In the 80s we thought that the future of computing was clearly local, home computers, PCs, Macs, the office server (Novell, then Windows NT with disk shares) etc. Add 40 years and we are back to a centralized infrastructure with the modern equivalent of smart terminals.

The AI future will be clearly... what it will be. Probably bouncing back and forth from local to centralized. However, if there are money to be made by selling things that people run locally, it seems that centralizing creates more power and hence more money.