A common theme in our Wireless Watch Stock Tracker is the disparity between the Vendors and Operators segments. The Vendors segment races upwards, in volatile fashion, while the Operators segment essentially declines gradually downwards, generally being a safer store of value in weeks where the Vendors segment plummets. So, resources like S&P Global Ratings’ telecoms outlook are useful contextual clues for the financial performance of this market – used by many institutional investors as a way to hedge bets or improve positions, in what has proven to be a turbulent market. Looking at macroeconomic conditions, S&P notes that slowing inflation has eased margin pressure, and capital market access has improved. M&A activity has increased, but traditional GEO satellite players have…