Core Viewpoint - The future of artificial intelligence may shift towards on-device intelligence, potentially disrupting the centralized data center model that has driven significant infrastructure investments [1][2][8]. Group 1: Disruption of Data Centers - On-device AI could reduce the reliance on centralized data centers, which have seen investments of approximately $500 billion to $5 trillion globally [3]. - The emergence of localized AI could lead to a transformation in the data center industry, questioning the sustainability of current infrastructure investments [2][3]. Group 2: Benefits for Chip Companies and OEMs - Companies like Apple, Qualcomm, and other original equipment manufacturers could benefit from the distribution of AI-enabled devices, with Apple having a significant advantage due to its M1 chips [4]. - The potential for AI to learn and adapt on personal devices could enhance user experience by automating repetitive tasks [3][4]. Group 3: Technical Barriers and Adoption - Current technical limitations exist, as no AI model has been effectively developed to run efficiently on local chips while performing tasks reliably [5]. - Early adoption of localized AI is expected to occur on devices like MacBooks and iPads before expanding to smartphones [5]. Group 4: Implications for Labor and Robotics - AI's integration into robotics could significantly impact the labor market by automating tasks traditionally performed by humans, echoing concerns from industry experts [6]. Group 5: Economic Concerns - The increasing reliance on AI raises concerns about a potential AI bubble, which could have severe repercussions if it bursts, particularly for centralized data centers [7].

Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. No offer or invitation will be made to the public in Hong Kong until after a prospectus of the ...

Citrini Research says companies aren't getting enough credit by investors for shaving jobs. - Getty Images Do one thing in 2026 as an investor? Be open to “maybe,” says a research firm whose founder who nailed diet drugs and AI themes early. “While there’s a laundry list of things I wish I had done differently since the market bottomed in October 2022, I know that the only reason I’ve more than tripled my money since then is because I was open to maybe,” says Citrini Research in its just-released trades ...

Core Insights - Apple's latest iPhone lineup introduces the iPhone Air, featuring a renewed focus on artificial intelligence with the new A19 Pro chip and custom wireless components [1][2][10] Chip Architecture and AI Focus - The A19 Pro chip includes neural accelerators in each GPU core, enhancing compute power and prioritizing AI workloads [2][9] - Apple has developed its first wireless chip, the N1, and a second-generation modem, the C1X, allowing greater control over core components [2][6] Transition from Third-Party Suppliers - Apple has shifted from relying on Broadcom for wireless chips to using its own N1 chip across the iPhone 17 lineup [4][6] - The C1X modem is now featured in the iPhone Air, with plans to phase out Qualcomm modems in the coming years [6][8] Performance Improvements - The C1X modem is reported to be "up to twice as fast" as its predecessor and uses "30% less energy" compared to Qualcomm's modem [6] - The A19 Pro chip's architecture allows for improved on-device AI capabilities, enhancing user experience and efficiency [10][12] Manufacturing and Supply Chain Strategy - Apple plans to manufacture more custom chips in the U.S., with a focus on creating an "end-to-end silicon supply chain" domestically [18][19] - The company is committed to utilizing TSMC's facilities in Arizona for chip production, although leading-edge production will remain in Taiwan for the time being [18][20] Future Developments - There are expectations for Apple to integrate its custom modems into other product lines, including Mac and iPad, over the next few years [16][17] - The company is exploring partnerships with U.S. chipmakers like Intel as part of its broader manufacturing strategy [19][20]