The penny-pinching mindset among operators will continue, as most decide to weather declining revenues by reducing capital investment, rather than investing for growth, according to a recent Dell’Oro report. Capital intensity, the percentage of revenue spent on capital expenditure, is projected to approach 12-13% in 2027, down from around 18% at the peak of 5G spending, according to the review of around 50 global operators. For operators facing falling customer revenues, the options are to either invest for growth, or to scale back on spending, and most operators seem keen on the first option. This has been on the cards since early 2024, as 5G spending began to unwind. Vendors have been adjusting their strategies by offering more as-a-service options…