lt cap,

Well explained, thanks - and it seems a reasonable interp of what going on and what may well go on in the macro. 

I'm not especially alarmed, but somewhat puzzled by how some of the companies, American telecoms in particular, have continued for years to avoid laying out capex of major proportions for increased bandwidth. Yes, ATT got slapped with a $100mln fine by the FCC (peanuts) for defrauding customers by selling them 'unlimited data', but not telling them that after a couple of gigs, that data was throttled back automatically to 2G speeds. With everyone demanding data for everything from watching streaming movies (4k is coming) to webcasting selfies of themselves eating breakfast (fascinating), I'm puzzled that such buildouts haven't been forced upon them without such big delays.