![]() Within our theme, Marvell Technology Group (NASDAQ:MRVL), a semiconductor solutions company, has been the strongest performer with its stock rising by about 63.5% over the last 12 months. The massive spectrum investments are likely to be followed by higher spending on deployment, which should bode well for the companies in our theme. This recent auction would take the total spending by the wireless industry on 5G spectrum to over $100 billion. Carriers are investing further in 5G wireless spectrum with the Federal Communications Commission recently indicating that it had raised over $22.5 billion via the auction of mid-band spectrum bands that previously had been used by the military, with AT&T and Dish emerging as the biggest spenders. Things are likely to hold up over 2022, as well. For perspective, Gartner forecast that 5G network revenues would rise by about 39% year-over-year to about $19.1 billion in 2021, up from $13.7 billion in 2020. ![]() The growth is driven by strong demand for 5G network and testing equipment as carriers doubled down on 5G deployment plans. Our theme of select 5G Stocks – which includes U.S.-based companies that stand to benefit from the ongoing transition of the wireless industry to 5G – returned a solid 26% over 2021, roughly in line with the broader S&P 500, although it has remained roughly flat year to date, compared to the S&P 500 which has declined about -2%.
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