What technology/device will replace the smartphone?

If it works it works. The basic format is unchangeable, just like there's nothing today able to replace a computer with a physical keyboard and mouse. The form factor changes and the basic feature sets change, but the devices has to work for what a person can use.
Apple thought they could replace computers with tablets, "because they're convenient". It will never happen, as they don't work like a computer. You can't grind through a day's work on a touch display.
At some point ways to control devices using gestures on "nothing" will work. But even then, we'd need some way to generate natural feedback. Having to learn a new advanced skill to use something will never succeed, like tapping on nothing to interact with something. For instance, there are not a lot of people able to type on a keyboard without looking on the keyboard, there are even fewer able to type without looking at all. That's why we still have physical keyboards, mice and computer displays.
Meta's experiments with sensors reading electrical brain activity could lead to change. Combine that with some type of non-existent projecting smartwatch and you have something that could replace a phone. That's extreme sci-fi in this time, so we'll keep using phones for a long time. They'll get more foldable, expandable, stretchable and all that, but they'll very likely be a round for a long time.
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