Citi: OpenAI brings new growth momentum to existing Apple supply chain companies in mainland China, focusing on Lens and AAC TECH

Citi released a research report stating that recent reports indicate OpenAI is developing its own AI device and is collaborating with a major iPhone assembler in mainland China to produce the device, while also negotiating with Goertek for component supply. Channel news from the firm shows that OpenAI is also discussing component supply matters with Lens and AAC TECH. The firm pointed out that the device is likely to be named "AIPin," taking the form of a wearable badge, equipped with voice, text, photo, and video functions, and featuring AI processing capabilities. Considering that the core members of OpenAI's device team come from Apple, it is reasonable for them to choose to collaborate with companies in Apple's supply chain. The firm expects this initiative to bring new growth momentum to existing Apple supply chain companies in mainland China. It has set a target price of HKD 60.5 for AAC TECH with a "highly confident outperform" rating; and a target price of HKD 33.7 for Lens with an outperform rating