As a rule, firms invest capital when they believe they will grow their revenues, when they believe they must make defensive investments to protect themselves from key competitors or when they believe they can take market share. So some will draw conclusions based on the increases and decreases in capital investment by leading telcos and leading data center providers.
Analysts at Synergy Research Group say telco capex is flat, while data center capex is growing substantially.
Full-year hyperscale capex jumped 43 percent in 2018, while telco capex saw no growth.
The top five hyperscale spenders in 2018 were Google, Amazon, Microsoft, Facebook and Apple. Their aggregate 2018 capex was almost identical to the capex of the top five telco spenders: China Mobile, AT&T, Verizon, NTT and Deutsche Telekom.
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