With Huawei heading into a racketeering trial in New York and US China relations under fresh scrutiny, telecom and networking stocks far from Beijing suddenly look more interesting. Global carriers and enterprises still need 5G gear, routers and core networks, yet supply chains and financing channels linked to Huawei could shift. This article walks through 3 stocks exposed to that news and how each might fit, or not, in your watchlist.
The stocks covered below are only a small sample, and the full screen surfaced 21 more non Chinese telecom and networking equipment companies with equally compelling stories that are not covered here. To identify and analyze potential high conviction ideas in this space, head straight into the Non-Chinese telecom and networking equipment providers screener.
Belden (BDC)
Overview: Belden is a US based data infrastructure specialist that supplies copper and fiber cabling, connectivity hardware and network systems used in local area networks, data centers, 5G and fiber to the home. This links it directly to carrier and enterprise networking build outs outside China. Its portfolio also supports building automation and industrial digitization, giving Belden exposure to both telecom projects and broader automation and data connectivity spending.
Market Cap: US$4.8b
Investors looking at telecom and networking suppliers beyond Huawei may consider Belden. The company sells the cables, connectivity and network systems that sit inside 5G access, fiber broadband and AI ready data centers. Recent Q2 2026 results indicated demand from AI data center and industrial automation customers, supported by the RUCKUS Networks acquisition. Analysts highlight the company’s margins and a P/E that is below the wider Electronic industry. Some see this as pointing to potential value if Belden executes on its plans to expand higher margin, software enabled solutions. The trade off is higher debt, including a US$1.85b term loan to fund RUCKUS, and exposure to carrier and industrial capex cycles, which can make earnings more volatile if spending slows.
Belden’s mix of AI data center demand, industrial automation exposure and a P/E below the wider Electronic industry may be masking the real story. Get the full picture and see how the balance of opportunity and debt risk stacks up in the 5 key rewards and 1 important warning sign
WNC (TWSE:6285)
Overview: WNC Corporation is a Taiwan based hardware supplier that designs and manufactures satellite, mobile and portable communication gear, plus 5G and Wi Fi networking equipment and antennas sold to carriers, enterprises and device makers around the world. This directly links it to the non Chinese telecom and networking equipment theme.
Operations: WNC generates about NT$122,988 million from wireless communications equipment, with sales concentrated in America at around NT$84,924 million and the rest mainly in Asia and Europe.
Market Cap: NT$117.8b
WNC offers direct exposure to global telecom hardware demand, from 5G and Wi Fi routers to satellite and mobile modules. It already has US regulatory clearance on some networking products at a time when Huawei related supply routes are under pressure. The stock trades at a much lower P/E than many non Chinese peers. Recent earnings and revenue figures point to a business that is scaling its communications footprint rather than relying on side lines like real estate. Investors should still pay attention to relatively thin margins, dividend coverage and higher funding reliance. The full risk reward picture, including how Huawei’s trial might reshape customer preferences, deserves a closer look.
WNC’s low P/E and focused telecom hardware footprint could be masking a much bigger story around margins, funding and US exposure. Get the fuller picture in the 5 key rewards and 3 important warning signs (1 is major!)
Fabrinet (FN)
Overview: Fabrinet is a Cayman Islands based manufacturer that builds the optical and electromechanical guts of telecom and networking equipment, packaging items like optical switches, amplifiers, transceivers and high speed cables that carriers and data centers rely on to move voice, video and data over fiber networks. It also produces lasers and sensors for industries such as medical devices, autos and semiconductor equipment, but its tight link to non Chinese optical networking supply chains is what connects it most clearly to this screener.
Operations: Fabrinet generates about US$4.6b from optical networking equipment, with customers spread globally across telecom, data center and industrial end markets.
Market Cap: US$14.6b
Fabrinet gives you exposure to the plumbing of non Chinese 5G and data networks, as well as the optical links feeding AI heavy data centers, at a time when regulators and customers are wary of relying on Chinese transceiver suppliers. Its record Q4 2026 revenue of US$1.316b and data center and communications infrastructure demand have supported earnings, while return on equity around 19.3% and rising profit margins indicate efficient execution. On the flip side, a few big customers such as Nvidia and Cisco still drive a large share of revenue, and recent insider selling and heavy capacity build out in Thailand and Silicon Valley raise questions on risk and timing that are worth unpacking before deciding how Fabrinet fits in your watchlist.
Fabrinet’s record revenue, profit margins, and ROE hint at a story that many investors may be only half seeing. Get the context, customer concentration details, and capacity questions in the analysis report for Fabrinet
Seeking Alternatives Beyond Your Current Watchlist
Fresh opportunities can move from quiet to flying quickly and the best entries often appear before the crowd catches on. Scan these focused shortlists while it matters and consider your options.
- Spot income workhorses with strong cash generation and payouts that might hold up when momentum drops by scanning a curated set of 11 dividend fortresses.
- Track fast moving automation suppliers that could benefit if AI hardware spending shifts, using a focused list of 36 robotics and automation stocks.
- Scan future facing computing plays that may benefit if quantum research gains commercial traction, starting with a tight set of 25 quantum computing stocks.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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