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China’s Xiaomi places a US$1.5bil bet on AI and smart devices


The Xiaomi Mi 8 smartphone. Xiaomi is looking to diversify its revenue as demand for smartphones globally plateaus, though it expects demand to bounce back with the advent of super-fast fifth-generation wireless. — Reuters

The Xiaomi Mi 8 smartphone. Xiaomi is looking to diversify its revenue as demand for smartphones globally plateaus, though it expects demand to bounce back with the advent of super-fast fifth-generation wireless. — Reuters

Xiaomi Corp will invest at least 10bil yuan (RM6.07bil) on artificial intelligence and smart devices over the next five years, as the smartphone maker navigates an industry downturn and economic uncertainty stemming from US-Chinese tensions. 

The investment is part of the Beijing-based company’s strategy of wringing more revenue from high-value services and the Internet of Things, billionaire co-founder Lei Jun said in a statement. The company is also focusing on pushing upmarket while expanding into Europe, Lei said on Jan 11. Xiaomi’s taking action against the backdrop of a brewing trade war that’s stoking global economic uncertainty, he added. 

   

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