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Lei Jun’s ten-year bet: Why Xiaomi chose hard road to chip independence

On the evening of September 25, Xiaomi founder and CEO Lei Jun took the stage for his sixth annual keynote, titled simply: “Change.” But behind the polished presentation was the story of a company that nearly walked away from one of the most defining — and divisive — decisions in its history: whether to build its own smartphone chips, or abandon the dream for good.