Around the world, the industry has changed greatly, so that you now see several European telecoms with extensive holdings in Latin America and other high-growth areas. Britain's Vodafone, for instance, owns a substantial minority stake in the Verizon Wireless joint venture with Verizon. But given the massive capital requirements in building out the U.S. network, AT&T and Verizon have both found the U.S. market amply large to suit their profit and cash-flow needs.