Honor, a technology company, has announced that it will invest $10 billion in artificial intelligence devices. The CEO of the company, James Li, revealed at the Mobile World Congress (MWC) in Barcelona that Honor will spend $10 billion over the next five years to develop artificial intelligence. The company’s goal is to shift from primarily being a smartphone company to creating a system of AI-supported PCs, tablets, and wearable devices. Honor’s announcement comes at a time when the Chinese government is ramping up its support for artificial intelligence initiatives. According to IDC, Honor’s market share in the Chinese phone market dropped from second to fourth place last year at 14.9%. Additionally, the company completed its shareholder structuring for an initial public offering in December, but no timeline has been disclosed yet. Honor is also reported to receive substantial support from the Shenzhen government in research and development funding, tax incentives, and assistance with international expansion.