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Xiaomi Becomes Youngest Company on Fortune Global 500 List for 2019

The company also ranks seventh in the Internet Services and Retailing category, the company said in a statement

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This year Xiaomi has launched several new Mi TVs, Redmi 8A and attractive offers on Redmi Note 7 series, Redmi 7, Redmi 7A. Pixabay

Chinese smartphone manufacturer Xiaomi has become the youngest company on the Fortune Global 500 list for 2019, ranking 468, with a revenue of $26,443.50 million and a net profit of $2,049.10 million in the previous fiscal.

The Beijing-based global technology firm on Monday announced that the company has, for the first time, made the Fortune Global 500 list, nine years after its iteration.

The company also ranks seventh in the Internet Services and Retailing category, the company said in a statement.

“It took Xiaomi only nine years to make the Fortune Global 500 list, a milestone that we owe a big thank you to all our Mi fans and users for their unwavering support. We are also the youngest company on this year’s list, a proud record that we will keep in mind and bring to another level in the global expansion journey,” Lei Jun, Founder, Chairman and CEO of Xiaomi said.

Xiaomi, Fortune Global, Company
Chinese smartphone manufacturer Xiaomi has become the youngest company on the Fortune Global 500 list for 2019, ranking 468. Pixabay

Founded in April 2010 as an internet company with smartphones and smart hardware connected by an Internet of Things (IoT) platform at its core, Xiaomi was also named in Fortune’s China 500 list for the first time in June, ranking 53rd.

According to international market research organisation IDC, as of March 2019, the company has become the world’s fourth smartphone brand in terms of shipment sales volume, registering a year-on-year growth of 32.2 per cent.

The company has also incubated and invested in over 200 ecosystem companies, many of which are specialized in developing smart hardware, and has thus built the world’s largest consumer IoT platform with approximately 171 million connected IoT devices, excluding smartphones and laptops, by late March 2019.

The firm is investing 10 billion Renminbi in the development of “All in AIoT” in the next five years as part of its “Smartphone+AIoT” dual-core strategy, allowing the prospect to capitalize on Artificial Intelligence (AI) and IoT development opportunities in the future, and laying a solid foundation for the growth over the next five to 10 years.

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Moreover, the company is planning to replicate its success by enhancing and adjusting its business strategies from China to overseas. (IANS)

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Tech Billionaire Elon Musk Calls For Regulation of All Companies Delveloping AI, Including Tesla

This is a step towards building AI systems which accomplish well-defined goals in messy, complicated situations involving real humans

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Musk, who is a staunch critic of AI, stepped down from OpenAI's board in 2018. Wikimedia Commons

Elon Musk has called for regulating all companies, including Tesla, which are working in the field of developing advanced Artificial Intelligence (AI).

Responding to an article about independent research lab OpenAI by MIT Technology Review, Musk tweeted: “OpenAI should be more open in my opinion. All orgs developing advanced AI should be regulated, including Tesla.”

According to the report on Tuesday, OpenAI which was co-founded by Musk has shifted from its mission of developing AI safely into becoming a company that is obsessed with image and driven to raise more money. Musk, who is a staunch critic of AI, stepped down from OpenAI’s board in 2018.

San Francisco-based OpenAI — now in the lap of Microsoft CEO Satya Nadella — is aiming to extend the benefits of Artificial General Intelligence (AGI) to humanity. For OpenAI, a safe and beneficial AGI means highly autonomous systems that outperform humans at most economically valuable work which is the next step for AI with “widely distributed economic benefits”.

The start-up with 100 people on board is building free software for training, benchmarking and experimenting with AI. Nadella who sees a greater role of AI for humanity will invest $1 billion in the next few years in OpenAI to support it build “democratised AGI” models.

OpenAI would develop a hardware and software platform within Microsoft Azure Cloud platform which will scale to AGI. The start-up would also jointly develop new Azure AI supercomputing technologies, further extending Microsoft Azure’s capabilities in large-scale AI systems.

AI
Elon Musk has called for regulating all companies, including Tesla, which are working in the field of developing advanced Artificial Intelligence (AI). Pixabay

OpenAI’s investors include Reid Hoffman’s charitable foundation and Khosla Ventures. The start-up has created “MuseNet” — a deep neural network that can generate four-minute musical compositions with 10 different instruments, and can combine styles from country to Mozart to the Beatles.

It also created a bot which beat the world as top professionals at 1v1 matches of “Dota 2” competition. The bot learned the game from scratch by self-play, and does not use imitation learning or tree search.

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“This is a step towards building AI systems which accomplish well-defined goals in messy, complicated situations involving real humans,” said OpenAI. (IANS)