Provenance and trust in the inference stack dominated the day: Microsoft was caught stamping server-issued GUIDs into locally generated images, and a widely-read essay argued the inference engine itself is the unguarded attack surface between a model and its host. On the silicon and capital side, Xiaomi's 3nm Xring O3 matched Apple single-threaded while TSMC's CoWoS bottleneck kept handing Intel Foundry an opening — all of it financed by an AI build-out that analysts now describe as too big to fail.