Apple invests $1 billion in ‘Chinese Uber’ Didi Chuxing

Apple invests $1 billion in ‘Chinese Uber’ Didi Chuxing

This image from the Didi Chuxing website broadly suggests that Chinese users of the company's Uber-style transportation service can achieve instant nirvana. Apple seems to agree.

WASHINGTON, May 14, 2016 — What a difference a day makes. Throughout much of the past week, Apple (symbol: AAPL) stock was battered on Wall Street. Due to declining sales of the company’s current iPhone model—likely due to customers awaiting a major updated model this fall—article after article proclaimed the company’s best years were now behind it. We recall reading the same litany of “Apple is doomed” analyst groupthink throughout the 1990s, and look what eventually happened.

Perhaps history is now repeating itself. On Friday the 13th of May, Apple announced a major investment in the Chinese transportation marketplace, a clear hint to naysayers that Apple’s iPhone is far from the company’s last-ever communications and lifestyle offering.

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