BUSINESS

Feeling rich has always been a moving target. The number that meant “made it” for your parents barely covers a down payment now, and the seven-figure milestone that once sounded like a finish line keeps sliding further down the road.Most American wealth isn’t built in a vault. It’s built in a brokerage account, a 401(k), and a house, which means it rises and falls with the stock market whether you’re paying attention or not.For the past few years, that market has been kind. Strong equities lifted the value of every portfolio they touched, and the people who already owned the most stock saw the biggest gains in raw dollars.So when a year ends with millions of people suddenly worth more on paper, it’s tempting to assume everyone moved up together. They didn’t.That gap between the average American and the typical one is the quiet story inside the latest Global Wealth Report from Swiss banking giant UBS (UBS), which landed Tuesday, June 30, and counted nearly one million new dollar millionaires created around the world in 2025.

UBS says nearly one million people became dollar millionaires worldwide in 2025.Ole_CNX / Getty Images

How a strong stock market quietly mints millionairesWealth in America is mostly a bet on the stock market, even for people who would never call themselves investors.Nearly 79% of U.S. personal wealth sits in financial assets like stocks, retirement accounts, and brokerage portfolios, the fourth-highest share of any country measured, according to Fortune.When equities have a strong year, that money grows in direct proportion to how much you already own.More Wall Street:J.P. Morgan unleashes $50 billion buyback after stress testMichael Burry just made a rare bullish bet on MicrosoftPrivate credit default fears spook BDC investorsA good year for the market, then, is not a raise for the average worker. It is a windfall for whoever holds the most shares.The feel-good version of this is the “everyday millionaire,” the patient saver who crosses seven figures through index funds and a paid-off house.UBS even coined a label for them, EMILLIs, short for Everyday Millionaires, households with $1 million to $5 million in assets.When I lined up the report’s tiers, though, that everyday millionaire turned out to be the slowest-moving piece of the whole story.Related: UBS flags costly tax shift retirees may not see comingWhat the UBS wealth report actually countedStart with the top line.Global personal wealth grew 10.8% in 2025, its fastest pace since 2017 and more than double the rate of either of the two prior years, UBS found in its Global Wealth Report 2026.The headcount kept up. The world added close to one million new dollar millionaires, more than 2,600 of them every day, the bank reported.Americans drove almost half of that. The U.S. created more than 440,000 new millionaires in a single year, better than 1,200 a day.That pushed the country’s millionaire population past 23.6 million, more than 40% of every dollar millionaire UBS counts worldwide.There were “more millionaires than ever, everywhere” in 2025, according to Reuters. For the first time on record, not a single one of the 56 markets the bank tracks ended the year with fewer millionaires than it started.The surge was not only American, either. Europe and the Middle East led every region, with wealth there climbing almost 18%, helped along by a weaker dollar, UBS reported.The numbers behind the boomThe U.S. added 441,078 new millionaires in 2025, more than 1,200 a day, according to Fortune.Roughly 23.6 million dollar millionaires now live in the U.S., over 40% of the global total, per UBS.Median wealth fell in most of the 56 markets UBS tracks, the bank reported via Reuters.The $5 million to $100 million cohort has compounded wealth at 8.7% a year since 2000, against 4% for everyday millionaires, according to Fortune.Just 56,000 people, the top 0.001%, hold more wealth than the poorest 4 billion combined, per the World Inequality Report 2026 cited by Fortune.Why the typical American wallet still shrankHere is the part that does not fit the celebration.While average wealth climbed, median wealth, the net worth of the person sitting exactly in the middle, fell in most of the 56 markets UBS measured.Average and median only match when gains are shared evenly. When they split this far apart, the money piled up at the top while the middle treaded water or slipped backward.The report calls this its one “fly in the ointment,” Fortune noted.In my read of the tiers, the real action sat above the everyday millionaire, in what UBS nicknames the “elder siblings,” households worth $5 million to $100 million.That group has compounded its wealth at 8.7% a year since 2000, more than double the 4% rate for everyday millionaires, according to Fortune.The reason is access. Everyday millionaires mostly own the same index funds and 401(k) holdings that built them. The tier above can buy into private equity, private credit, and deals that ordinary investors never see.So the global wealth pyramid is “undergoing a transformation,” UBS said, with the bottom band shrinking and more people climbing into the middle.That sounds like progress, and in part it is. The catch is that the very top is pulling away faster than the middle can climb.There is also a psychological tax. People tend to size up their wealth “relative to the wealth of others,” not in absolute terms, UBS chief economist Paul Donovan said, in remarks reported by finews.Which is why a record number of millionaires can coincide with a lot of people feeling further behind.What the wealth boom means for your moneySo what does a banner year for millionaires actually do for you?If you own stocks through a 401(k), an IRA, or a brokerage account, 2025 very likely moved your number up, even if you never traded once.If most of your net worth is your paycheck and your home equity, the boom mostly happened on someone else’s balance sheet.That is the uncomfortable lesson buried in a cheerful headline. The fastest way to ride a market-driven wealth boom is to already own a slice of the market before it runs.Here’s the reality. The everyday millionaire path still works. A seven-figure household built on index funds and patience is a real achievement, and the data shows more people reaching it than ever.But the destination keeps moving. Surveys now put the number Americans say they need to feel wealthy at around $5.3 million, Fortune noted, far past the million-dollar mark that used to define it. What used to feel like arrival increasingly looks like a better starting line, with another tier visible just ahead.The thing to watch now is whether 2026 keeps rewarding people for owning assets, or whether a market wobble resets the math. A wealth boom built on rising stock prices can run in reverse just as quickly.Either way, the report’s quiet message is worth keeping. In a market like this one, what you own matters more than what you earn.Related: UBS offers glimmer of hope on oil prices, Hormuz, with one caveat

For a limited time, new customers joining Ultra Mobile can save 15% on eligible six-month plans or 30% on eligible annual plans. Options start at $9.10/month for 4GB of high-speed data or at $23.80/month for unlimited data. 

In this article, I’ll share everything you need to know about Ultra Mobile’s latest deal. I’ll include what you’ll get for the price and how Ultra Mobile compares to other prepaid phone plans.

Save Up to $147 on Ultra Mobile’s Multi-Month Plans

Now through August 31, Ultra Mobile (Team Clark’s Review) is offering a 15% discount on select six-month plans and a 30% discount on annual plans.

With this deal, you can get a prepaid phone plan with 4GB of data per month for $9.10/month when prepaid annually. Alternatively, annual unlimited plans begin at $23.80/month with the Ultra Unlimited plan. For the most savings, Ultra Unlimited+ is available for $28.70/month for the first year, a total discount of $147.60.

In the table below, you can see each eligible plan, its discounted rate for new customers and total savings. 

6-Month Plan12-Month Plan

4GB$12.75/mo ($76.50)

Savings: $13.50$9.10/mo ($109.20)

Savings: $46.80

8GB$16.15/mo ($96.90)

Savings: $17.10$11.90/mo ($142.80)

Savings: $61.20

12GB$19.55/mo ($117.30)

Savings: $20.70$14/mo ($168)

Savings: $72

24GB$26.35/mo ($158.10)

Savings: $27.90$18.90/mo ($226.80)

Savings: $97.20

Ultra Unlimited$33.15/mo ($198.90)

Savings: $35.10$23.80/mo ($285.60)

Savings: $122.40

Ultra Unlimited+$39.95/mo ($239.95)

Savings: $42.30$28.70/mo ($344.40)

Savings: $147.60

To get this deal, visit Ultra Mobile’s website and choose any eligible plan. 

Know that the plan prices do not include taxes and fees. Once your plan expires, you can renew it at regular rates. Ultra Mobile is a prepaid cell phone service provider, and you can cancel your service at any time.

Ultra Mobile: An Affordable T-Mobile MVNO

If you aren’t familiar with Ultra Mobile, it’s a mobile virtual network operator (MVNO) that utilizes T-Mobile’s service towers. 

Compared to other T-Mobile MVNOs, Ultra Mobile offers fair prices at regular rates. You’ll find better deals on Ultra Mobile’s multi-month plans, especially if you can grab a new-customer discount (like the current 30% off annual plans deal). $9.10/month for 4GB of high-speed data or $11.90 for 8GB of high-speed data are great prices for light data users.

To compare, here are a few of our other favorite prepaid phone plans from providers on the same network:

Tello Mobile (Review): For $10/month, Tello Mobile offers 2GB of high-speed data. Other plans include 10GB for $15, 20GB for $20 and 50GB for $25.

Mint Mobile (Review): Light data users can get a 6GB plan for as low as $15/month, 17GB for $23/month, 20GB for $25/month or an unlimited plan for $30/month at regular rates when prepaid annually. New customers can join Mint Mobile and get any plan for $15/month for a limited time.

US Mobile (Review): The Light Plan includes 2GB of high-speed data for $10 monthly. If you prepay annually, you can get the same plan for $96 ($8/month), making it an excellent deal for very light data users. Unlimited plans are available from US Mobile starting at $25/month (70GB of high-speed data on the Light Speed network). The same plan is available annually for $270 ($22.50/month) at regular rates.

Before you switch to Ultra Mobile, check your phone’s compatibility online and make sure you’ll have service in your area by checking the coverage map. Also, be sure to read my full Ultra Mobile review.

For more options, check out our guide on the best cell phone plans and deals available now.

Are you thinking about switching to Ultra Mobile? Let us know in our Clark.com Community!
The post Ultra Mobile Deal: 30% off Annual Plans Starting at $9.10/Mo appeared first on Clark Howard.

This month only, new customers switching to Visible (Team Clark’s Review) can grab its top-tier annual unlimited plan for $75 off the first year. That brings the price to $31.25/month! 

In this article, I’ll share everything you need to know about Visible’s latest deal. I’ll include what you’ll get for the price, as well as how the plan compares to other prepaid unlimited plans.

Unlimited Premium Data for $31.25/Month

Now through July 31, Visible is offering a $75 discount on its best unlimited plan. This deal is available to new members who choose the annual Visible+ Pro plan. 

At regular rates, Visible+ Pro is available for $45/month or $450/year ($37.50/month). However, using the promo code FIREWORKS, you can get the same annual plan for $375 your first year. That brings the plan price to only $31.25/month! 

Here’s what you’ll get with the Visible+ Pro plan: 

Unlimited nationwide talk and text

Unlimited premium data on Verizon’s 5G Ultra Wideband network

Unlimited premium data on Verizon’s 5G & 4G/LTE networks

Smartwatch service included

Unlimited mobile hotspot data (15Mbps) 

Unlimited talk, text and roaming in and between Mexico and Canada

Calling to 85+ countries

Unlimited texting to 200+ countries

24 Global Pass days

4K UHD video streaming

You can check out the full details of this deal on Visible’s website. 

Alternatively, if you aren’t ready to prepay for a year of Visible service, you can still grab a discount on select monthly unlimited plans. Now through August 15, new customers can use the promo code SUMMER to save up to $10/month for the first 12 months of service.

Visible: An Affordable Prepaid Provider on Verizon Wireless’ Network

If you aren’t familiar with Visible, it’s a prepaid cell phone service owned by Verizon Wireless. Customers on Visible’s phone plans have access to Verizon Wireless’ network as the carrier runs on the same towers.

Visible offers only three cell phone plans, but each can be a great option for lowering your phone bill. This is especially true with the current new-customer offer on the Visible+ Pro annual plan. Less than $32/month for unlimited premium data on Verizon’s fastest network is a great deal!

To compare, here are a few of our other favorite affordable unlimited plans:

US Mobile (Team Clark’s Review): Unlimited plans start at $25/month or $270/year ($22.50/month) at regular rates. For this price, you can get 70GB of high-speed data and 10GB of mobile hotspot data on US Mobile’s Warp or Light Speed Networks. On the Dark Star network, the same plan includes unlimited high-speed data and 20GB of mobile hotspot data. Unlimited Premium, which includes truly unlimited high-speed data on any network, costs $44/month or $390/year ($32.50/month) at regular rates. 

Mint Mobile (Team Clark’s Review): For a limited time, new customers can get an unlimited plan for $15/month. At regular rates, the same plan costs $30/month when prepaid annually. It includes unlimited high-speed data; however, after 50GB/month, speeds may slow during network congestion. It also includes 20GB of mobile hotspot data per month.

Tello Mobile (Team Clark’s Review): For $25/month, customers can get an unlimited data plan that includes 50GB of high-speed data and 10GB of hotspot data. However, after 50GB of data usage, speeds will be throttled (reduced) until the next billing cycle.

Before you switch to Visible, check your phone’s compatibility online and make sure you’ll have service in your area by checking Visible’s coverage map. If you have a compatible phone, you can also sign up for a 15-day free trial of Visible without leaving your current carrier. This is a great way to decide whether or not the service will work for you!

I had a great experience testing out Visible myself, and if Verizon has strong service in your area, Visible could be a great way to access those towers for a fraction of the cost. To read about my experience using Visible, check out our full Visible review.

For more options, be sure to read our guide on the best cell phone plans and deals available now.

Are you thinking about switching to Visible? Let us know in our Clark.com Community! Also, be sure to check out the latest conversations about cell phones here.
The post Visible Deal: Save $75 on the Visible+ Pro Annual Plan appeared first on Clark Howard.

AI portfolios are expanding far faster than the ability to govern them across enterprises. Most organizations run a contested field of platforms, each claiming to be the “primary” AI layer; few could confidently detect a model drifting or failing in production; and the single most-cited barrier to control is the absence of any one owner accountable for AI across the stack. The result is a widening control gap — ambition and spend racing ahead of visibility, ownership, and cost control — with autonomous agents already producing real financial and operational failures.This wave of VentureBeat Pulse Research examines the enterprise AI control gap: how many platforms claim to be the primary AI layer, who actually governs AI behavior across them, whether organizations could detect a model failing in production, what most blocks cross-platform governance, and how the financial and operational control failures of autonomous agents are already surfacing.The central finding is a control gap — the distance between how aggressively enterprises are expanding AI and how little of it they can see, own, or govern. Just under three-fifths (58%) are net-adding AI initiatives, with “expanding significantly” the largest single posture.Yet 85% run two or more platforms each claiming to be the “primary” AI layer and only 8% have consolidated to one. Against that contested surface, 40% say they are very confident they would detect a model drifting, behaving unsafely, or failing in production — but only 10% back that confidence with active monitoring and alerting, the rest leaning on manual human review. The machinery to expand AI is running well ahead of the machinery to control it.The gap is, above all, a question of ownership. Only a third (38%) say a central team governs AI today, and a fifth (20%) say each platform team governs its own independently; the single most-cited barrier to cross-platform governance is the absence of a single accountable owner (32%), and roughly one in six (17%) say no role holds formal accountability at all. The same vacuum shows up in spend: just under half (49%) name shadow AI — unauthorized agentic pipelines run on corporate cards outside central oversight — as their most severe control failure, and another 25% have been hit by a runaway “infinite loop” agent bill. Enterprises have standardized the ambition well before they have standardized the control.MethodologyVentureBeat fielded this survey as part of its ongoing Pulse Research series, this instrument focused on the enterprise AI control gap — governance, observability, and cost control across multiple AI platforms. Responses are filtered to organizations with 100 or more employees and, for this cut, exclude the respondents who selected “Other” as their job function, leaving a base of identifiable roles (n=145); all are drawn from a single Q2 2026 (June) wave. By organization size the sample tilts toward the mid-market and lower-large bands: 100–499 and 500–2,499 employees (23% each) lead, with 10,000–49,999 (22%) and 2,500–9,999 (20%) close behind and 50,000+ at 11%. By role it is senior and technical: consultants and advisors (20%), CIO/CTO/CISO (18%), directors of engineering/IT (14%), product and program managers (13%), and enterprise architects (12%) make up the core. Technology/Software is the largest industry at 41%, followed by Financial Services and Professional Services (12% each) and Healthcare/Life Sciences and Manufacturing/Industrial (10% each).The findings should be read as a directional signal rather than a precise measurement; it is self-selected and is not a probability sample. Where a single share would be fragile on its own, the report leans on the direction and grouping of responses rather than the exact percentage point.Finding 1: Expansion is outrunning controlAI portfolios are growing faster than the means to govern themWe asked enterprises to describe how their AI portfolio has changed over the past 12 months. Growth leads — with a meaningful minority deliberately pulling back.Expansion leads. Combining “expanding significantly” (33%) and “net positive growth” (25%), just under three-fifths of enterprises (58%) are net-adding AI initiatives. Yet a substantial share is easing off deliberately: roughly a quarter (23%) are actively rationalizing — scaling what works and cutting the rest — and another 12% hold their portfolios flat. Only a handful (3%) have paused to get governance in order first. This is the engine behind every gap that follows: enterprises are accelerating into a landscape they have not yet learned to see or own, and a notable 4% cannot even describe their own portfolio. The ambition documented here is exactly what makes the visibility and ownership shortfalls in Findings 3 and 4 consequential rather than academic.Finding 2: No single “primary” AI layer — the surface is contestedMore than four in five run multiple platforms each claiming primacyWe asked how many enterprise platforms currently claim to be the organization’s “primary” AI layer — the ERP, EHR, ITSM, productivity suite, or data platform each positioning itself as the center of gravity. Almost no one has a single answer.The defining condition is contested primacy. Adding the two multi-platform bands, 85% of enterprises have at least two platforms each asserting itself as the primary AI layer, and more than a third (36%) describe an open four-way-or-more contest. Only 8% have consolidated to a single layer, and another 6% have not even mapped the question. This is the structural reason governance is hard: there is no agreed center of gravity to govern from. Each platform brings its own AI, its own controls, and its own assumptions — and, as Finding 3 shows, the question of who governs across them increasingly has no settled answer.Finding 3: Governance is claimed at the center but contested in practiceA central team owns it on paper; in practice, it’s fragmentingWe asked who is actually responsible for governing AI behavior across all of those platforms today, and which function holds primary accountability. The headline answer is reassuring; the detail is not.On the surface, a central governance function is the leading answer — but only a third (38%) claim one, well short of a majority. The rest of the distribution undercuts it further: a fifth (21%) say ownership is unclear or contested between teams, a fifth (20%) say each platform team simply governs its own AI independently, and 19% say no one has addressed it at all. Accountability fragments further when we asked which role actually holds it — CIO/CTO/CISO leads at 27%, a Chief AI Officer or equivalent at 22%, and a striking 17% say no one holds formal accountability yet. Even where a central team is claimed, the named owner is most often the general technology executive rather than a dedicated AI authority. The governance function exists more often as an org-chart aspiration than an operating reality — the precondition for the detection gap in Finding 4.Finding 4: The detection gap — confidence is real but largely manualOnly one in 10 have active monitoring and alertingWe asked how confident enterprises are that they would detect an AI model in production that was drifting, behaving unsafely, or failing to complete tasks correctly. This is the heart of the control gap.This is the report’s central number. While 40% say they are very confident they would detect a failing model, the overwhelming majority of that confidence rests on manual human review (30%) rather than automation — just 10% have active monitoring and alerting actually in place. At the other end, more than a quarter combine the two reactive answers — no systematic visibility (8%) and would hear it from end users first (19%) — meaning they would learn of a production failure after the fact, from the people it affected. The plurality (32%) sit in a hopeful middle, expecting to “catch most issues eventually.” Set against the aggressive expansion of Finding 1, this is the crux of the control gap — enterprises are scaling AI into production faster than they are building automated means to know when it breaks. Confidence is real, but it is largely manual, and automated detection remains the exception.Finding 5: The missing owner is the biggest barrierGovernance stalls on accountability first, visibility secondWe asked enterprises to name their single biggest barrier to governing AI across multiple platforms. The org chart tops the list.The single missing owner leads at 32%, the most-cited barrier. Vendor opacity (25%) and the lack of tooling or infrastructure to observe across platforms (16%) sit behind, and together these two technical-visibility barriers (41%) outweigh the ownership gap. Leadership deprioritization accounts for another 17%, while a clear lack of talent is rare (5%). Rounding out the picture, another 5% say it isn’t a barrier for them at all — they’ve already solved it. Read together, the picture is more contested than the headline suggests: enterprises still most often name a missing owner, but a good share locate the obstacle in vendor black boxes and the absence of cross-platform observability. Asked in a free-text question what one thing they would fix, respondents converged from different directions on the same answer — a single accountable owner, and a control plane that abstracts cost, drift, and model choice away from the end user.Finding 6: The fine-tuning ROI reckoningRoughly seven in 10 have little to show for custom model investmentWe asked what share of the proprietary foundation models enterprises have invested in fine-tuning over the past 18 months have delivered clear, measurable positive ROI in production today. Most describe a sandbox graveyard — or a deliberate decision to avoid one.Custom fine-tuning has, for most, not paid off. Combining the three disappointing outcomes — sandbox graveyard, strategic avoidance, and total write-off — roughly seven in ten (73%) either failed to get custom models into productive use or deliberately declined to try, against 27% for whom fine-tuned models are a reliable advantage. The largest single group (45%) remains the graveyard: projects too expensive or complex to maintain, stranded in development. Another quarter (24%) never started — they priced in the downstream maintenance burden and avoided it. The signal is that many enterprises still treat bespoke model training as a cost trap, which helps explain the pragmatic, buy-and-blend vendor posture in Finding 7.Finding 7: Vendor posture — hybrid by default, with defection risingEnterprises blend open and closed models; more are now trimming a vendorWe asked two related questions: whether enterprises are shifting workloads toward open-weight models to escape API costs and lock-in, and which proprietary vendor, if any, they are most likely to phase out over the next year. The answers describe hedging — and a rising willingness to cut.On open weights, a clear majority (51%) strike a hybrid balance, with a deliberate closed commitment second at 32% and a hard pivot to self-hosted open models at 16%. The hybrid plurality is the same instinct visible throughout this survey — keep optionality, avoid being trapped — while the closed group remains candid that the operational overhead of self-hosting still outweighs the savings for them. On vendor defection, loyalty by inertia no longer leads: Microsoft is now the single most-named target (29%, often citing Copilot/Azure cutbacks in favor of direct model access), narrowly ahead of the 27% who are downsizing no one at all. OpenAI follows at 21% (citing pricing volatility), with Anthropic at 15% and Google at 6%. No single vendor faces a wholesale exodus, but among identifiable roles the balance has tipped from “expanding across all” toward actively trimming at least one provider.Finding 8: The agentic spending crisis — shadow AI leads the failuresUnauthorized pipelines, not runaway loops, are the top control failureFinally, we asked what the most severe financial or operational control failure enterprises have experienced as autonomous agents run over longer execution windows. Shadow AI tops the list — and very few have escaped a scare.The control gap has a price, and it is being paid. Just under half of enterprises (49%) cite shadow AI — unauthorized agentic pipelines spun up on corporate cards outside any central oversight — as their most severe failure, the operational twin of the “no single owner” barrier in Finding 5. Another 25% have been burned by a runaway infinite-loop agent bill, and 6% by an agent that degraded production databases. Only 21% report guarded stability — the minority that has imposed hard token throttling and budget caps at the infrastructure layer and avoided surprises. Put differently, roughly four in five of these enterprises (79%) have already experienced a real financial or operational control failure from autonomous AI, not merely worried about one. As with detection in Finding 4, the deterministic controls that would prevent these failures exist at only a fraction of organizations.The bottom line: A control gap that spending cannot close on its ownOrganizations with 100 or more employees describe AI programs that are expanding fast and governing slowly. Just under three-fifths are net-adding to their portfolios; more than four in five run a contested field of platforms with no agreed primary layer; and the thing they most often name as their chief obstacle is a single accountable owner. The visibility to match the ambition is largely manual — only 10% have active monitoring and alerting, and confidence in detecting a failing model rests mostly on human review rather than automation.The consequences are already concrete rather than hypothetical. Custom fine-tuning has disappointed more often than not, pushing enterprises toward a hedged, hybrid, buy-and-blend model posture; and the autonomous agents now reaching production have produced real control failures for roughly four in five respondents, led by shadow AI running outside any central oversight. This reads as a directional signal rather than a precise measurement — but the direction is consistent across every question: ambition, spend, and deployment are racing ahead of ownership, observability, and cost control. The control gap is not a tooling problem that more spending will close on its own; it is, first, a question of who owns the answer. Based on survey responses from 145 qualified enterprise respondents (100+ employees). Sample size is small; data should be treated as directional. Respondents include Directors, VPs, CIOs, CTOs, and Enterprise Architects across Technology, Financial Services, Retail, Healthcare, and other sectors.

AT&T has spent years telling investors the same story. Build more fiber, build a stronger wireless network, and the payoff will come. For a while, Wall Street bought it. The telecom stock held up even as rivals stumbled, and management kept pointing to 2030 as the finish line for its buildout.Now one of the firms that used to be on board is stepping back. And the reason has less to do with AT&T’s (T) own execution and more to do with what’s happening thousands of miles above it.Oppenheimer cuts its AT&T stock ratingOppenheimer downgraded AT&T from “Outperform” to “Perform,” according to a report from Stocks to Trade. The move signals the firm no longer expects the stock to outperform the broader market, a meaningful shift for a name that had been one of its preferred telecom picks.The reasoning centers on low Earth orbit satellite networks. Oppenheimer told clients that these constellations represent a structural threat to AT&T’s long-term broadband and mobile subscriber growth, not just a short-term distraction. The firm also grew more skeptical about AT&T’s fiber math. Management has publicly stated a goal of reaching more than 60 million fiber locations by 2030. Oppenheimer now expects penetration to fall short of that goal and thinks AT&T may top out closer to 50 million homes. Related: Verizon, AT&T suffer major customer data setbackSlower fiber growth typically means softer subscriber additions and pressure on ARPU, the average revenue a company pulls in per customer. Oppenheimer expects both to weaken, and that expectation has already weighed on the stock. The real trigger behind the downgrade is Starlink. Elon Musk’s satellite company is reportedly weighing a move into a direct-to-consumer mobile service in the United States, possibly built on its own terrestrial network. If that happens, it would create a brand-new nationwide competitor standing alongside Verizon, AT&T and T-Mobile US. For a company that has spent tens of billions of dollars laying fiber and buying spectrum on the assumption that physical infrastructure wins, a serious satellite competitor changes the calculation.

AT&T continues to invest heavily in fiber.Bloomberg/Getty Images

AT&T’s fiber bet, straight from managementTo understand why this news landed hard, it helps to know how central fiber is to AT&T’s pitch. CFO Pascal Desroches told investors at the Mizuho Technology Conference on June 9 that AT&T expects to end the year around 40 million fiber passings, on a path to more than 60 million by 2030. He called convergence, selling fiber and wireless to the same household, the company’s “winning hand,” pointing to lower churn and higher lifetime value among bundled customers.More Retail:Struggling women’s clothing retailer shutters 171 storesRetail giant launches first new home brand in 5 yearsDiscount retail giant wins as shoppers change how they spendCEO John Stankey made a similar case at the JPMorgan technology conference in May, describing AT&T’s end state as “a metropolitan fiber business with a top-class national wireless footprint.” He also addressed satellite competition directly, saying AT&T views it as a complement rather than a replacement for fiber and wireless, and pointed to the company’s own direct-to-device joint venture with two other carriers as evidence AT&T is hedging that risk itself.”We view satellite as very much a great complement to the existing products and services that we offer,” Stankey stated. “We’ve been building scaled quality networks that work in the home and work on the go for many, many decades and investing over a long period of time to make that happen.”AT&T is betting its future on owning the physical pipes. Oppenheimer is now questioning whether that bet still has the runway it once did.Is AT&T stock fundamentally sound?Fiber and spectrum don’t come cheap, and AT&T’s recent financials show it. AT&T’s long-term debt climbed to $131.6 billion as of March 2026, up from $117.3 billion a year earlier. Total liabilities rose to $293.6 billion from $275.6 billion over the same stretch. Much of that increase traces back to the Lumen fiber acquisition and the pending EchoStar spectrum deal, both of which pushed net debt-to-adjusted EBITDA to roughly 2.71 times by the end of the first quarter, with management guiding toward 3.2 times once EchoStar closes.Revenue reached $31.5 billion in the first quarter, up 2.9% from a year earlier, and EBITDA improved to $11.6 billion from $10.9 billion. Cash and equivalents grew sharply to $12 billion from $6.9 billion. But net income attributable to shareholders slipped to $3.8 billion from $4.4 billion, and diluted EPS fell to $0.54 from $0.61. Cash from operations also dipped to $7.56 billion for the quarter from $9.05 billion a year prior, while capital spending rose to $4.88 billion.Taken together, AT&T looks like a company leaning more heavily on debt to fund growth at a time when profitability is softening slightly. Management has laid out a path back toward its 2.5x leverage target within roughly three years of EchoStar’s closing. But it does mean AT&T has less room for error, and a credible new competitor is exactly the kind of error the balance sheet can’t easily absorb.For now, AT&T insists its destiny is in its own hands and that it needs no further acquisitions to hit its targets. Oppenheimer’s downgrade suggests the market should watch the sky as closely as the ground.Related: AT&T launches 4 new internet plans amid fight for customers

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.A heat dome is heading to the United States, with record-breaking temperatures expected to hit a majority of the country. With temperatures expected to reach over 100 degrees Fahrenheit, we’re scrambling for ways to stay cool.Heat advisories call for staying indoors, and there are several ways to keep your home cool and comfortable. Between air conditioners and window sealers, you can lower the temperature of your space and help keep it that way, creating a cool haven from the heat wave. Here are some upgrades to keep you and your space cool, with prices starting at $6.Window coverings and sealersWindow coverings and sealers are a great way to stay cool during a heat wave, as blocking sunlight and preventing air leaks can lower your home’s indoor temperature with minimal effort. Keeping curtains closed prevents direct sunlight from heating up your space, but the type of curtain can make a difference. Opt for blackout curtains and curtains with linings and layers to significantly reduce heat. Light colored curtains can also help, as they tend to reflect sunlight rather than absorb it. Placement also matters. When curtains are placed as close as possible to the window, they create a seal that helps keep heat out.Additionally, window sealers are an affordable way to create barriers and fill in gaps, with prices as low as $6. They help keep warm air out and cool air in, making them essential for staying cool during a heat wave. They’re a great way to make your air conditioning work smarter, not harder, which in turn can potentially help reduce your electricity bill and energy usage.Miulee Blackout Linen Textured Curtains

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Check price at AmazonLadany Wedge-Shaped Weather Stripping Window Seal Strip

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Check price at AmazonDuck Brand Black Foam Large Gap Weatherstrip Seal

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Check price at WalmartAir conditionersAir conditioners effectively lower the temperature of a room during the summer, which is a must for staying comfortable during a heat wave. But whether you opt for a window unit or a portable unit depends on your preferences and needs. Window air conditioning units tend to cool a room faster and can be more energy efficient, but can be more difficult to set up, as they require lifting the heavy appliance. Portable air conditioners can still cool a room, but they might be better for windows that can’t accommodate a window A/C unit, or if you want the portable aspect to move it from room to room with ease.After choosing your preferred A/C, you might be wondering what temperature you should set it at once it’s installed. While you might be tempted to crank it down to its lowest temperature setting, it can be a costly move that uses more energy. It’s typically recommended to set the temperature around 78 degrees, which allows for more energy-efficient cooling.Frigidaire 5,000 BTU Window Air Conditioner

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Check price at WalmartLine Blaster 8,500 BTU 3-in-1 Portable Air Conditioner

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Check price at AmazonMidea 6,000 BTU U Shaped Smart Inverter Window Air Conditioner

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Check price at AmazonFrostorm 8,500 BTU 4-in-1 Portable Air Conditioner

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Check price at WalmartHouse fansHouse fans may not lower the temperature of a space, but they can be used strategically to keep you cool. Paired with an air conditioner, a fan can help circulate the cold air throughout your home. You can also use a fan to blow hot air out of your home by facing the fan outward by a window. This method is best suited for later at night or earlier in the morning, when the temperature is cooler. If you don’t have an air conditioner, you can create a DIY air conditioner using a fan. Get a bowl of ice, sprinkle salt on it, and place the bowl in front of the fan. When you turn on the fan, it blows cold air in your direction, giving it a cooling effect. This hack is more of a personal cooling method that’s effective when it’s placed near you; however, it’s not effective in cooling an entire room like a true air conditioner.Coway Airmega P50 Pedestal Fan

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Check price at AmazonDreo 36-Inch Tower Fan

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Check price at WalmartDreame Bladeless Tower Fan

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Check price at AmazonLasko 20-Inch Classic Box Fan

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Check price at AmazonCooling towels and blanketsAppliances like air conditioners and fans can make a big impact in getting by during a heat wave, but smaller items, like cooling towels and bedding, can also help and do so without spending a ton of money.Cooling towels and cooling neck gaiters are often used outdoors, typically during outdoor activities and workouts, but they can also be used indoors for an extra cooling boost. With cooling fabric and evaporative cooling, they can help you stay cool for hours. They typically work by soaking them in water, wringing them dry, and shaking or snapping them. Then, you can wear them around your neck, on your head, or on your body to reap the benefits of their cooling properties.Cooling blankets don’t need to be soaked in water to work, thankfully. Instead, they typically use cooling technology to pull heat away from your body and regulate temperature. They’re great for staying cool at night, which can prevent night sweats and overheating during heat waves.Sukeen 4-Pack of Cooling Towels

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Check price at AmazonMission Multi-Use Cooling Neck Gaiter

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Check price at AmazonElegear Revolutionary Cooling Blanket

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Check price at AmazonTheStreet Shopping is your guide for shopping insights and advice. We look beyond the price tag to find the best value in home, tech, and wellness gear based on product features and real-world use. Read more about our Editorial Standards and How We Choose Our Shopping Deals. 

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