This document discusses the digital transformation of high-tech industries. It notes that profit and market value are migrating away from hardware and components towards internet platforms. It identifies trends like artificial intelligence, internet of things, cloud computing and edge processing driving changes. Few product companies have fully transformed, with internet platform companies outpacing spending on research and development. The document outlines a framework for companies to transform their core business while growing new business models in areas like connected products, living products and services, and ecosystem platforms. It emphasizes the need for digital talent and factories to drive transformation.