The KPI Reset: Valuation Metrics Are About to Change - and With Them Market Volatility Will Surge TMT KPI's
TMT 2026: Better Buckle Up
More valuation and trading volatility ahead as key predictors of company sustainability rapidly change over 2026-2027
By this time next year, the Technology, Media & Telecom (TMT) sector will still be driving roughly one-third of global trading volume, but with trading ranges that will make even seasoned investors dizzy.
After a record $1.3 trillion in daily trading volume in 2025, TMT’s share of global equity and debt value has reached nearly $50 trillion, in aggregate market capitalization.
Yet that capital is now being repriced, simultaneously, across four fault lines of technology migration:
AI infrastructure, cloud/data migration, wireless last-mile proliferation and IP virtualization .
Here’s what that means for 2026:
Volatility is structural. Roughly 30% of TMT tickers are directly impacted by these shifts .
Private capital is rotating fast. TMT still absorbs about one-third of all global PE deal value, but the average deal size jumped 15% even when volume fell.
Infrastructure is the new battleground. Hyperscalers, data-center REITs, wireless carriers, cable operators, tower owners, and OEMs are all converging on the same scarce assets: fiber, spectrum, and compute.
From 5G densification to Open RAN virtualization to the AI-powered automation of networks, the sector’s fundamentals are being rewritten.
Margins, multiples, and even the definition of “infrastructure” will begin to look different, even by the end of 2026.
For two decades, Telecom Partners Group has modeled these transitions - quantifying who gains, who loses, and how quickly the market will realize it.
If you’re trading or investing anywhere inside the TMT universe, now’s the moment to recalibrate.
Because in 2026, the winners won’t just be faster, they’ll be smarter.