Technology, media, and telecommunications (“TMT”) as an overarching sector has experienced sustained growth and turmoil for a number of years characterised by cross-border collaboration, expansion, consolidation and, of course, innovation. The sector (and in particular the telecommunications sector) remains a focus for direct investment and capital demands for the underlying infrastructure such as full fibre networks, 5G networks, data centres, mobile towers and subsea cables – driven by the ever-increasing demand for data both at a consumer and enterprise level – remain high. Against this background, we continue to see investor-state disputes arise and develop into arbitrations. This article aims to consider any new trends in this area, and to offer some thoughts on the potential implications for investors and states.