The telecom industry has been revived by all the MySpace pages and YouTube videos going back and forth on the Web, and the economy has been charged up by these recent advances in telecom technology. What Internet video viewers cannot see, however, is the expansive framework the companies have put together to zap millions of clips around the Internet each and every day. In 2006, Google, the parent company of YouTube, spent nearly $2 billion-18 percent of its sales-on technology systems and other capital expenditures to serve videos quickly and process search-engine queries. The rejuvenation of the telecom industry is truly amazing: when the technology bubble burst just seven years ago, the communications industry suffered the biggest setback of any industry in the United States since the Great Depression. Many companies, such as Global Crossing Ltd. and WorldCom Inc., collapsed into bankruptcy with little or no warning at all. Many big companies such as AT&T suffered from plummeting sales, profits, and stocks. Hundreds of thousands of workers lost their jobs, often suddenly. However, over the past two years, the telecom industry has resurrected itself in large part because of the increasing demand for broadband Internet connections that now easily allow video clips, iPod music files, and Internet-inspired services such as free web phoning. Suddenly, even mainstream companies are joining the use of skyrocketing broadband networks, bandwidth prices are leveling off, profits are at record levels, and capital spending has increased. Even phone companies are reinventing themselves, as the mobile telephony market is maturing as well. Yet a troubling question remains: Could yet another unpleasant surprise be waiting for investors who have accepted the transformation of telecom? Perhaps, but now people can be more cautious since they have the bursting of the technology bubble in 2000 in the back of their minds.