We have been warning that MVNOs are a major disruption risk for MNOs for some time now, and this week, the threat level has been ratcheted up. Three brief announcements add up to paint a much larger picture, of an industry in flux. The 5G capex cycle has crunched to a halt. Inflationary pressure continues to drive both capex and opex up, and stagnant ARPU has prevented MNOs from improving their cash positions. The gulf between MNO and MVNO pricing illustrates the cost of all that MNO technical and legacy debt. Saddled with costs stemming from the 3G era, MNOs the world over are beginning to sweat the inevitable 6G expenses. This is why enthusiasm has been so muted –…