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An iPhone 18 Pro has been shown running the 27B-parameter Bonsai-27B model fully offline, at roughly twice the speed of an iPhone 17 Pro.

The result comes from a demo by user Adrien Grondin on X, as reported by IT之家 ↗; it is not a standard benchmark, and the 2x speed claim has not been independently reproduced. The hardware basis is the A20 Pro's dual 16-core neural engine, 12GB of LPDDR5X memory, and 115.2GB/s of memory bandwidth.

The limit is just as clear: the 2-bit quantized Bonsai 2 is too large to fit entirely in 12GB of memory and loses performance as a result. The next on-device AI bottleneck has shifted from compute to memory capacity.

This is 1998 testimony by the Federal Reserve Chairman before Congress, about Long-Term Capital Management — a hedge fund that used borrowed money to amplify its bets — as it neared collapse. It says: letting it dump and liquidate its positions would hit multiple markets, so fourteen banks and brokerages pooled $3.6 billion in exchange for ninety percent of its shares and took it over.

Whenever a large institution is near collapse and someone proposes that other institutions pool money to rescue it, the debate still revolves around the reasoning in this testimony: how much was borrowed, whether the bets were all on the same side, and whether anyone would buy when they wanted to sell. Since then, when regulators have urged banks to mount joint rescues, they have mostly followed the same path of 'private money, official brokering.'

If you want to know what this fund actually bet on and how it lost so much, don't use it to judge — those details were never made public at the time. If you want to conclude from it whether public funds should backstop such failures, don't rely on it alone: this is the Fed's testimony defending its own actions, and banks putting up money doesn't mean there was no official push.

《Private-Sector Refinancing of the Large Hedge Fund, Long-Term Capital Management》(1998) | Next review 2027-08-26