Ericsson and Nokia both warned, in their third quarter earnings calls (see separate item), that their largest market, North America, was likely to start slowing down from 2023 as the big US operators, in particular, pass their peak capex spending on 5G. The impending US slowdown, in terms of addressable market for vendors, was indicated in the results announcements of the two largest operators, and also one of the biggest towercos, Crown Castle. Financial analysts at Wells Fargo, in a client note, warned: “While our first look at Crown Castle’s 2023 guide proved slightly ahead of what most were looking for from a headline perspective, we would caution investors that the devil is in the details.” The 2023 outlook is…