Last week, transport networks vendor Ciena was the latest in a string of large telecoms suppliers to announce disappointing financial results and to blame the recent capex downturn and the resulting build-up of inventory. Of course, vendors are used to peaks and troughs in operator spending. In 2023, some of the world’s biggest spenders, notably AT&T and Verizon, reduced their capex plans – while other operators around the world delayed or cancelled large projects, often related to 5G Standalone (SA). In a time when capital is expensive and debt is hard to service, operators are inclined to relinquish investments that do not have a very clear return on investment. For many, 5G SA will be a victim of these cutbacks.…