Personally, I've found that the ICs have been the most profound improvement in my system. I think the speaker cables would be right there also, but, most systems have SCs that are similarly priced as the PCs and ICs. To get an equivalent jump in performance, the generally much longer SCs will need about a double the price difference to achieve the same gains. The Cerious Technology Matrix SCs would be that type of jump for me. The Teo ICs used as doubles to each component from source to preamp is an extremely big improvement. I've kept the same sets of PCs for many years while I've changed the other two a few times.
Big jump in performance of the ICs when I went to all silver cables from either Darwin or Amadi after having several Morrows, DNM, Audioquest, The change to Teo GCs brought a more organic sound that was also a real game changer in my system.
Using a pair of Core Power Equi=Core 150's as my PCs in both the TRL DUDE preamp and as the power coming from all my sources was a very good improvement in dynamics, clarity and lower noise floor. Other PCs have been good such as the Less Loss Original and Wywires Juice II's.
I probably will have to jump up in price to significantly beat the PCs I currently have in the system.
My speakers are VMPS RM40 BCSE MLS with most of the upgrades or the Vapor Audio Joule Black. The amps are Nuforce Ref 9 V3 Se monos with the level 3 TDSS upgrades. The VMPS are very detailed and transparent where the Vapor's are just a little more sophisticated and clean sounding. The amps are just freakin' awesome with all the speakers I've tried them with.