JPMorgan Chase speculates that Apple's AI development strategy is based on local small models to manage large language models. JPMorgan Chase recently released an investment memorandum, speculating on Apple's AI development strategy, believing that on the one hand, Apple focuses on small models running locally on the iPhone, and on the other hand, introduces large language models (LLMs) through cooperation with other manufacturers. JPMorgan Chase believes that compared to OpenAI's ChatGPT and Google's Gemini, Apple is currently lagging behind in large language models, and Apple is well aware of this. Therefore, the focus is on small models that can run locally, in order to better leverage its advantages.