Shares of AT&T (T) - Get AT&T Inc. Report were trading lower in mid-morning trading on Wednesday after the stock's rating was downgraded to hold from buy at Deutsche Bank earlier today. The call reflects weaker margins and slower EPS growth, the firm wrote in the note. 

"I thought that was interesting because one of the things that has been a part of this rally is the return of AT&T as a bit of a growth stock," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" on Wednesday morning. 

AT&T is "worth watching" because if Sprint (S) - Get SENTINELONE, INC. Report and T-Mobile (TMUS) - Get T-Mobile US, Inc. Report were to team up, then that means "someone would be left behind," Cramer noted. 

Talks of a T-Mobile and Sprint merger heated up again last week after Legere said it wasn't completely off the table during a Q&A at CES in Las Vegas. 

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"In the future structure of the industry, there are a number of people who think, well, it may make sense from a scale standpoint to consider the coming together of T-Mobile and Sprint," Legere said. 

Both Sprint and T-Mobile have "momentum," even though T-Mobile CEO John Legere doesn't like to admit that other players are doing well in the industry, Cramer claimed. 

Broadcom (AVGO) - Get Broadcom Inc. Report is another name worth mentioning in the industry because it's getting equipment orders now to work on 5G, Cramer noted. 

"I think Broadcom is really the way to play 5G," he said. "In the same way that we see a lot of these companies like Nvidia (NVDA) - Get NVIDIA Corporation Report be able to play machine learning and gaming and be able to play artificial intelligence, be able to play autonomous auto. There are a lot of companies in the chip business that are doing so well." 

(AT&T is a holding in David Peltier's Dividend Stock Advisor.)