Regarding ADs and the value chain - I think vertical integration is the next natural step, especially for companies like SWATCH Group.
I recently undertook a bit of a study regarding this for school. Although the study focused especially on ETA no longer supplying ebauche and finished movements, it also shed some light on future overall vertical integration.
Some numbers to illuminate things:
Average finished mechanical movement wholesale cost: CHF120-CHF150 or so,...