Verizon Communications (VZ)

The sleeper story everyone's missing is VZ's AI infrastructure play with hyperscalers - 'multibillion-dollar potential' that could completely change the growth narrative. Yes, they delivered first positive Q1 postpaid adds in 13 years, but the real breakthrough is cracking profitable growth: 35% reduction in customer acquisition costs while improving net adds. The binding constraint isn't demand or competition - it's their own execution on the customer experience transformation, with churn hitting sub-85 bps proving the strategy works. As Schulman put it: 'Every cohort now contributes more revenue, more margin and more cash. That affects compounds over time.' My view changes if Q2 churn bounces back above 90 bps or if the AI infrastructure partnerships remain all talk with no contracts by year-end.