Xiaomi to Invest Nearly $7 Billion to Develop Its In-house Chips

News Snapshot:

Xiaomi is all set to launch its new in-house smartphone chip called the Xring O1 later this week. Ahead of the new chip’s launch, Xiaomi’s co-founder, Lei Jun, has announced that the company will invest nearly $7 billion to develop its in-house chips. The Chinese company appears to be emulating the approach of Apple, one of its biggest competitors in China. Xiaomi has already invested around $1.8 billion in its in-house chips Xiaomi’s co-founder, Lei Jun, has revealed that the company has already invested more than 13.5 billion yuan (around $1.8 billion) since 2021. The brand has plans to invest...