AT&T seals $23B deal; Nvidia bullish; Trump tech tax threats

The Friday File: Mobile World Live brings you our top three picks of the week as AT&T struck a $23 billion deal for EchoStar’s spectrum assets, Nvidia forecast revenue to top $50 billion despite China uncertainty and US President Donald Trump threatened more tariffs against countries with digital taxes.

AT&T acquires EchoStar spectrum assets for $23B

What happened: AT&T agreed to acquire EchoStar’s 3.45GHz and 600MHz spectrum licences in a $23 billion deal, securing 50MHz of mid and low-band spectrum covering nearly the entire US.

Why it matters: The deal, pending US regulatory approval, effectively marks the end of EchoStar’s ambitions to establish itself as the nation’s fourth major operator. EchoStar’s Boost Mobile unit will now shift to a hybrid MNO model, using a cloud-native 5G core and AT&T’s cell infrastructure. Boost will continue using T-Mobile US’ network during the transition, with parts of its RAN network set for shutdown. AvidThink founder and principal Roy Chua said that Boost’s RAN wind down “is a negative for the vendors involved in powering the Boost RAN network”, pointing to Samsung, Mavenir and Wind River. Roger Entner, founder and analyst at Recon Analytics, said “this is de facto the end of the road” for EchoStar as the fourth network operator, adding the spectrum deal “allows AT&T to play offence in a lot more places”.

Nvidia eyes 50% growth despite weak China outlook

What happened: Nvidia expects Q3 revenue to hit $54 billion, representing 50 per cent year-on-year growth, with the figure not accounting for sales of its H20 chips in China.

Why it matters: For Q2, Nvidia reported a 59 per cent rise in total profit to $26.4 billion, with total revenue increasing 56 per cent to $46.7 billion, exceeding analyst expectations. Kate Leaman, chief market analyst at AvaTrade, hailed the chipmaker’s “monster quarter”, stating its revenue and earnings per share exceeded expectations, while the company also announced a $60 billion share buyback. “That’s the kind of signal markets usually love as it says we’re confident. we’re here to stay.” In addition, H20 chip revenue for the quarter reached $650 million, generated entirely outside of China. The company confirmed no H20 shipments were made to China in Q2, with CFO Colette Kress stating that while some licences have been approved, none have yet translated into chip shipments. Leaman described continued export restrictions as “biting”, adding that “if those rules ease, it could add $2 billion to $5 billion in sales next quarter. But that’s a big if”. Meanwhile, CEO Jensen Huang noted that production of next-generation Blackwell Ultra chips is ramping with “extraordinary” demand.

Trump threatens retaliation on nations targeting US tech

What happened: President Donald Trump accused unnamed governments of giving a pass to Chinese tech giants while unfairly targeting US companies, warning countries enforcing digital taxes of retaliation.

Why it matters: Trump threatened to impose “substantial additional tariffs” on exports to the US and restrict countries’ access to advanced US technologies including chips, looking to target nations maintaining what he claimed are protectionist and discriminatory regulatory measures. Although he did not explicitly name any targets, a number of countries, including members of the European Union (EU) and the UK, have implemented digital services taxes and legislation aimed at curbing the power of big tech companies. Trump’s latest comments come after Canada axed its proposed digital services tax on US tech companies in June in an effort to smooth the way for trade negotiations with the country after Trump branded the levy as “a direct and blatant attack”. Indeed, the President’s latest critique echoes a broader US backlash against global tech regulatory efforts. At MWC25 Barcelona, FCC chair Brendan Carr slammed the EU’s Digital Services Act.