With T-Mobile publishing its Q4 results, a retrospective look at the US market through 2024 is now possible. It transpires that capex has increased sharply through the past two years, with opex tracking total revenue closely – a worrying sign, given recent vendor promises about cost reduction via new technologies. Total revenue in Q4 2024 hit $89.85 billion – up from $82.68 billion in Q1 2023. Verizon has maintained its lead as the largest of the three, finishing with $35.68 billion – compared to AT&T’s $32.29 billion, and T-Mobile’s $21.87 billion. Looking at operating income, Verizon dipped sharply in Q4 2023. This led to its net income going negative, losing $2.57 billion. In Q1 2023, the three combined operating incomes…