Friday May 13, 2016

Apple Invests $1B In Chinese Ride-Hailing Service

Apple just invested $1 billion in a Chinese ride-hailing service. Why? Not to compete with Uber. According to the company's CEO says it is to "better understand the critical Chinese market." Umm, if you say so.

Apple Inc (AAPL.O) said on Thursday it has invested $1 billion in Chinese ride-hailing service Didi Chuxing, a move that Apple Chief Executive Tim Cook said would help the company better understand the critical Chinese market. The tech giant's rare investment gives it a stake in two burgeoning waves of technology - the sharing economy and car technology - as the iPhone business that propelled it to record profitability shows signs of maturing.