Xiaomi will invest CNY 10 billion (PHP 77 billion) on AI and Smart Devices
Xiaomi Corp. announced that the company will invest at least 10 billion yuan on AI and smart devices over the next 5 years.
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| A Xiaomi smartphone, the Mi 8 |
A massive investment
CNY 10 billion is equivalent to around PHP 77 billion out of direct conversation. Xiaomi CEO Lei Jun also told their employees it's all in on AI and IoT.
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| Some of Xiaomi's smart home products |
A report by Bloomberg Television revealed that Lei Jun stated that the investment is a part of the global company's strategy bringing more revenue from high-value services and the Internet of Things.
Xiaomi is also focusing on pushing upmarket while expanding in Europe. It is Xiaomi's way of taking action against the backdrop of a brewing trade war that’s stoking global economic uncertainty, Lei Jun added.
Lei Jun didn't elaborate on details of his company's investment plan though. But most likely, Xiaomi is sure that the demand of smart devices with artificial intelligence will rise in the upcoming age of 5G.
Bloomberg also stated that Xiaomi is looking to diversify its revenue as demand for smartphones globally plateaus. It expects demand to bounce back with the advent of fifth-generation wireless technology.
As of writing, Xiaomi is the 4th biggest smartphone brand in the world.
To read Bloomberg's full report. Click the source link below.
Source: Bloomberg
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