On Thursday, Xiaomi Corporation (OTC:XIACY) founder and CEO, Lei Jun, showcased the company's ambitions to expand its technology portfolio by introducing its self-developed mobile chip, the Xring O1.

In a live-streamed event from Beijing, Lei Jun unveiled this chip, which is designed to power a new generation of top-end devices, such as the Tablet 7 Ultra and the Xiaomi 15S Pro smartphone.Xiaomi Unveils New Self-Developed Chip, Announces $28B in R&D For 5 Years

A woman using a smartphone to access a service provided by the company.

This 3nm processor is built on TSMC's second-generation N3E process. Lei Jun stated that the Xring O1 is aimed at matching chips from industry leaders like Apple Inc. (NASDAQ:AAPL) and Qualcomm Inc. (NASDAQ:QCOM). While admitting that the Xring might lag Apple's chipsets in some aspects, such as processor speed, he emphasized that its development is still a significant achievement for Xiaomi's design team.

Lei Jun also announced plans to invest 200 billion yuan ($28 billion) in R&D over the next 5 years. The company had previously announced a $7 billion investment to develop and enhance its mobile processors over the next decade. Among other hard-tech initiatives, Xiaomi has touted an in-house LLM dubbed MiMo, which marked the company's first real AI product.

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Disclosure: None. This article is originally published at Insider Monkey.

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