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Xiaomi to invest $7 billion in 5G, AI and IoT over next five years | News | WTVB
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Xiaomi to invest $7 billion in 5G, AI and IoT over next five years | News | WTVB

BEIJING (Reuters) – Chinese smartphone maker Xiaomi Corp will invest more than 50 billion yuan ($7.18 billion) in artificial intelligence and fifth generation internet technologies over the next five years, as competition in the sector grows.

Xiaomi Chief Executive Lei Jun made the announcement in a letter posted on the company’s social media account on Thursday, but did not provide specific investment details.

“We need to turn our continuous advantage we have in AIoT and intelligent life into absolute victory in intelligent full scene, and completely cement our king status in the smart era,” Lei said, using the acronym for artificial intelligence of things, a reference to a combination of AI and internet technologies.

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