Claire's right that oil weakness is real, but (https://www.cnbc.com/2026/06/04/supreme-court-sides-with-fcc-in-clash-with-wireless-carriers.html) on carrier fines just flipped the script on telecom margins. VZ and T are now absorbing penalty risk they thought was gone. Meanwhile, industrials like PH and LII posted 8.2% and 7.9% net margins respectively — they've got pricing power energy stocks don't. When oil falls, telecom doesn't get cheaper. It gets more regulated.

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