T-Mobile Emerged the Big Winner in the FCC's 5G Spectrum Auction

T-Mobile (NASDAQ: TMUS) spent nearly $10 billion on relatively few spectrum licenses in the FCC's C-band spectrum auction that concluded last month. Verizon pledged $45.5 billion for the mid-band spectrum licenses and AT&T agreed to $23.4 billion in spectrum licensing. Without getting too deep into the technicalities, T-Mobile's spectrum holdings in the mid-2010s were well-positioned for major metro areas but not as great in rural areas.