The Digital Infrastructure Value Index is a proprietary monitoring instrument developed by Inside Towers Intelligence. The Index an indication of the relative value of stock prices among a select group, now expanded to 16 companies in 6 distinct digital infrastructure asset classes, over a moving 52-week interval. We periodically update the mix of companies that make up the Index to keep pace with changes in the industry. Here are our latest revisions.
The Towers sector now includes Array Digital Infrastructure (NYSE: DA), the UScellular reincarnate, that is now the fourth public tower company in the U.S. American Tower (NYSE: AMT), Crown Castle (NYSE: CCI) and SBA Communications (NASDAQ: SBAC) are the other public towercos in the category.
In Data Centers, we added CoreWeave (NASDAQ: CRWV) as a new but representative of a pure AI factory operator. Digital Realty Trust (NYSE: DLR), Equinix (NASDAQ: EQIX) and Iron Mountain (NYSE: IRM) are established colocation, interconnection and Enterprise data center operators in the category.
We removed Cable One (NYSE: CABO) from the Cable sector because the company’s market cap dropped below $1 billion. Comcast (NASDAQ: CMCSA) and Charter Communications (NASDAQ: CHTR) remain as the leading CableCos. The declining curve is indicative of the competitive pressures these companies are experiencing.
Frontier Communications, delisted once its acquisition by Verizon (NYSE, NASDAQ: VZ) closed, was subsequently removed from the FiberCo category. Lumen Technologies (NYSE: LUMN) and Uniti Group (NASDAQ: UNIT) remain as the leading public FiberCos. Both companies’ stock prices are gradually improving as demand for fiber transport connectivity continues to grow.
Unchanged is the Diversified Infrastructure company category which includes Brookfield Infrastructure Partners (NYSE: BIP) and DigitalBridge Group (NYSE: DBRG) as representatives of mixed digital infrastructure portfolios.
Finally, we added a new category, Satellite companies, that is receiving much attention as a new digital infrastructure asset class that is complementary to terrestrial mobile networks. SatCos in this category include AST SpaceMobile (NASDAQ: ASTS) and Iridium Communications (NASDAQ: IRDM), both LEO operators that provide D2C and D2D connectivity services for mobile network operators, Enterprises and government agencies.
The 10-year Treasury bond rate has declined from over 4.5 percent in early 2025, now down to 4.24 percent. Note that there tends to be an inverse relationship between stocks and bonds. For capital-intensive, yield-sensitive sectors like digital infrastructure, when the 10-year Treasury yield falls: valuations tend to expand, lower borrowing costs help capital-intensive growth plans, and fixed bond income becomes less attractive, so investment rotates into stocks.
By John Celentano, Inside Towers Business Editor