Xiaomi pledges ¥50b to revive chip ambitions, plans decade-long push for high-end semiconductors

AI Summary

Xiaomi founder Lei Jun announced a 50 billion yuan (RM29.7 billion) investment over 10 years to develop high-end smartphone chips. This renewed commitment to semiconductor development follows the company's previous attempt with the Surge S1 chip in 2017, which was later discontinued. Lei emphasized the importance of chips for Xiaomi's technological advancement and requested patience as they pursue this long-term goal. The investment comes amid US-China tech tensions and a broader push by Chinese companies to reduce reliance on foreign chip suppliers.