AT&T Chooses Ericsson Over Nokia for $14 Billion Network Overhaul

AT&T has awarded a $14 billion contract to Ericsson to modernize its wireless network, ousting its longtime rival Nokia. The contract allows AT&T to choose vendors for its antennas and infrastructure, marking a strategic shift in the industry. The funds will be paid out over five years and will focus on upgrading AT&T's infrastructure for 5G technology. The move is a blow to Nokia, whose shares tumbled in response. Ericsson currently supplies two-thirds of AT&T's network, while Nokia accounts for the other third. The contract highlights the contrasting fortunes of the industry amid a global slump in 5G spending.