> Physical media could easily be killed off. Does my iPhone need 1TB of storage or will they shrink that and force everything through iCloud?

For the mobile space, I think we are ripe for a memory inversion of sorts, where going forward a phone has 1TB or more of ram but very little non-volatile storage. The RAM would need to be fast enough to run inferences locally, whereas the storage is does the bare minimum to boot the device on the rare occasions it requires a reboot. All user-specific artifacts would be stored in the cloud.

This seems a likely future for phones and other wearables going forward.