Squawk Pod: AT&T CEO John Stankey & Treasury Sec. Bessent - 02/13/26 | Audio Only
Watch on YouTube ↗  |  February 13, 2026 at 17:58 UTC  |  41:37  |  CNBC
Speakers
Scott Bessent — Treasury Secretary
John Stankey — CEO, AT&T

Summary

  • Treasury Secretary Bessent predicts 2026 will be a "banquet for the American people," characterizing 2025 as a "table-setting" year for the economy.
  • The administration is actively working to narrow the scope of metal tariffs to avoid collateral damage, suggesting a less aggressive trade war stance than feared.
  • AT&T CEO John Stankey argues that Fiber optics will remain superior to Satellite (Starlink) for high-density and enterprise connectivity, noting that 1/3 of capital investment occurs inside buildings where satellites fail.
  • AT&T signals a major inflection point: Capex as a percentage of revenue will drop from ~19% to mid-teens by 2030, unlocking significant Free Cash Flow for shareholders.
Trade Ideas
Ticker Direction Speaker Thesis Time
KRE /RSP /IWM
LONG Scott Bessent
Treasury Secretary 		Bessent states, "If you look at the broad indices, whether it's the equal weighted S&P... or the small cap indices, they're doing fantastic... Regional banks are doing well." He explicitly uses the performance of Regional Banks and Equal Weight indices (Main Street proxies) as his primary indicator that the "real economy" is taking off, contrasting them with the volatility of Big Tech. If the Treasury Secretary views these as the leaders of the "2026 banquet," policy will likely support their continued rotation. LONG US Domestic Cyclicals and Regional Banks. A resurgence of inflation or a bond market revolt (yields spiking) would disproportionately hurt regional banks and small caps. —
T
LONG John Stankey
CEO, AT&T 		Stankey confirms that after the current investment hump (hitting 40M fiber passings), "You should see capex as a percent of revenue start to tick down... to the mid-teens area." Telecom has been a capital-intensive "civil works project" for years. As Capex falls and revenue stabilizes (or grows via AI data demands), Free Cash Flow (FCF) mathematically expands. This secures the dividend and fuels the committed $45B shareholder return plan. LONG AT&T as a cash-flow inflection play. Disruption from LEO satellites (though Stankey dismisses this for enterprise/urban) or regulatory shifts. 11:29
LUMN
LONG John Stankey
CEO, AT&T 		When discussing hitting the target of 40 million fiber passings, Stankey notes, "We're going to use their [Lumen's] build engine to build faster." This is a direct validation of Lumen's infrastructure capabilities by a major competitor/partner. It implies revenue flow to Lumen and validates their asset value in the fiber ecosystem. LONG Lumen as a critical infrastructure vendor/partner. Lumen's high debt load and execution risks on their own turnaround. —
BTC /CRYPTO SECTOR
LONG Scott Bessent
Treasury Secretary 		Bessent acknowledges the current sell-off (noting a historical 58% average drawdown) but reiterates the goal to make the US the "digital asset capital of the world" and pushes for the "Clarity bill." The Treasury Secretary is framing the current volatility as a standard cycle feature ("self-induced") rather than a structural failure. His push for legislation (Clarity bill) indicates a regulatory floor is being built, which is historically bullish for institutional adoption. LONG Bitcoin and Crypto Infrastructure on volatility. Failure of the Clarity bill to pass or continued "bad actor" behavior in the space. 26:00
XLY /US CONSUMER
LONG Scott Bessent
Treasury Secretary 		Bessent claims energy prices are coming down due to deregulation and supply creation, and notes real wage growth is occurring. Lower energy costs act as a tax cut for the consumer. Combined with "real wage growth" and tax incentives (no tax on tips/overtime), discretionary income should expand. LONG Consumer Discretionary. If deregulation fails to lower energy prices or if inflation re-accelerates. —