I think it's trying to do both and without gambling all of its operational savings on new ventures (which, it hopes, will also delievr some returns down the line).

It's going to be very interesting to see, in a few years, whether TEF Digital has backed any winners that give it a tech advantage and some fiscal return. 

If TEF is playing with house money, then placing bets on half the numbers at the roulette table might at least make for an interesting spin or three. The more prudent approach might be to focus on continuing to hammer away to improve operating efficiencies and leave the gambling to others.

Telefonica Digital is investing in companies and striking partnerships as if its life dependen on it. (In fact, that would be about right...)

But is it spreading itself too broadly?