AT&T COO Jeff McElfresh on software's importance for growth

AT&T's investments in physical infrastructure for fiber and 5G are the telecom company's top priority, but that doesn't mean it's neglecting software improvements, COO Jeff McElfresh tells Axios.

Why it matters: Fresh off the WarnerMedia spinoff, AT&T has returned to being a traditional telecom business. The $132 billion company's M&A strategy will focus more on investments and partnerships with software businesses, the executive says.