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The high tech industry is undergoing a paradigm shift driven by eight key trends, including the explosion of smart devices and edge computing applications, the shift to AAS business models, supply chain volatility, geopolitical tensions, and the need for cloud transformation. These trends are driven by evolving customer needs and macro-level shifts, and require technological evolution and operating model re-invention. Cloud-powered innovation, the rise of smart devices, the embedding of AI and ML, the proliferation of smart devices and platforms, and the acceleration of 5G and edge computing are all key drivers of this evolution. The high tech industry is also reinventing its core product offering and creating new types of devices, as well as selling new types of AI and ML semis and solutions and using AI/ML internally to increase operational efficiency.