The feedback loop is simple:

• Markets rise → Public confidence holds → Political risk premiums fall → Markets rise again.

But the companies have two headwinds.

1. The $2T required here is more than 5x the annual subscription market, meaning they are going to need for a lot of people to pay for this. A lot of people don’t want to pay.




2. The hardware depreciates in two to three years. Unlike the fiber laid during the dot-com boom, none of this will mature into durable