No, for the simple reason that telcos are no longer the kings on Wall Street. The FAAMG of tech are. Even if they stop innovating (they aren’t), any real threats/shenanigans are countered by simply
- Build their own networks (oh, Google already is)
- Buy the networks. Smaller regionals or the big Telcos outright
Also a wildcard they may come out of seemingly nowhere: SpaceX is working on launching their own fleet of thousands of LEO satellites for an Earth-wide, wireless internet. As they are in the rocket launching (and reusing!) business, they have a pretty good idea of cost effectiveness on something so audacious.
If they pull it off, “tech” will eat telcos once and for all. What will they be then, tech or telcos? Techco? No matter, tech/software eats the world.