I believe he means: they aren’t in competition for customers. They are in competition for stockholders. Stockholders exist in a true competitive marketplace whe

I believe he means: they aren’t in competition for customers. They are in competition for stockholders. Stockholders exist in a true competitive marketplace where AT&T must provide value to get their business. This is strictly not the case for most of AT&Ts customer-facing business. That exists in an oligopoly that appears to collude on pricing and (lack of) service.