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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Can innovation truly deliver affordable housing to those who need it most?
Updated
January 8, 2026 6:35 PM
Close up of a 3D printer nozzle pouring concrete. PHOTO: ICON
The affordable housing crisis has become one of the most pressing challenges of our time. Across the globe, millions of people are struggling to secure a roof over their heads. In cities like San Francisco, housing prices are so high that even middle-income families find themselves shut out of the market.
The root of this crisis lies in a persistent imbalance: the supply of housing has failed to keep pace with growing demand. Factors such as high construction costs, bureaucratic hurdles, and limited available land in urban areas have made it increasingly difficult to build enough homes quickly and affordably. The result is a market where housing remains inaccessible to millions, even as the need becomes more urgent.
Technology is now stepping in to address these challenges in ways that were unimaginable just a decade ago. From streamlining construction processes to introducing new financing models and data-driven tools, tech innovations are rethinking how homes are built, financed, and accessed. But while these advancements offer hope, they also raise important questions: can they truly address the root causes of the housing crisis, or are they simply patching up a fractured system?
The housing crisis begins with supply shortage: we simply aren’t building enough homes. Traditional construction methods are expensive, slow, and reliant on labor that is increasingly hard to find. This is where technology is making its most significant impact. Startups likeICON and Veev are leading the charge, using cutting-edge solutions to make housing more efficient and affordable.
ICON, for instance, uses 3D printing to build homes faster and at a lower cost. By printing the structure of a house directly on-site, ICON reduces waste, labor requirements, and construction time. Entire neighborhoods of 3D-printed homes are already being built, showcasing how this technology can scale.
Veev, on the other hand, focuses on prefabricated construction. By manufacturing high-quality components like walls and steel frames in a controlled factory environment, Veev eliminates inefficiencies associated with on-site building. These components are then assembled on location, drastically reducing construction time and costs. This approach mirrors the principles of mass production seen in industries like automotive manufacturing, where efficiency and scalability are key.
While building more homes is essential, access to housing often depend son financing. For many people, especially those with low or irregular incomes, the traditional mortgage system presents insurmountable barriers. Fintech innovations are stepping in to make housing financing more inclusive and flexible.
Access to affordable housing often hinges on financing, and innovative financial technology (fintech) solutions are beginning to change the landscape. Some platforms are offering new ways for individuals to transition from renting to owning, while others are introducing shared equity models that reduce the traditional barriers of large down payments and strict credit requirements. For example, companies like Point use shared-equity financing, where homeowners receive funds in exchange for a percentage of their home’s future value instead of taking on traditional debt. Meanwhile, startups are building tools that automate and simplify and revolutionizing the mortgage process, making it easier for underserved populations to access loans tailored to their needs.
Blockchain technology is also changing the game. By digitizing land titles and creating secure records of financial transactions, blockchain reduces the complexity and difficulty of accessing credit, especially for those with limited traditional credit. This is particularly impactful in regions where informal economies dominate and traditional proof of income is scarce. These tools create a pathway to homeownership for individuals who would otherwise be excluded from the system.
Beyond building and financing, technology is transforming how we understand and address housing needs. Artificial intelligence (AI) is revolutionizing risk assessment in the mortgage industry by analyzing a broader range of financial behaviors, such as rent and utility payments, to provide a more inclusive picture of creditworthiness.
At the same time, AI and big data are helping policymakers and developers make smarter decisions about where and how to build. By analyzing population trends, commuting patterns, and infrastructure needs, these tools ensure that new housing developments are built in the right places, reducing wasteful construction and improving urban planning.
For example, startups are using 3D scanning and machine learning to map informal settlements and identify buildings at risk of collapse. These insights not only improve safety but also guide investment toward areas where housing is most desperately needed.
The housing crisis is one of the most complex challenges of our time, and technology alone cannot solve it. But it can provide powerful tools to address specific pain points, from streamlining construction to expanding access to financing. Startups like ICON, Veev, and Landis are proving that innovation can lower costs, improve efficiency, and make housing more inclusive.
However, the ultimate solution lies in a combination of technology, policy reform, and community engagement. Governments must work alongside tech innovators to create urban environments that prioritize affordability, sustainability, and accessibility.
The future of housing isn’t just about building more homes; it’s about building smarter, greener, and fairer cities where everyone has a place to call home. By integrating cutting-edge technologies with forward-thinking policies, we can move closer to a world where affordable housing is not an aspiration but a reality.
The question is no longer whether technology can solve the housing crisis—it’s how we will use it wisely to create lasting change.