Telefónica and the Price of European Sovereignty

Thursday, January 15, 2026

Telefónica is a century old. Once, it embodied Spanish modernity in its most tangible form: cables, exchanges, uniforms, physical presence. Today, it is something else — or is attempting to become something else entirely. Less visible. More abstract. More algorithmic. The central question is no longer how Telefónica grows, but what it is becoming.

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