The Globe and Mail reports in its Thursday edition that 10 years ago, 5G was expected to be transformational and disruptive. Guest columnist Erik Bohlin writes that today, an investment paradox has emerged, both for wireline and wireless networks. While relying on the telecom infrastructure, Big Tech is winning the attention of the consumers and capturing the economic benefits in a value chain with telecom networks as its base. The tech companies wield substantial market power, resulting in stunning market capitalization values. In just the last five years, the New York Stock Exchange's 10-stock FANG+ Index, which includes the likes of Apple and Amazon, has risen more than 300 per cent. Over the same period, an index of U.S. telcos has risen only 20 per cent. An index of Canadian telcos has fared even worse, falling 5 per cent. The emerging digital ecosystem has become pyramidic in terms of value generation. The telcos at the base serve the Internet platforms in the upper application level with value generation and fundamental infrastructures, but the base captures just remnants of the value chain. The government's policies, which focus on regulation, seeking to curtail and discipline carriers, will be outdated.