Contents

Executive summary 3

AI is driving a historic surge in capex 5

AI model innovation is continuing and agentic AI is emerging 5

AI investment boom 6

Telcos embracing AI in their infrastructure and services 8

Telcos’ strategic investments in AI infrastructure 8

AI is creating new monetization opportunities for telcos in the enterprise market 9

Telcos are targeting hyper-personalization consumer AI opportunity 10

MI3 2026 illustrates mobile and AI converged development 11

Motivation and objective 11

Methodology 11

Ranking 13

Key findings 15

Outlook and recommendations 20

Tokenomics and token-centric business models are emerging 20

Recommendations for industry 21

Recommendations for regulators and authorities 22

Appendix 24

Methodology 24