America’s drowsy telecom giants face a 5G wake-up call

FOR AN UPBEATATTT commentary on America’s telecoms market speak to Jonathan Chaplin of New Street Research, a boutique firm of financial analysts. He extols the virtues of the industry, at least compared with its “boring as hell” European counterpart. He relishes the returns and cash that it generates, much of which come pouring out in the form of dividends. Yet for a more sober assessment, you can also listen to the four-week-old baby nestled in Mr Chaplin’s arms. As the conversation with his father starts, Eiger (“after the mountain”) is restless and vocal. By the time the conversation turns to Verizon and &, the industry’s two lumbering behemoths, the boy is soundly asleep.The two firms have long had that effect on people—and on each other. For companies at what is supposed to be the beating heart of the wireless revolution, “dumb and dumber”, as the former boss of -Mobile, their bitter rival, mockingly dubbed them, make a snooze-inducing pair.