Cable & Wireless annual results ending 31st March 2006

Tech companies are approaching terminal velocity on capex, which will surpass a $500 billion annual run-rate in early 2026. Apple is out of position on AI; CEO Tim Cook has signalled a willingness to consider M&A yet also faces acute political strain in the US

Despite revenues surpassing $2 trillion in 2025, tech is in a fragile transition as most cloud growth is still not driven by gen AI—tariffs, uneven compute build-out and US economic impacts may deliver a bumpy landing in quarters ahead

European tech sovereignty is a mounting political issue, as the continent fights the White House on its regulatory red lines. The financial and cultural impacts of Europe’s lack of tech champions remain intractable

Disney’s streaming business continues to grow meaningfully, now outpacing the somewhat predictable decline of its linear operation. Studios is always a highwire act, but it is currently the source of most of Disney’s uncertainty.

With subscription numbers quite flat and engagement likely subdued, in the US Disney is hoping that product improvements and sport will invigorate the relationship that users have with its services.

In the UK, the Disney+ and ITVX content swap arrangement is off to a slow start.

Prime Video UK viewing has increased by 30% year-on-year. Although this growth is from a smaller base than its main rivals, it now matches Disney+ in total engagement.

Viewing behaviour now reflects a service that is more than just an add-on: those who use it alongside Netflix do so for its breadth, particularly in film, whilst non-Netflix viewers are drawn to its major UK hits and football coverage.

Supplementing consistent viewing to football and scripted box sets, its ability to attract mass audiences to its hit original shows now rivals some broadcasters.