On May 19, the founder of Xiaomi, one of China's most prominent consumer electronics companies, announced that the company plans to invest 50 billion yuan (about US$6.9 billion) in the development of advanced smartphone chips. Xiaomi is known for producing a wide range of products, including smartphones, vacuum cleaners, and electric vehicles. The company's decision to invest heavily in chip development is part of a broader trend among Chinese technology firms to reduce reliance on foreign semiconductor suppliers and to boost domestic innovation in the semiconductor industry. This move is expected to help Xiaomi compete more effectively in the global high-end smartphone market, where in-house chip design can provide advantages in performance, efficiency, and product differentiation. The announcement comes amid ongoing global supply chain challenges and increasing emphasis by the Chinese government on technological self-sufficiency.