Both! But electronics first - cables are as important as any component in the chain. Generally components are a bigger investment so alot of people cable up or change cables several times before upgrading other components. IMO start with your power - dedicated lines if possible and then get the best front end you can afford. Next get after market power cords for every component that is detachable. I would then go for your lungs on an amplifier, then preamp unless you're bypassing this stage. Then cables, then speakers. Alot of people go through this process in reverse but I think really solid power and electronics will make make even average speakers above average. When you have completed each step - START OVER!!
