FTI Consulting News Bytes – 6 June 2025

FTI Consulting News Bytes

This week’s News Bytes spotlights innovation and industry shifts across tech and gaming. We start with SXSW’s London debut, where AI took centre stage amid calls to make London a global hub for talent and responsible innovation. Next, Nintendo ignites excitement with the launch of its Switch 2 console, sparking strong pre-orders and boosting investor confidence in the gaming sector. Turning to security, Nokia leads a major EU-backed project to develop advanced drones for protecting critical infrastructure, responding to emerging defence challenges. Meanwhile, fintech firm Wise plans to move its primary stock listing to New York, aiming to tap a broader investor base and signal another blow to London’s financial market. Finally, UK tech leaders warn that tightening immigration rules risk driving startups and talent overseas, threatening the country’s innovation landscape just as demand for skilled workers in AI and quantum rises.

This week’s news

AI across the aisle: SXSW launches London edition 

For the first time, South by Southwest (SXSW) expanded beyond Austin, Texas, bringing its music, film, and tech festival to London. London Mayor Sadiq Khan used the event to position the city as a global hub for talent and innovation, contrasting London’s openness with more insular global trends. Big tech names, including DeepMind’s Demis Hassabis, headlined discussions, with AI emerging as a dominant theme. According to CNBC, Hassabis predicted artificial general intelligence (AGI) could surpass the Industrial Revolution and the internet in societal impact, while emphasising the need for responsible development. The festival also featured strong brand activations and cultural events, blending tech with London’s creative energy.

Game on: Nintendo set to Switch off availability

This week has seen the long-awaited launch of Nintendo’s Switch 2, with long queues and midnight store openings. The Financial Times highlights that analysts view the upcoming console upgrade as a key driver for the next phase of growth in the video game industry. Since the original Switch launched in 2017, over 150 million consoles and nearly 1.4 billion games have been sold. With strong pre-orders, retailers are telling customers to expect quick sellouts, fueled by excitement and a strong lineup of games. Investor confidence is also high – Nintendo’s stock has jumped 32% this year, seemingly unaffected by possible tariffs from the Trump administration.

Nokia takes flight, leading the EU’s drone defence for infrastructure

Nokia is spearheading a consortium of over 42 organisations to develop advanced drone technologies to safeguard Europe’s critical infrastructure. According to Reuters, the initiative, supported by the EU’s Chips Joint Undertaking program, will integrate new capabilities like laser and radar sensors into drones built by defence firms such as Safran, Leonardo, and Saab. Prompted by rising threats highlighted by the war in Ukraine, the project focuses on civil security but could evolve into dual-use defence applications. Nokia, prioritising defence alongside AI and data centres, expects the three-year effort to generate €90 million in revenue by 2035.

Wise cracks Wall Street to shift listing to New York

UK-based fintech company Wise has revealed plans to shift its primary stock market listing to New York, aiming to attract a broader investor base and boost its market valuation, marking another setback for the London Stock Exchange. The Times reports that in the unexpected announcement, the £12 billion firm stated that relocating its primary listing to the US would enhance share liquidity and help raise awareness among potential customers. Wise, which debuted on the LSE in July 2021 at 800p per share, intends to maintain a secondary listing in London, allowing its stock to be traded on both the US and UK markets.

Tech leaders warn that UK immigration changes threaten innovation

UK tech leaders warn that new government immigration restrictions could worsen talent shortages and drive startups to relocate. Despite promises of more visas for highly skilled workers, higher salary thresholds and extended residency requirements make it more challenging to attract and retain international talent. According to Sifted, founders say the anti-immigration rhetoric is discouraging overseas hires at a time when sectors like AI and quantum already face skills gaps. Some startups and investors are actively considering moves to countries with more stable immigration pathways, like Germany and the US. Critics argue the UK’s innovation economy depends on global talent and risks losing its competitive edge without a more open approach.

Top Tweets of the Week

• Zoe Kleinman, Technology Editor at the BBC: The UK has made more than 20,000 demands using the Cloud Act, an agreement which allows the UK and the US to request data access from each other for law enforcement purposes. The US has made 63, says @GregNojeim at a US subcommittee hearing about the UK gov’s row with Apple

• Matt Field, Senior Technology Reporter at The Telegraph: Exclusive: Britain risks losing influence over Starlink rival Eutelsat to France as part of a €1.5bn refinancing, sources say. Can also reveal Sunil Mittal’s Bharti is in talks to join the French-led equity raise

• Mark Gurman, Managing Editor at Bloomberg: Apple Inc. lost its request to pause a court order requiring it to let App Store developers steer users to the web to purchase in-app items without paying a commission.

Number of the week

$650m The amount Musk’s Neuralink raised in its latest funding as clinical trials begin.