Chinese technology company Xiaomi announced plans to invest more than 50 billion yuan ($7.2 billion) over a five-year period in an "All in AIoT" strategy, according to Reuters. This ups the original $1.5-billion, five-year investment plan announced in January 2019, which focused on expanding in-house and third-party products compatible with the Xiaomi digital assistant, Xiao AI. Xiaomi also hoped to develop the capabilities of its AI such that it could better serve as the intelligent focal point of the growing ecosystem of compatible devices. By investing in this space, Xiaomi hopes to supplement and shift away from its declining core business of smartphones. Since introducing a bevy of Xiao AI-enabled products -- including TVs, refrigerators, washing machines, wearables, and even rice cookers -- Xiaomi managed to offset the decline in its core smartphone segment with a 44% year-over-year (YoY) growth in the IoT and lifestyle products segment, according to the earnings report for the quarter ending September 30, 2019.