to churn. Investors will watch subscriber metrics over the next few quarters, especially Cricket 5G Home Internet adoption, uptake of LifeMD benefits, bundle penetration, fiber plus wireless households, and any disclosure on healthcare-driven engagement or reduced churn tied to AT&T's &More program.

IQSTEL Inc. outlined the potential economics of its mobile-first microdrama distribution initiative through IQSTEL Digital, modeling an illustrative $14.4 million to $21.6 million in annualized consumer billings at 300,000 active paid monthly subscriptions. Under the contemplated commercial model, consumers would pay approximately $4 to $6 per active monthly microdrama subscription, with total subscription revenue shared among the participating mobile operator, content partner and IQSTEL. IQSTEL Digital estimates each active paid monthly subscription could contribute approximately $0.50 to $1.00 per month in profit contribution attributable to IQSTEL Digital, which at 300,000 subscriptions would equal roughly $150,000 to $300,000 monthly, or an annualized $1.8 million to $3.6 million. The company said the 300,000 figure represents 60% of the 500,000 gross paying subscriptions it has illustratively targeted by the end of 2027, itself based on an assumed 1.25% penetration of a potential audience of approximately 40 million mobile users across targeted operators by the end of the second quarter of 2027. IQSTEL Digital also created an original microdrama demo to explain the format and its carrier-billing monetization model, and said the initiative is led by IQSTEL Digital CEO Jorge Becerra, while President and CEO Leandro Iglesias described the objective as converting existing telecom relationships into recurring, high-margin digital revenue.

True Corporation has teamed up with the Tourism Authority of Thailand to give away 10,000 True dtac Tourist SIMs to Chinese tourists arriving in Thailand, with instant connectivity from their very first step at four major airports: Suvarnabhumi, Don Mueang, Phuket and Chiang Mai, throughout NiHao Month 2026. The partnership also joins hands with TAKABB, or Five Centipedes, to pass on Thai charm through gifts from Thai brands familiar to Chinese tourists. Ms. Rasika Sathiranawin, head of the tourist and immigration customer group at True Corporation, said Golden Week is a key period when Chinese tourists travel to Thailand, so True wants to create a good experience from the very first step. Mr. Oramon Kaensaksiri, sales and marketing director at Five Centipedes (Sim Tien Hoe) Co., Ltd., said the Five Centipedes brand products are a popular souvenir that Chinese tourists have trusted for a long time. To claim the offer, tourists holding Chinese passports who sign up for the Tourist INFINITE add-on package worth 450 baht or more will receive free Five Centipedes products, either Five Centipedes brand inhalers worth 25 baht or Five Centipedes brand cough spray worth 90 baht, from now until 31 October 2026, or while stocks last, only at True and dtac shops at the four airports.

A steep 5.9% jump in Americans' wireless bills from July to August, the largest single-month increase since the Bureau of Labor Statistics began tracking the category nearly two decades ago, helped persuade the Federal Reserve to raise interest rates for the first time in three years. The surge followed T-Mobile's late-July decision to retire over 1,000 older plans, shifting customers to newer offerings at an added cost of as much as $6 per line per month, and AT&T's Aug. 5 rate hikes of $10 to $20 on some older plans plus a $1 increase in a monthly per-line fee. Wall Street analysts estimate the category contributed about 10 basis points of August's 0.3% month-over-month rise in core consumer prices, cementing expectations for the Fed's 25 basis-point hike on Wednesday. Carrier spending on new sites and expanded network capacity topped $30 billion last year, according to the industry trade group CTIA, while taxes, fees, and government surcharges reached a record 27.6% of the average wireless bill, per the Tax Foundation. Bank of America strategists called the August CPI jump in phone service a one-off tied to AT&T's changes, though cheaper options from mobile virtual network operators like Spectrum Mobile and Boost Mobile remain available for consumers willing to shop around.

SpaceX is aiming for September 22nd for its Starship Flight 14, which will mark the vehicle's first attempt to reach full orbit. SpaceX CEO Elon Musk said during a virtual appearance at the All-In Summit that Flight 14 will be the last before the company attempts to catch the ship, with that catch attempt planned for Flight 15, and that SpaceX will more likely re-fly both the ship and the booster early next year. Starship is designed to be fully and rapidly reusable, with a payload capacity of 200 metric tons and an expected cost of between $2 and $5 million per flight, compared with roughly $20 million per flight for the partially reusable Falcon 9. Ark Invest's Cathie Wood predicted each Starship launch could generate $1 billion in revenue, with Musk aiming for 10,000 flights per year, or $10 trillion in Starship revenues, by 2030, and said that if SpaceX achieves this goal its $1.75 trillion IPO will be considered a deep value opportunity in hindsight. Musk replied to the thread saying, "It's not impossible."

PROEN Corp Public Company Limited, or PROEN, informed the Stock Exchange of Thailand that its first extraordinary general meeting of shareholders for 2026, held on September 16, 2026, approved a general mandate capital increase and the allocation of newly issued ordinary shares to existing shareholders in proportion to their holdings, or a rights offering. The company will issue and offer no more than 98,142,017 new ordinary shares with a par value of 0.50 baht each, at an allocation ratio of 4 existing ordinary shares to 1 new ordinary share, at an offering price of 0.84 baht per share, representing total fundraising of no more than 82,439,294.28 baht. The company has set September 25, 2026 as the record date for shareholders entitled to subscribe to the new shares, and the subscription and payment period will run from October 19 to 22 and on October 26, 2026, a total of 5 business days, from 09:00 to 15:30. The funds raised from the capital increase, amounting to no more than 82.44 million baht, will be used as capital for investment in and development of the data center business, to provide data storage and management services, as well as to develop solutions and software supporting services to both public and private sector customers in the future. The company expects to use the funds within 2027.

SpaceX stock rose about 5% on Tuesday as investors weighed two potential catalysts. On Monday, SpaceX said on X that it would fly the 14th test mission of its Starship spacecraft on Sept. 22 from its Starbase facility in South Texas, its first flight attempt since a positive flight in August. The company said the mission, if successful, will deploy new Starlink satellites and test enhancements to both Starship and its booster, and CEO Elon Musk hinted SpaceX may try to catch Starship at its launch site with the Mechazilla arms. Earlier Tuesday, SpaceX investor Ron Baron told CNBC he thinks Starlink alone could be a trillion dollars in revenue in 10 years, with 700 billion to 800 billion dollars of EBITDA supporting a 14 trillion to 15 trillion dollar valuation. Musk also said at the All-In Summit that it was a great question whether Tesla and SpaceX would remain separate given their close collaboration, reviving talk of a possible merger between the two companies.

SpaceX is aiming for September 22nd for its Starship Flight 14, which will mark the vehicle's first attempt to reach full orbit and the last flight before the company attempts to catch the ship. CEO Elon Musk said during a virtual appearance at the All-In Summit that if Flight 14 goes well, SpaceX will try to catch the ship on Flight 15, and that later this year, but more likely early next year, the company will re-fly both the ship and the booster. Starship is designed as the first full and rapid reusable rocket ship, with a payload capacity of 200 metric tons and an expected cost of between $2 and $5 million per flight, compared with roughly $20 million per flight for the partially reusable Falcon 9. Ark Invest's Cathie Wood predicted each Starship launch could generate $1 billion in revenue, with Musk aiming for 10,000 flights per year, or $10 trillion in Starship revenues, by 2030, and said that if SpaceX achieves this goal its $1.75 trillion IPO will be considered a deep value opportunity in hindsight. Musk replied to the thread saying, "It's not impossible."

Cathie Wood says SpaceX had no need for public markets until Elon Musk's push into orbital AI data centers forced it to raise outside capital. The ARK Invest CEO told Livewire she never thought SpaceX would go public, but that Musk now needs the scaling the public equity markets provide. SpaceX's Connectivity business, primarily Starlink, generated $4.42 billion in operating income in 2025, while its AI business lost $6.36 billion, and the equation shifted further when SpaceX acquired Musk's xAI in February. SpaceX raised about $85.7 billion in its June IPO and told investors the proceeds would help fund AI compute infrastructure alongside launch systems and satellite capacity, with AI capital spending reaching $15.83 billion in the second quarter, about 86% of total quarterly capex, according to company filings. SpaceX argues orbital computing could sidestep constraints on terrestrial data centers such as electricity, land, cooling water and permitting by tapping solar energy in orbit, though Microsoft's Project Natick showed a technically successful underwater data center that was never scaled commercially, and Kalshi puts the chance of a 1-megawatt orbital data center going live before 2031 at 30%, with $46,000 traded on the market. Musk said he is highly confident SpaceX will launch AI computers from Nvidia into orbit in 2027, with significant scale expected in 2028.

SpaceX shares rose 5.1% to $151 in mid-morning trading Wednesday, pushing the stock back above the $150 level it first reached when it began trading June 12 following an IPO priced at $135. The catalyst was fresh policy news: U.S. defense officials confirmed on-orbit space-control weapons and highlighted progress on the Golden Dome interceptor program, tied to multibillion-dollar SpaceX contracts awarded earlier this year, pointing investors toward Starshield, SpaceX's national security satellite business, which already holds more than $6 billion in multi-year Space Force contracts for LEO-based communications and sensing. The Pentagon's FY 2027 budget request carries a $17.9 billion Golden Dome line item covering advanced space-based and terrestrial sensors, command and control, kinetic interceptors, and next-generation non-kinetic programs, and SpaceX is the only operator with a proliferated LEO constellation at production scale. The fundamental backdrop supports the move: the August 4 8-K showed Q2 revenue of $7.81 billion, beating the $6.82 billion consensus by 15%, with EPS of -$0.09 versus the -$0.29 estimate, Starlink subscribers doubling to 12.0 million, connectivity revenue up 66% year over year, and enterprise and government revenue climbing 108% on airline partnerships and Starshield contracts. Traditional missile-defense primes Lockheed Martin, RTX, and Northrop Grumman all sit inside the Golden Dome supply chain for interceptors, sensors, and integration, while pure-play space names like Rocket Lab and AST SpaceMobile tend to move with SpaceX headlines; SpaceX carries a $47.50 billion backlog and $93.52 billion in cash, alongside $18.37 billion in quarterly capex, $15.83 billion of which went into AI compute, with a market cap of roughly $1.16 trillion. Even after Wednesday's rally, SPCX trades 33% below its intraday high of $226 on June 16, and the tell into the close is whether it can hold above $151 and turn the IPO open price into support rather than a ceiling, with the next Starship V3 test flight, any Pentagon follow-on Starshield task orders, and updates on the pending $60 billion Cursor acquisition expected to close in Q3 as near-term catalysts.

AT&T Inc. has partnered with LifeMD, Inc. to give its eligible wireless and fiber customers complimentary access to virtual care and pharmacy services. Under the agreement, more than 100 million eligible AT&T customers will receive a LifeMD membership worth $228 annually, with the regular $19 monthly fee waived. The benefit is offered through AT&T's &More program, and customers must enroll to activate the complimentary membership, paying only for the visits, prescriptions, or other services they use. The rollout will initially cover about 29 million AT&T customers in 11 states and is expected to expand nationwide in January 2027. The initiative supports AT&T's efforts to broaden customer benefits and strengthen engagement as demand for telemedicine grows, amid competition from Verizon Communications, Inc. and T-Mobile US, Inc., which are advancing their own AI-powered and 5G healthcare offerings.

SpaceX stock climbed 5% to $151.12 after Barron's reported the company plans to fly Starship again on September 22, in what would be the first attempt to place the vehicle's upper stage into stable Earth orbit. The move was SpaceX-specific rather than a sector rally: Rocket Lab sat at $63.75, up 0.3%, AST SpaceMobile was at $59.27, up 0.85%, and the Procure Space ETF was up 0.8% at $43.21, while the SPDR S&P 500 ETF Trust rose 0.3% to $759.99. Starship has flown twice since SpaceX began trading in June, and both attempts stayed suborbital; reaching stable Earth orbit is the threshold at which the vehicle can begin revenue flights instead of ferrying test articles. Separately, ARK Invest founder Cathie Wood projected Starship could generate $10 trillion in annual revenue by the end of the decade and called SpaceX's $1.75 trillion valuation a bargain, a forecast that assumes essentially every flight carries Starlink capacity at a flight rate far above anything Starship has achieved. SpaceX shares remain down 7% since they began trading in June, and the September 22 attempt is the next real information point for the stock.

SpaceX's AI computing business has flipped to positive adjusted EBITDA, a shift that could help lift the company from its roughly $2 trillion market capitalization toward $3 trillion. The AI segment, the smallest of SpaceX's three businesses in 2025 at about $3.2 billion in revenue, jumped to $3.4 billion in sales by the second quarter of 2026 after SpaceX began renting out spare capacity from its Colossus supercomputer instead of using it solely to train Grok. Starlink remains the only consistently profitable segment at scale, generating $7.5 billion in revenue, or roughly 60% of the company's total, along with $2.8 billion in operating income and $4.7 billion in adjusted EBITDA through June 30, with 12 million subscribers. The space business, which includes Falcon 9 and Falcon Heavy launches, generated $1.6 billion in revenue from 78 launches in the first six months of the year but is still losing money at the operating line because Starship development is consuming billions in research and development costs. SpaceX has signed AI capacity deals including Anthropic at $1.25 billion a month for Colossus 1, Google Cloud at $920 million a month starting this fall, and Reflection AI at $150 million a month in a contract worth up to $6.3 billion, while CFO Bret Johnsen said the company is on track to reach a $100 billion annual run rate by the end of this year.

Liberty Capital Corporation has acquired Quintillion in a USD 360m deal that adds roughly 3,000 kilometres of fibre cable to its network, with plans to expand that footprint by a further 2,500 kilometres or so. The acquisition was disclosed by Alluvium Asset Management in its Conventum – Alluvium Global Fund second-quarter 2026 investor letter, which noted the deal aligns with Liberty's GCI operations. Quintillion generates around USD 55-60m in revenue and USD 30m in free cash, and the fund expects significant synergies reportedly around USD 20m, producing a valuation uplift of around 35% when incorporated into its model. GCI Liberty, the Alaskan cable business spun out of Liberty Broadband, rebranded as Liberty Capital Corporation in May 2026, and its shares fell 40.6% over the period. Management also decided to retreat from the competitive, low-margin video business, while a planned acquisition of an initial 6% stake in Liberty Latin America, which would have been built up by buying John Malone's interest, did not proceed. With the share price falling to levels approximating half its valuation and encouraged by the CEO buying shares, the fund increased its position to 3.4% of the portfolio.

True Corporation, through True Business, has joined with Srinakharinwirot University, or SWU, to launch an EdTech learning platform that brings knowledge and quality courses from the SWU Demonstration School online for the first time, allowing students nationwide to study free of charge with no course fees, via web browsers on computers, tablets and smartphones without downloading an application. This set of online courses consists of courses exclusive to the SWU Demonstration School that are actually taught in the school, covering more than 70 courses such as science for medicine, science for engineering, language arts and performing arts. The platform is expected to open for use in the 2027 academic year, and courses will later be expanded to the university level and specialised subjects. The collaboration also covers upgrading AI and AI Transformation skills for SWU personnel, including lecturers, staff and personnel across all eight regional networks, along with the True AI Hub toolset, which brings together more than 100 AI models from over 10 leading providers. Dr. Teeradej Damrongplasit, head of the corporate business group at True Corporation, said learning opportunities should not be limited by distance or by constraints on access to devices, while Professor Dr. Cholwit Jiarajit, president of Srinakharinwirot University, said the collaboration is an important step in transforming Thai education in the AI era.

Verizon Communications is expanding its push toward next-generation wireless technology through its Verizon 6G Innovation Forum and real-world trials of emerging 6G capabilities, focused on building an artificial intelligence-native network. The company has added nine major technology companies to the forum, including Amazon Web Services, Cisco, Intel, Keysight Technologies, MediaTek, NVIDIA, Palo Alto Networks, Rohde & Schwarz and VIAVI Solutions, joining founding members Ericsson, Samsung, Nokia, Meta and Qualcomm Technologies. Verizon has demonstrated Integrated Sensing and Communication through trials with Samsung and Qualcomm, testing crowd-density monitoring with wireless signals and tracking drones and ground vehicles alongside high-speed 5G communications. It has also showcased an AI Sports Companion prototype using Meta AI glasses, edge computing and NVIDIA technology, and plans to use the 2028 Los Angeles Olympics as a key testing ground for 6G technologies such as AI, ISAC, robotics and smart wearables. Verizon shares have gained 17.3% over the past year compared with the industry's growth of 94.3%, and the stock trades at a forward price-to-earnings ratio of 9.83 versus an industry average of 38.33, while 2026 earnings estimates have risen 1% to $5.03 per share and 2027 estimates have risen 0.2% to $5.29 over the past 60 days.

True Corporation Public Company Limited, or TRUE, has announced it is elevating its cooperation with partners from transactional relationships to strategic partnerships at the True Partner Forum 2026, under the theme Smarter Together: AI for Sustainable Partnerships. The company is bringing artificial intelligence, or AI, to help improve procurement efficiency, supporting a greenhouse gas management platform, and preparing partners to access green financing. Sigve Brekke, Chief Executive Officer of the TRUE Group, said that customer expectations, energy use, and the impacts of climate change are all challenges that require cooperation from every party in the ecosystem. Dr. Netchanok Wipatasilpin, Chief Sustainability Officer of TRUE, said partners play a vital role in the Net Zero goal, because cutting carbon emissions must cover the entire supply chain. TRUE aims to cut greenhouse gas emissions from its own operations in Scopes 1 and 2 by 42% by 2030 and to reach Net Zero by 2050. Currently, all of its key partners have completed ESG self-assessments, and in 2025 all key partners submitted their Scope 1 and 2 greenhouse gas emissions data through the platform. TRUE also received a full score of 100 from S&P Global for both supply chain management and partner assessment and development, and has been ranked in the top 1% of the world's most sustainable companies in the telecommunications industry for the eighth consecutive year.

Bandwidth Inc. announced an expansion of its collaboration with Salesforce as the first certified carrier to support the global rollout of Salesforce's native Contact Center. Following the North American debut of Salesforce's AI-powered, CRM-native contact center in March, the expanded collaboration will extend availability to more than 25 countries across Europe, the U.K., Australia and New Zealand this fall, with additional markets to follow. Enterprises will connect to the contact center through a bring-your-own-carrier model using Maestro, Bandwidth's platform for intelligent, global communications orchestration, which operates within Salesforce's governed workflows. Salesforce Senior Vice President of Contact Center Gautam Vasudev cited strong customer momentum since the launch, while Bandwidth Senior Vice President and General Manager of Enterprise Ankush Gangwani said the company's Communications Cloud and Maestro make it easier for organizations to rapidly deploy the native Contact Center. Bandwidth is exhibiting this week at Dreamforce 2026 in San Francisco at booth 118.

AT&T has become the first and only carrier to offer free access to virtual healthcare powered by LifeMD, through an exclusive collaboration that gives eligible wireless and fiber customers a complimentary LifeMD membership valued at $228 annually. More than 100 million eligible AT&T wireless and fiber customers will receive access to LifeMD's nationwide virtual care and pharmacy platform, with the $19-per-month membership fee fully waived. The benefit is available through AT&T's &More program, and customers must enroll to receive it, paying only for the visits, prescriptions, or services they use, with visits starting at $29 for message-based care, $49 for urgent and primary care video visits, and $79 for specialty care. The first 29 million AT&T customers in 11 states — Arizona, Florida, North Carolina, Illinois, Maryland, New Mexico, Iowa, Texas, New York, California, and Michigan — will receive the benefit initially, with additional markets joining in January 2027 as it expands nationwide. AT&T Consumer executive vice president and GM Jenifer Robertson said the offer gives eligible customers a simpler, more accessible way to manage their well-being, while LifeMD Chairman and CEO Justin Schreiber called it a landmark moment for the millions of Americans priced out of convenient, high-quality healthcare.

SpaceX reported second-quarter revenue of $7.8 billion, up 92% year over year, as its artificial intelligence business now accounts for 33% of total revenue. The AI segment is built around assets of xAI, acquired earlier this year, and the company has signed a deal with Alphabet to rent computing power from its Colossus data center for $920 million per month, plus a similar AI hosting agreement worth $1.11 billion per month with an unnamed customer. The second-quarter operating loss narrowed from $1.94 billion to $143 million. The stock, which priced at $150 in its initial public offering, has traded between just under $105 and more than $225, and carries a price-to-sales ratio of 70 against an S&P 500 average of 3.8. A Bank of America survey found that 45% of fund managers see a potential AI bubble as the biggest risk facing the market right now.

Space Exploration Technologies has drifted back to roughly its opening-day level, closing at $151.21 on Sept. 11 after debuting at $150 on June 12 and peaking at $225.64 on June 16 before sliding to $108.27 on Aug. 5. Of the 41 analysts covering the stock, 76% rate it a buy, 17% a hold and 7% a sell, with 12-month price targets ranging from a low of $75 to a high of $800 and a median of $217. At the median target, a $5,000 investment made at the Sept. 11 close would be worth $7,174, a gain of 43.5%, while at the lowest target it would be worth approximately $2,479, a loss of about 50%. The company remains unprofitable, posting a $541 million net loss in its 2026 second quarter, an improvement from a $1 billion loss a year earlier, on revenue of $7.8 billion that beat expectations of $6.9 billion. SpaceX spent $18.3 billion on capital expenditures in the second quarter, $15.8 billion of it on its AI segment, and its compute-capacity deals with Anthropic and Alphabet could be worth $26 billion annually, with a separate Reflection AI deal worth $150 million per month.

Sigve Brekke, Chairman of the Executive Committee of True Corporation Public Company Limited, or TRUE, disclosed that the organisation is developing an end-to-end AI business operating model and establishing an AI Center of Excellence to connect business, technology, and execution, as well as appointing a Chief Data and AI Officer to set leadership and serve as the primary owner driving the organisation. All of True's AI projects operate under a centralised Value Realization framework to select, prioritise, and track outcomes against measurable business value, alongside building a Single Data Foundation. True has also begun an end-to-end domain transformation, aiming to redesign how entire systems work rather than improving work piece by piece, while integrating a Responsible AI Practical Framework. On operating model reform, True has divided the market into approximately 6,000 nano clusters and is developing personnel in Mini-CEO roles so they can better manage and take responsibility for their own market areas, citing the Boston Consulting Group's Consumer for the Future 2026 report, which states that 70% of consumers are likely to decide to buy products or services based on AI recommendations.

True Internet Corporation, under True Corporation, or TRUE, is one of the winners of the auction for the project to provide universal basic telecommunications services and social services, Phase 3, or USO 3, which the NBTC announced on 11 September 2026. TRUE won 2 of 5 groups: the northern group, worth 1.25 billion baht, together with Infraset, or INSET, and the central group, worth 762 million baht, together with Wire and Wireless. As a result, the two projects have a combined contract value of approximately 2.01 billion baht. For the remaining 3 regions, the winners include groups whose members are Thaicom, or THCOM, Interlink Telecom, or ITEL, and Turnkey Communication Services, or TKC. The proportion held by TRUE in each joint venture group has not yet been disclosed. The financial benefit figures estimated from the full contract value therefore represent the upper bound, and the revenue actually recognised by TRUE may be lower than the estimate in line with its participation proportion in the project. Payment terms are divided into 2 phases. In the first phase, network planning and installation, payment is received in 3 installments within the first year after signing, accounting for 47% of the contract value. The other phase, 53%, is gradually recognised over 5 years. Tisco Securities expects the contract signing to take place in late 2026, leading TRUE to begin recognising revenue from the first-phase work in 2027 of approximately 945 million baht, or only 0.5% of its total revenue estimate of 192 billion baht, while revenue from the operating phase will begin to be gradually recognised from 2028. Although the auction result is a positive factor, the impact on estimates remains limited because government work carries relatively low margins. Assuming a net margin of 5%, the additional net profit would account for only 0.2% of the net profit estimate of 27.5 billion baht. Tisco Securities maintains its buy recommendation on TRUE with a fair value based on discounted cash flow of 16 baht per share, based on a weighted average cost of capital of 8.3%, equivalent to a 2026 price-to-earnings ratio of 23 times, below the 5-year historical average of 27 times.

True Corporation, or TRUE, is among the winners of the auction for the Universal Service Obligation project for basic telecommunications and social services, known as USO 3, for which the National Broadcasting and Telecommunications Commission announced results across all five regions on September 11, 2026. True Internet Corporation won 2 of the 5 groups: the Northern region, valued at 1.25 billion baht, together with INSET, and the Central region, valued at 762 million baht, together with Wire and Wireless. Revenue recognition is expected to begin in 2027. Payment is divided into 2 phases under the terms of reference announced in September 2025. Phase 1 covers planning and network installation, accounting for 47% of the contract value, paid in 3 installments within the first year after signing. Phase 2 covers operations, accounting for the remaining 53%, recognized gradually over 5 years. Tisco's research team said the auction result is a positive factor for TRUE, but the overall impact remains fairly limited. It expects the contract to be signed in late 2026, so Phase 1 revenue would begin to be recognized in 2027 at around 945 million baht, or only 0.5% of its revenue estimate of 192 billion baht. Phase 2 revenue will be recognized gradually from 2028 onward. Tisco maintained its buy recommendation on TRUE with a fair value of 16.00 baht.