In this episode of The Bear Roars, Dan Caruso sits down with Colby Synesael—former top-ranked telecom analyst turned investment banker—to trace the evolution of digital infrastructure and its collision course with AI.
Colby shares how a chance job at a collapsing telecom company launched a decades-long career covering the industry’s most pivotal transformations. From the post-dot-com rebuild to the emergence of communications infrastructure as a standalone sector, his vantage point has offered rare insight into the companies, strategies, and capital shifts that defined the space.
Their conversation explores the powerful impact of AI on data centers, fiber networks, and power infrastructure—revealing why energy availability, transmission, and next-gen technologies like small modular reactors are becoming central to the future of connectivity. They also examine the growing investor appetite for infrastructure-like assets and what the shift from AI training to inferencing means for metro fiber and edge deployments.
Colby and Dan look back on the critical moments that shaped the sector, while also unpacking the trends and technologies that will define its next chapter. From early industry conferences to the rise of private capital, this episode offers an insider’s view into how digital infrastructure became one of the most consequential—and investable—industries of our time.
This episode is packed with real history, sharp perspective, and a clear-eyed look at what comes next.
Order Dan’s Book – Bandwidth: The Untold Story of Ambition, Deception, and Innovation that Shaped the Internet Age and Dot-Com Boom: dan-caruso.com/book
To nominate a founder or yourself as a future guest speaker, email: contact@loudbearproductions.com
