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A large advertisement on the LED screen outside the apple store is to warm up the iPhone 12 series, which is officially on sale on the 23rd. Shanghai, China, October 21, 2020.
Barcroft Media | Getty Images

U.S. wireless giants AT&T and Verizon had big plans last year to advertise why customers should upgrade their phones and start using 5G wireless.

Then the pandemic hit, and with everyone stuck at home, showing off blazing speeds and consumer use cases in stadiums, airports and public places wasn’t just irrelevant — it was gauche. Cloud gaming, checking instant odds on gambling apps from stadiums and downloading Netflix movies at the airport became far less important than the ability to work from home — a better message for cable companies who already deliver high-speed home broadband.

“We almost lost the year,” said David Christopher, EVP of partnerships & 5G ecosystem development for AT&T. “But now, people are excited to get out of their homes and experience 5G in the wild. We will dramatize use cases that matter to customers.”

AT&T and Verizon want to transfer customers as fast as possible to 5G networks — not just to recoup the heavy capital expenditure costs of building out updated nationwide networks but also to lock in customers and keep them from defecting to T-Mobile.

Both AT&T and Verizon have offered promotional pricing this year on 5G phones to retain customers and entice new ones. But T-Mobile tends to offer the cheapest prices among the big three, while also topping both Verizon and AT&T in download speed and 5G availability, according to Open Network’s July 2021 5G User Experience Report.

“A focus on 5G isn’t going to be flattering to either Verizon or AT&T,” said Craig Moffett, a wireless analyst at MoffettNathanson. “They are falling far behind T-Mobile in what will soon matter most: 5G speed and coverage. And they charge consumers much higher prices than T-Mobile.”

That puts pressure on both companies to sell consumers on why they should choose AT&T and Verizon — making 5G a marketing challenge as Americans emerge from pandemic quarantines.

Convincing consumers

Getting Americans excited about 5G may not be easy.

A J.D. Power survey last year found that only about a quarter of wireless subscribers said they believed 5G would be significantly faster than current 4G LTE technology, and only 5% of respondents said they’d be willing to pay more for 5G service. 

Even the CEO of AT&T Communications, Jeff McElfresh, told CNBC last year he has “always tried to soften folks’ expectations around 5G.”

Much of the messaging about 5G so far has been about enterprise solutions. A Deloitte Insights consumer survey this year found that consumer use cases that demand the faster network simply don’t exist yet.

Verizon last year helped produce a documentary on 5G called “Speed of Thought,” which showed enterprise-focused examples, such as a robotic arm that a physician can use from anywhere and an augmented reality helmet for firefighters to help see through smoke. It also explored cities testing out 5G-enabled technology to avoid car collisions.

AT&T leaders have also said 5G’s real opportunity is in the business cases, particularly in the case of machines and equipment that are communicating via internet-of-things technology.

But both companies plan to illustrate specific consumer use cases in advertisements in the coming months to convince customers to upgrade.

In an outline of its 5G strategy for this year, AT&T detailed use cases including AR-aided shopping experiences for consumers in stores and downloading content at airports. Earlier this year, AT&T announced it would give its customers access to Bookful, which creates augmented reality experiences around books to try to improve reading comprehension. Christopher said viewing a street map through a phone is reliable and seamless in 5G, more easily allowing for activity like an augmented reality guide to a city, whereas it would have consistently lagged with 4G. 

Verizon is currently running a number of 5G-related TV ad spots, including those with “Saturday Night Live” star Kate McKinnon about a promotion to receive $800 for a 5G phone when consumers trade in their old device.

Verizon has also done some marketing around what its 5G will do for gaming, both in its Super Bowl spot earlier this year and a digital video released in May that tried to illustrate what video game-like lag would look like in everyday life

But the Verizon campaigns don’t yet show why 5G is necessary or important for average consumers.

In one recent Verizon ad, viewers see a series of images — a man climbing a cell tower, a thunderstorm, cars driving on the street, landscape shots of cities — with voiced-over statements about “next generation service,” “broader spectrum,” and “the more going the extra mile matters.” But the only clear consumer use case shown in the one-minute commercial is video chatting — an activity that doesn’t require 5G.

It’s possible 5G advertising could backfire on both companies if consumers view networks as interchangeable and simply choose the lowest-price offering — which will be T-Mobile, Moffett said.

Christopher points out that educating consumers about 5G will benefit the entire industry. “We’re not going to spend our resources talking about the other guy,” he said. “Everything educates the customer about the broad benefits of 5G as a category, and that’s a good thing, too. We’re happy with that.”

Verizon’s 5G Home strategy

Verizon’s 5G marketing strategy hasn’t kicked into full gear yet because the company still hasn’t lit up its nationwide footprint of C-Band spectrum, said Manon Brouillette, recently named Verizon Consumer Group’s chief operating officer and deputy chief executive officer. Verizon CEO Hans Vestberg has promised 100 million Americans will have access to speeds up to 1 Gigabit per second by March 2022.

Brouillette she believes 5G’s biggest selling point is as a replacement for cable broadband once Verizon’s so-called “ultra wideband” network in fully functional. Verizon spent nearly $53 billion on the airwaves earlier this year.

“When it comes to messaging, we need to make sure that any consumer understands you don’t need fiber to home anymore,” Brouillette said. “When C-band is here, we can make a sales pitch where we’ll offer one product, in-home and out-of-home, at low latencies, that has never been offered before. That’s the true game changer.”

Verizon already offers 5G Home that runs on millimeter wave technology — faster than C-band — to parts of 47 U.S. cities.

But even when Verizon’s 5G network is up and running across the country, the company still plans on selling separate products — mobile and home — even though they’ll operate on the same network. Verizon currently sells its 5G Home product at a $20 monthly discount for customers that also buy Verizon wireless.

Verizon is planning more “creative” ways to price home and mobile internet together in 2022, said Brouillette. But that packaging may not be enough to convince consumers to switch to Verizon — especially as cable companies such as Comcast and Charter offer their own mobile services (which use Verizon’s own network) with bundled discounts.

“It’s a myth believing one major ad campaign will solve everything,” said Brouillette. “It will come down to performance and execution.”

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

WATCH: Verizon CEO Hans Vestberg on subscriber growth surprise, outlook

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Taiwan bans Chinese social media app RedNote for one year on fraud risks

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Taiwan bans Chinese social media app RedNote for one year on fraud risks

Dado Ruvic | Reuters

Taiwan on Thursday announced an immediate one-year ban on the Chinese social media network Xiaohongshu, saying the app posed a risk of fraud.

Taiwan’s interior ministry said in a statement that it will block access to Xiaohongshu, also known in English as Rednote, calling it a potential “high-risk area for online shopping fraud.”

Authorities linked the platform to about 1,700 fraud cases that caused financial losses of over 247.7 million New Taiwan dollars ($7.9 million) since 2024, the ministry said. The app has over 3 million users on the island, the ministry said.

Officials also said that Taiwanese law enforcement agencies face “significant difficulties” obtaining necessary information because Taiwan lacks jurisdiction over the company.

The interior ministry said the app failed all 15 indicators in cybersecurity tests conducted by the National Security Bureau.

Taiwan’s internet service providers were instructed to block access to the app, Deputy Minister of the Interior Ma Shih-yuan said in a press conference Thursday.

The ministry also urged international platforms such as Google to “completely cease publishing Xiaohongshu advertisements.”

Authorities reminded the public not to download the app or stop using it if already installed.

In a Facebook post, Cheng Li-wun, chairwoman of the opposition Kuomintang party, said the move “significantly [restricts] Internet freedom,” and described the ban on Xiaohongshu as “a starting-point for building the Great Wall of the Internet,” by the ruling Democratic Progressive Party.

Xiaohongshu, Apple and Google did not immediately respond to CNBC’s request for comments.

In 2022, Taiwan banned Xiaohongshu from government devices, calling it a “united front” for Chinese propaganda.

Earlier this year, Taiwan sent a letter to Xiaohongshu’s parent company, Xingyin Information Technology (Shanghai), seeking “concrete improvement measures,” but the company did not reply.

Xiaohongshu is widely used in China and saw renewed interest in the U.S. earlier this year after a proposed ban on its competitor TikTok. That prompted TikTok users to flock to Xiaohongshu, adding roughly 700,000 new users to the platform, according to Reuters.

— CNBC’s Anniek Bao contributed to this report.

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‘China’s Nvidia’ Moore Threads surges over 400% on trading debut after $1.1 billion listing

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'China's Nvidia' Moore Threads surges over 400% on trading debut after .1 billion listing

An illustration photo shows Moore Threads logo in a smartphone in Suqian, Jiangsu Province, China on October 30, 2025.

Cfoto | Future Publishing | Getty Images

Shares of Moore Threads, a Beijing-based graphics processing unit (GPU) manufacturer often referred to as “China’s Nvidia,” soared by more than 400% on its debut in Shanghai following its $1.1 billion listing.

The stock is currently trading at 584.98 yuan, over five times its IPO price of 114.28 yuan.

Moore Threads’ IPO was led by CITIC Securities, which served as the lead underwriter for the offering. The joint book runners on the deal were BOC International Securities, China Merchants Securities, and GF Securities.

The company, which is not yet profitable, said in its listing that the IPO proceeds are needed to accelerate several core research and development initiatives, including new-generation self-developed AI training and inference GPU chips. A portion of the funds will also be used to supplement working capital.

Moore Thread’s successful IPO comes despite it being placed under U.S. sanctions in 2023, which limited its access to advanced chip manufacturing processes and foundries.

The firm is representative of a growing cast of Chinese companies developing AI processors amid Beijing’s efforts to reduce reliance on American chip designer Nvidia.

Other companies in the space include tech giants like Huawei, as well as more specialized players like Cambricon — a firm whose shares on the Shanghai exchange have surged more than 100% year to date.

Washington has maintained varying export restrictions on Nvidia for years, preventing it from selling its most advanced AI chips to China. More recently, Beijing has also stepped in to block imports of Nvidia’s chips as it tries to encourage domestic alternatives like Moore Threads.

Newer players like Enflame Technology and Biren Technology have also entered the space, aiming to capture a share of the billions in GPU demand no longer served by Nvidia. Chinese regulators have also been clearing more semiconductor IPOs in their drive for greater AI independence.

What to know about Moore Threads, 'China’s Nvidia'

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SoFi’s stock drops on $1.5 billion share sale announcement

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SoFi's stock drops on .5 billion share sale announcement

Anthony Noto, CEO of SoFi, speaking with CNBC at the annual Allen & Co. Media and Technology Conference in Sun Valley, Idaho on July 10th, 2025.

David A. Grogan | CNBC

SoFi shares fell almost 6% in extended trading Thursday after the fintech company announced a $1.5 billion stock offering.

The company, which provides online loans and other banking services, said in a press release that it will use the proceeds for “general corporate purposes, including but not limited to enhancing capital position, increasing optionality and enabling further efficiency of capital management, and funding incremental growth and business opportunities.”

The announced offering comes after SoFi’s market cap almost doubled so far in 2025. The stock price is up more than sixfold since the end of 2022.

A company’s share price often drops on a planned share sale as the offering dilutes the value of existing holders’ stakes.

In its third-quarter earnings release in late October, SoFi reported revenue growth of 38% from a year earlier to $961.6 million, while net income more than doubled to $139.4 million. The company reported cash and equivalents of $3.25 billion.

WATCH: SoFi CEO on launch of crypto trading

SoFi CEO on launch of crypto trading: Blockchain and crypto are a supercycle technology just like AI

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