Chinese hardware giant Xiaomi is spinning off a part of its China-based Pinecone chipset division into a new company called Dayu (which translates to ‘big fish’ in Mandarin). It will focus on research and development of AI-based IoT (AIoT) chips for connected gadgets. The remaining part of the Pinecone team will still work on mobile processors within Xiaomi. This is part of Xiaomi‘s $1.5 billion AIoT initiative, which was announced back in January, and should help it accelerate development of its smart gadgets. Notably, the company’s IoT and lifestyle devices portfolio registered 86.9 percent year-on-year growth for the last financial…

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