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 closer look at how machine intelligence is helping doctors see cancer in an entirely new light.
Updated
January 8, 2026 6:33 PM
Serratia marcescens colonies on BTB agar medium. PHOTO: UNSPLASH
Artificial intelligence is beginning to change how scientists understand cancer at the cellular level. In a new collaboration, Bio-Techne Corporation, a global life sciences tools provider, and Nucleai, an AI company specializing in spatial biology for precision medicine, have unveiled data from the SECOMBIT clinical trial that could reshape how doctors predict cancer treatment outcomes. The results, presented at the Society for Immunotherapy of Cancer (SITC) 2025 Annual Meeting, highlight how AI-powered analysis of tumor environments can reveal which patients are more likely to benefit from specific therapies.
Led in collaboration with Professor Paolo Ascierto of the University of Napoli Federico II and Istituto Nazionale Tumori IRCCS Fondazione Pascale, the study explores how spatial biology — the science of mapping where and how cells interact within tissue — can uncover subtle immune behaviors linked to survival in melanoma patients.
Using Bio-Techne’s COMET platform and a 28-plex multiplex immunofluorescence panel, researchers analyzed 42 pre-treatment biopsies from patients with metastatic melanoma, an advanced stage of skin cancer. Nucleai’s multimodal AI platform integrated these imaging results with pathology and clinical data to trace patterns of immune cell interactions inside tumors.
The findings revealed that therapy sequencing significantly influences immune activity and patient outcomes. Patients who received targeted therapy followed by immunotherapy showed stronger immune activation, marked by higher levels of PD-L1+ CD8 T-cells and ICOS+ CD4 T-cells. Those who began with immunotherapy benefited most when PD-1+ CD8 T-cells engaged closely with PD-L1+ CD4 T-cells along the tumor’s invasive edge. Meanwhile, in patients alternating between targeted and immune treatments, beneficial antigen-presenting cell (APC) and T-cell interactions appeared near tumor margins, whereas macrophage activity in the outer tumor environment pointed to poorer prognosis.
“This study exemplifies how our innovative spatial imaging and analysis workflow can be applied broadly to clinical research to ultimately transform clinical decision-making in immuno-oncology”, said Matt McManus, President of the Diagnostics and Spatial Biology Segment at Bio-Techne.
The collaboration between the two companies underscores how AI and high-plex imaging together can help decode complex biological systems. As Avi Veidman, CEO of Nucleai, explained, “Our multimodal spatial operating system enables integration of high-plex imaging, data and clinical information to identify predictive biomarkers in clinical settings. This collaboration shows how precision medicine products can become more accurate, explainable and differentiated when powered by high-plex spatial proteomics – not limited by low-plex or H&E data alone”.
Dr. Ascierto described the SECOMBIT trial as “a milestone in demonstrating the possible predictive power of spatial biomarkers in patients enrolled in a clinical study”.
The study’s broader message is clear: understanding where immune cells are and how they interact inside a tumor could become just as important as knowing what they are. As AI continues to map these microscopic landscapes, oncology may move closer to genuinely personalized treatment — one patient, and one immune network, at a time.