"The real question is whether the boom is, economically, a mistake."

The answer to this is two part:

1. Have we seen an increase in capability over the last couple of years? The answer here is clearly yes.

2. Do we think that this increase will continue? This is unknown. It seems so, but we don't know and these firms are clearly betting that it will.

1a. Do we think that with existing capability that there is tremendous latent demand? If so the buildout is still rational if progress stops.