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Its even worse than that, they were predicting EXPONENTIAL growth based on three closely space data points.
Remember the internet 'doubling every 100 days'? (Is that what Worldcom said, not too sure now..)
Why did no-one see through this guff?
It was patently obvious DWDM was not going to happen based on the small amount of FTTH really going on.
Why would the world need 120x10=1200Gbps pipes when consumers would be on copper for the forseeable future?
In my area we saw orders for access components dry up, but DWDM was still going great? It was so obvious, how could RHK not see it?
I made these points at the time, although not to Lightreading.