Lei Jun posted a set of numbers on Weibo: Xiaomi will invest 60 billion RMB in AI over the next three years. At least 16 billion RMB in 2026 alone. Q1 R&D spend: 9 billion RMB, up 33.4% year over year. R&D headcount: 26,048. All historic highs.

Xiaomi is transforming from a phone company into an AI company. But look closely, and Xiaomi's...