China’s Xiaomi Places a $1.5 Billion Bet on AI and Smart DevicesMore

(Bloomberg) — Xiaomi Corp. will invest at least 10 billion yuan ($1.5 billion) on artificial intelligence and smart devices over the next five years, as the smartphone maker navigates an industry downturn and economic uncertainty stemming from U.S.-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

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