Comcast (CMCSA)

The sleeper story is broadband actually stabilizing - first YoY improvement in net losses since 2020, with half from operational improvements not just marketing spend. Everyone's focused on cord-cutting doom, but Steve Croney's go-to-market reset is working. The obvious headline is record wireless adds, but the real test comes in H2 when free lines convert to paid at rates management won't quantify beyond 'significant majority.' The binding constraint is customer experience execution - they have the network and products but still lag on simplicity and service. Most revealing quote: 'We're not assuming this gets easier anytime soon' from Mike Cavanagh on competition. My view changes if free line conversion rates come in below 70% or if broadband losses worsen again in Q2 despite their investments.