U.S.-based telecom sector stocks have been soaring, amid progress towards advancing 5G (next generation) technology and despite global competition.

Telcos have been ramping up their efforts recently to achieve an edge in rolling out nationwide 5G networks, which are widely expected to open up a vast array of services, including for broadband, mobile and Internet of Things (IoT), as well as the necessary bandwidth and low latency for 3D and virtual reality (VR) applications.

Verizon (NYSE: VZ), for example, said it is opening additional 5G Labs on the East and West Coasts, where live 5G networks will enable local startups, universities, and technology companies the opportunity to develop and test the next gen tech.

VZ had said it would be first to launch 5G residential broadband service in four markets in the U.S. – Los Angeles, Sacramento, Houston, and Indianapolis – in the second half of 2018, followed by a mobile 5G solution in early 2019.

Other telco giants have been busy laying out the groundwork for 5G by exploiting opportunities for small cell deployment, including AT&T’s (NYSE: T ) recent discussions with the City of Los Angeles to form a public-private partnership.

T said that it has more than 222 petabytes of data running over its global network on a given day, and small cells will proactively help meet the demands of its LA-based, as well as international, customers.

Also, T-Mobile (Nasdaq: TMUS) and U.S. towerco Crown Castle (NYSE: CCI) agreed to expand their long-term, strategic relationship. Under the agreement, CCI will deploy additional small cells within their existing footprint and light up small cells in new markets, helping TMUS enhance 4G LTE network capacity and prepare for 5G deployments.

Against this backdrop, telecom shares have been surging.

MKM Partners observed not only positive price action from VZ and T, but a whole basket of stocks that may benefit in a move towards 5G, including CCI, as well as chipmakers Analog Devices (Nasdaq: ADI) and Qualcomm (Nasdaq: QCOM), telecom conglomerate Comcast (Nasdaq: CMCSA), Xilink (Nasdaq: XLNX), and telcos VZ, T and TMUS.