Xiaomi decided to launch an initial public offering on the Hong Kong stock exchange, all with the aim of generating enough revenue to achieve the expansion of the company, where it did not describe itself as a smartphone company, but as an Internet company, despite being known as a brand that is responsible for launching smart devices. Because of that, the Chinese company is willing to invest in other details that will turn it into an Internet company, as well as artificial intelligence.
According to a report published by Bloomberg, the Chinese giant is preparing to invest at least 10 billion yuan (which at the current exchange rate would be around 1,500 million dollars) in artificial intelligence, as well as numerous smart devices.
Xiaomi’s huge investment in artificial intelligence
This huge investment is part of the strategy that the company has to achieve more income from high value services and the Internet of Things (IoT). At the same time, Xiaomi is also focusing on reaching the top of the Chinese market, in addition to working to expand throughout Europe. While speaking with the Bloomberg TV team, Lei Jun, who is the CEO of Xiaomi, said: “This is the time for action. We are all with AIoT (this being the incorporation of artificial intelligence to the internet of things) “.
With the time passing, we have seen this Chinese company implement this combination system to its intelligent products, among which is the assistant Xiao AI. That being said, this assistant can only be used in the Chinese language, and for the moment it has not been possible to configure in other languages. Yes, it is very likely that the company will add more languages in the future, and it is known that this will increase the general sales of the catalog of the company’s IoT devices, both in China and outside the Asian country.
Future plans of Xiaomi
Lei Jun has not given details about the future investment plans that this company has, but it is known that Xiaomi is looking to generate more income due to a trade war between China and the United States, which has caused uncertainty in the economic space. On top of that, the Asian company may be planning to launch new smartphones to improve its revenues as the market for these devices experiences some saturation.
It remains to be seen if Xiaomi will manage to meet the expectations it has, especially because investors do not seem to have much confidence in this, since the company’s stock has plummeted by approximately 40% since its initial public offering in July of the past year.
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