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James_B_Crawshaw 7/31/2019 | 4:06:36 PM
Crisis? What crisis? As an ex British prime minister actually said (unlike the Sun newspaper's mendacious headline) "I promise you that if you look at it from outside, and perhaps you're taking rather a parochial view at the moment, I don't think that other people in the world would share the view that there is mounting chaos."

Those network operating margins of Ericsson and Nokia look fairly healthy. Huawei just reported 1H revenue up 23% YoY (albeit driven by handsets). 5G is just taking off and should be a boon for all three. The insatiable demand for bandwidth remains ... insatiable. 

If anyone is facing a crisis it is the CSP purchasing departments. They have gone from a market with 10 credible mobile infrastructure suppliers to 4 or 5. Huawei has done them all a great service by driving down prices but there is only so far you can cut. And now they face the prospect of the market fragmenting with only Ericsson, Nokia and Samsung able to supply many countries outside China and only Huawei and ZTE able to supply in China. 

This drives the need for new entrants which have been lacking given the poor reputation that telecom technology has with the VC community. That will only change if some of the start-ups in mobile technology see bumper exits. 
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