The dot-com bubble is associated with internet stocks, but it could equally have been called the telecom bubble. Some $2 trillion was wiped off technology stocks afterwards, which is about half of the total. Telecoms was the sexiest industry of the time. Telecom companies were expected to be the gatekeepers to the information age. Before the bubble burst, telcos raised $2.2 trillion from investors, and invested it in deep sea cables and other infrastructure. 22 years later, things have not turned out the way 1990s telecoms investors expected. Telecom companies are not the gatekeepers to the Internet. They are a…

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