Two distributions ship conda: Anaconda (~3 GB, pre-loaded with hundreds of data-science packages) and Miniconda (~100 MB, just conda + Python). For 99% of users, install Miniconda. You'll add packages as needed; you don't need 3 GB of pre-installed stuff most of which you'll never use.
On Apple Silicon, download the arm64 installer. Don't install the Intel version — it'll work via Rosetta but you'll lose performance and run into native-binary mismatches.
After install, restart your terminal (or source ~/.zshrc). The installer adds a conda init block to your shell init — that's what enables conda activate. Verify with conda --version.
Set conda-forge as your default channel right after install. The 'defaults' channel (Anaconda Inc's official) has fewer packages and stricter licensing for commercial use; conda-forge is the community channel with 30,000+ packages and no licensing strings.