Xiaomi, the Chinese company best known for budget phones, is betting big on a future of connected homes. It plans to plough at least 100 billion yuan, or $1.48 billion, into the so-called “AIoT” sector over the next five years, founder and chief operating office Lei Jun announced on Friday.
AIoT, short for “AI + IoT,” is an upgrade from devices connected to the internet, known as the Internet of Things. AIoTs are intelligent, run on
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