The U.S. Federal Communications Commission said Thursday an auction of wireless mid-band spectrum raised more than $3.5 billion, which will largely be used to fund the replacement of Chinese telecom equipment.
The FCC said up to $3.3 billion of the auction’s proceeds will be used to cover funds borrowed to support the FCC’s “Rip and Replace” program to purge Huawei and other Chinese gear from their wireless networks and other programs.
