Crown Castle International Corp.

but some of this stuff's on sale.

All right, Crown Castle.

All right, this can't get out of its way, this rate nonsense.

Watch what happens with the 10-year over the next few months.

Major utility companies just announced that they are going to start identifying which feeders can put five megawatt data centers on the feeders immediately.

You saw Crown Castle just announced that they're going to do 10,000 telecom towers with 300 kilowatt data centers.

And so I think that...

Like, they're not saying that they're anti-large data centers, but they're basically making it so that the rules only apply to 50 megawatt and up data centers.

Well, they don't.

But there are giant independent tower companies like American Tower and Crown Castle whose business is basically this vertical real estate.

They control a site and then they lease different sections of the tower to different wireless carriers.

Think of it as like an apartment building for antennas.

They still have to pay, which is super different from buying a apartment complex where you're hoping Chad is going to make rent this month.

There are giant catches to this business, and the first is customer concentration.

Like Crown Castle says that T-Mobile, AT&T, and Verizon represent 90% of their revenue in 2025.

So yes, they're enormous companies, but these three whales make up 90% of your customer concentration.

And we'll probably hold some for a lot higher.

Crown Castle, interest rate sensitive.

On a day-to-day basis, it's like, oh, the mark-to-market.

If you zoom out, this is just, you know, it's been consolidating and building a base for three years.

They are arguing that because the lease facilities are no longer useful to an independent Dish Network, they should be let out of billions in long-term obligations without severe penalties.

I cannot imagine American Tower and Crown Castle are accepting that argument quietly.

Oh, they are fighting it tooth and nail.

They contend that Dish entered into clear, enforceable, long-term commercial agreements.

Elliott is a sort of a well-known activist investor.

The one that I'm most familiar with is when they took on Crown Castle.

And I think that I forget the exact series of events, but the Crown Castle ultimately divested its fiber and small cell business.

And I believe that Elliott was involved in that whole sort of battle.

There's a number of players involved in that battle, and I think that Elliott was one of them.

Well, no shit, Sherlock.

While everyone was selling Crown Castle in the hole because of Starlink, little did they realize it actually helps Crown Castle's business.

how cash returns are replacing AI momentum.

Investors are shifting towards stocks with generous dividends and buybacks amid mounting doubts about the artificial intelligence trade.

Give me an example of that corporate pivot.

Take Crown Castle, one of the largest tower operators in the country.

They recently completed an $8.5 billion sale of their fiber and small cell businesses.

Wait, really? Why?

$126,000 evaporated into thin air just because the landlord didn't fight over a 1% shift in a single sentence of a 30-page contract.

And we have massive real world corporate precedents that prove exactly how damaging this is.

The report highlights the monumental AT&T and Crown Castle master lease agreement from October 2023.

Crown Castle took operational control of over 9000 AT&T towers.

Tell me if this is possible.

So after meeting with the engineering, my senior engineering team, I picked up the phone and I called a company called Crown Castle.

Crown Castle we've been working with for about 10 years, 10, 15 years, something like that.

Crown Castle is the largest cell tower provider in the world.

So they

provide cell tower space to all the telecommunications providers.

I mean, I couldn't sleep.

I was up for two days straight thinking about it.