Telecoms Take the Lead in Communications 🌤️ The Morning Print

Good morning! 

Telecommunication stocks are pushing to fresh all-time highs versus the broader Communications ETF.

Here's the setup.

In yesterday’s Morning Print, we highlighted where to find alpha within the crypto space.

Today, we’re applying that same framework to the communications sector.

While sector heavyweights like Meta and Google tend to dominate attention, the bulk of the outperformance has come from telecom names.

The chart makes it clear: telecommunications stocks have been leading the communications sector for the past couple years and are now breaking out to new all-time relative highs.

With this multi-year breakout, telecoms appear to offer the best opportunity for exposure to communications going forward.