AI’s expansion into the physical world is reshaping what investors choose to back
Updated
February 12, 2026 1:21 PM
Exterior view of the Exchange Square in Central, Hong Kong. PHOTO: UNSPLASH
Artificial intelligence is often discussed in terms of large models trained in distant data centres. Less visible, but increasingly consequential, is the layer of computing that enables machines to interpret and respond to the physical world in real-time. As AI systems move from abstract software into vehicles, cameras and factory equipment, the chips that power on-device decision-making are becoming strategic assets in their own right.
It is within this shift that Axera, a Shanghai-based semiconductor company, began trading on the Hong Kong Stock Exchange on February 10 under the ticker symbol 00600.HK. The company priced its shares at HK$28.2, debuting with a market capitalization of approximately HK$16.6 billion. Its listing marks the first time a Chinese company focused primarily on AI perception and edge inference chips has gone public in the city — a milestone that underscores growing investor interest in the hardware layer of artificial intelligence.
The listing comes at a time when demand for flexible, on-device intelligence is expanding. As manufacturers, automakers and infrastructure operators integrate AI into physical systems, the need for specialized processors capable of handling visual and sensor data efficiently has grown. At the same time, China’s domestic semiconductor industry has faced increasing pressure to build local capabilities across the chip value chain. Companies such as Axera sit at the intersection of these dynamics, serving both commercial markets and broader industrial policy priorities.
For Hong Kong, the debut adds to a cohort of technology companies seeking public capital to scale hardware-intensive businesses. Unlike software firms, semiconductor designers operate in a capital-intensive environment shaped by supply chains, fabrication partnerships and rapid product cycles. Their presence on the exchange reflects a maturing investor appetite for AI infrastructure, not just consumer-facing applications.
Axera’s early backer, Qiming Venture Partners, led the company’s pre-A financing round in 2020 and continued to participate in subsequent rounds. Prior to the IPO, it held more than 6 percent of the company, making it the second-largest institutional investor. The public offering provides liquidity for early investors and new funding for a company operating in a highly competitive and technologically demanding sector.
Axera’s market debut does not resolve the competitive challenges of the semiconductor industry, where innovation cycles are short and global competition is intense. But it does signal that investors are placing tangible value on the hardware, enabling AI’s expansion beyond the cloud. In that sense, the listing represents more than a corporate milestone; it reflects a broader transition in how artificial intelligence is built, deployed and financed — moving steadily from software abstraction toward the silicon that makes real-world autonomy possible.
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A look at how motivation, not metrics, is becoming the real frontier in fitness tech
Updated
February 7, 2026 2:18 PM
A group of people running together. PHOTO: FREEPIK
Most running apps focus on measurement. Distance, pace, heart rate, badges. They record activity well, but struggle to help users maintain consistency over time. As a result, many people track diligently at first, then gradually disengage.
That drop-off has pushed developers to rethink what fitness technology is actually for. Instead of just documenting activity, some platforms are now trying to influence behaviour itself. Paceful, an AI-powered running platform developed by SportsTech startup xCREW, is part of that shift — not by adding more metrics, but by focusing on how people stay consistent. The platform is built on a simple behavioural insight: most people don’t stop exercising because they don’t care about health. They stop because routines are fragile. Miss a few days and the habit collapses. Technology that focuses only on performance metrics doesn’t solve that. Systems that reinforce consistency, belonging and feedback loops might.
Instead of treating running as a solo, data-driven task, Paceful is built around two ideas: behavioural incentives and social alignment. The system turns real-world running activity into tangible rewards and it uses AI to connect runners to people, clubs and challenges that fit how and where they actually run.
At the technical level, Paceful connects with existing fitness ecosystems. Users can import workout data from platforms like Apple Health and Strava rather than starting from scratch. Once inside the system, AI models analyse pace, frequency, location and participation patterns. That data is used to recommend running partners, clubs and group challenges that match each runner’s habits and context.
What makes this approach different is not the tracking itself, but what the platform does with the data it collects. Running distance and consistency become inputs for a reward system that offers physical-world incentives, such as gear, race entries or gift cards. The idea is to link effort to something concrete, rather than abstract. The company also built the system around community logic rather than individual competition. Even solo runners are placed into challenge formats designed to simulate the motivation of a group. In practice, that means users feel part of a shared structure even when running alone.
During a six-month beta phase in the US, xCREW tested Paceful with more than 4,000 running clubs and around 50,000 runners. According to the company, users increased their running frequency significantly and weekly retention remained unusually high for a fitness platform. One beta tester summed it up this way: “Strava just logs records, but Paceful rewards you for every run, which is a completely different motivation”.
The company has raised seed funding and plans to expand the platform beyond running, walking, trekking, cycling and swimming. Instead of asking how accurately technology can measure the body, platforms like Paceful are asking a different question: how technology might influence everyday behaviour. Not by adding more data, but by shaping the conditions around effort, feedback and social connection.
As AI becomes more common in consumer products, its real impact may depend less on how advanced the models are and more on what they are applied to. In this case, the focus isn’t speed or performance — it’s consistency. And whether systems like this can meaningfully support it over time.