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What can I run on a M4 Pro with 48 GB or RAM?

A sparser model like Qwen3.6 35B A3B is probably your best choice: https://qwen.ai/blog?id=qwen3.6-35b-a3b

The 35B MOE will run faster, but 48GB RAM is more than enough to run the 27B dense model as well. It's just that token/s will be on the lower side.