...Telecom operators' earnings will, on average, rise by a mid-single digit in 2024 from increased mobile data traffic and fixed broadband adoption. Cost cutting, supported by AI adoption and simplified business structures, will mitigate the effect of inflation on margins. Average capex intensity should ease as 5G investment declines, even as telcos pivot spending to other digital infrastructure such as fiber, cloud and data centers. Moderating competition in Asia-Pacific, such as Indonesia and Taiwan, because of market consolidation....