Crown Castle Inc. RBC Capital Markets 2026 Global Communications and Infrastructure Conference

Sure. Yeah, I think we spend time with both manufacturers of antennas, radio gear, with our clients. What I would say is AI is a clear positive for mobile data demand. It'll manifest in several ways, and many of you have heard about Physical AI. A lot of Physical AI will rest on mobile data traffic transmission. Also with AI, there's a lot more information being gathered or loaded up, if you like, for inference purposes. It's going to change the downlink-uplink ratio of traffic. So historically, most of the traffic, whether it's to the home or even on your mobile phones, there's been traffic coming in. So it's more like 80% download, 20% upload. That ratio is expected to change. There are quite a few research reports out on that, but could be as much as 60% now or 40% upload.

We are still at the beginning. It is a really good, I think it will be a good demand driver for mobile data traffic over the next few years that is positive for us and Mobile Network Operators.

Yeah. The one thing, if you look at the last 20, 30 years, as you push more and more bits out or in, it requires energy to move bits, so you need more power. More power means bigger antennas, whether it is you are delivering more speed, throughput volume or traffic, speed or traffic. While in the background there is continued to be shrinkage in radios and antennas, but the traffic growth in general has been, when you look at our business from 10 or 20 years ago, Mobile Network Operators generally occupy more space on our towers than they did 5, 10, 20 years ago.