Makers of telecoms network equipment are having a dreadful time. Nokia’s third-quarter sales fell by 20 per cent before currency impacts, and the Finnish group announced up to 14000 job cuts. Swedish rival Ericsson last week announced a 10 per cent drop in group organic revenues — alongside a massive $2.9bn writedown on its acquisition of US operator Vonage.

Lex is flying its flag at half mast. We, among others, expected Nokia and especially Ericsson to benefit from the purging of Chinese rival Huawei from many western markets amid espionage allegations. This process began just as the 5G capex cycle took off.

For a time, the thesis held good. The 5G rollout was particularly strong in the US from 2019. And both Nokia and Ericsson gained market share. The stocks rose, too, although Ericsson trailed Nokia. This was partly the result of self-inflicted wounds, such as the fine it received from the Department of Justice after paying Isis for access to Iraqi territory.