Core Networks: What can you expect?

The fiber industry is entering a new phase of transformation. While the last decade was defined by network expansion, FTTH growth, and market consolidation, the next wave of consolidation will be shaped by AI, cloud infrastructure, hyperscale connectivity, and the growing demand for high-capacity networks. As investors become more selective and operators seek greater scale, the traditional playbook of acquisitions and roll-ups is evolving. Joint ventures, infrastructure partnerships, wholesale platforms, and new capital structures are emerging alongside a broader shift towards networks that can support AI workloads, data center ecosystems, and enterprise demand. This panel will explore how fiber investment strategies are changing, what the next generation of consolidation will look like, and which assets are likely to attract the greatest investor interest over the next decade.

• How are operators using new structures to expand their footprints and why are they more attractive than traditional acquisitions?
• What lessons can be learned from recent fiber consolidation transactions and infrastructure partnerships?
• How will emerging fiber operators, focused on high capacity networks, impact the investment landscape across fiber?

As AI transforms the digital infrastructure landscape, investors are increasingly focused on the assets that enable the movement of data at unprecedented scale. While much of the market's attention has centered on data centers and power infrastructure, the AI economy cannot function without the fiber networks that both AI factories and inference focused edge data centers. As bandwidth requirements accelerate and capital flows toward AI-related infrastructure, investors are reassessing what constitutes a premium fiber asset. This panel will explore how investment criteria are evolving, where the next generation of fiber value will be created, and which operators are best positioned to capture growing demand for high-capacity connectivity.

• How is AI-driven demand changing the way investors evaluate fiber infrastructure?
• What characteristics command the highest valuations today: metro density, long-haul routes, data center connectivity, enterprise customers, dark fiber availability, or rights of way?
•  How are emerging high-capacity network providers changing the competitive landscape?

In recent years, fiber investment has been driven by the race to connect homes, supported by historically low-cost capital, aggressive FTTH expansion plans, and expectations of long-term subscriber growth. Today, however, investors are taking a more nuanced view of the market. As residential penetration rates mature, competitive overbuild intensifies, and profitability comes under greater scrutiny, many investors are reassessing the relative attractiveness of enterprise-focused fiber assets. This panel will explore how investors are weighing enterprise and residential fiber opportunities, where they see the strongest risk-adjusted returns, and how investment strategies are evolving as the market enters its next phase.

• After years of capital flowing into FTTH platforms, what is driving renewed interest in enterprise fiber assets?
• Are investors becoming more selective about residential fiber platforms amid increasing competition and market saturation?
• What characteristics will define the most attractive fiber platforms for acquisition, consolidation, or long-term ownership?

The fiber industry's growth story is far from over, but the capital environment has changed dramatically. Rising interest rates, increased investor selectivity, and pressure to demonstrate sustainable returns have forced operators to rethink how they fund network expansion, acquisitions, and long-term growth. Today, successful fiber companies are drawing on a wider range of funding sources'from private equity and infrastructure funds to strategic partnerships, joint ventures, private credit, and asset monetization strategies. This panel will examine how operators are securing capital in a more disciplined investment environment and which funding models are proving most effective for scaling fiber businesses.

• What roles are infrastructure funds, private equity, pension investors, strategic partners, and private credit providers playing in today's market?
• How are operators balancing debt and equity to support growth while maintaining financial flexibility?
• What separates the fiber companies that can easily raise capital from those struggling to secure investment?