SPENDING: Apple invests $1B in Didi Chuxing, China’s largest ride-hailing app.

In an interview with Reuters, Apple CEO Tim Cook said, “We are making the investment for a number of strategic reasons, including a chance to learn more about certain segments of the China market. Of course, we believe it will deliver a strong return for our invested capital as well.”

Didi Chuxing told Reuters that this is its single largest round of funding so far. It claims to currently complete more than 11 million rides a day and have over 14 million drivers on its platform. The company’s other major investors include Tencent and Alibaba, two of China’s largest Internet companies, and SoftBank.

You have to wonder if this is the best time to be sinking that much money into China.