Sounds like LightSpeed to me.
Any ideas about what's going on?
I don't have an insiders view on this one, I do however deal with telco guys pretty frequently. Fiber is being deployed in the local loop, not fast, sort of slow and plodding but I think it's just a matter of time before we have gigabit speeds just about everywhere. Buying dark fiber right now may just be a good investment if you've got the capital. ComCast here in northing NJ is quietly upgrading everyone to 6mbit cable. Some of the telcos are upgrading DSLs from 1-2mbit to 3-6-9mbit. Looks to me as if the guy holding both ends of a fiber line from one town to the next could be a big winner when demand arrives in the next 5+ years.
Google could also be looking to provide VOIP which will continue to grow. 5 Cents a minute on all long distance is a bargain that most people don't even know exists yet. It's a big step though and they don't have the assets.
Sounds like LightSpeed to me.