Impax US Sustainable Economy Fund, in its Q2 2026 investor letter, analyzed that telecom giant Verizon Communications (VZ) saw its stock price decline during the quarter. This was primarily due to a market shift away from defensive, income-generating stocks towards growth and cyclical sectors like AI and technology. Additionally, investors were concerned about Verizon's subscriber losses in the highly competitive wireless market and the substantial capital expenditures required for network infrastructure investments.