Etymology
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hi-fi (adj.)

1947, abbreviation of high-fidelity (1934), a descriptive term of radio receivers in reference to their quality of sound reproduction. Hi as an advertiser's phonological shortening of high (adj.) is attested by 1914. Fidelity in the sense "faithful reproduction of sound" is from 1878.

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Definitions of hi-fi
1
hi-fi (n.)
equipment for the reproduction of sound with high fidelity;
Synonyms: high fidelity sound system
hi-fi (n.)
the reproduction of sound with little or no distortion;
Synonyms: high fidelity
2
hi-fi (adj.)
characterized by minimal distortion in sound reproduction;
a hi-fi system
Synonyms: high-fidelity
From wordnet.princeton.edu