Wall Street Firm Citadel Securities Courts AI Startups for Trading EdgeRead more

Apple CEO Tim Cook. Photo collage by Haejin Park. Photos by Bloomberg
Dec. 7, 2021 6:00 AM PST

Apple’s iPhone recently became the top-selling smartphone in China, its second-biggest market after the U.S., for the first time in six years. But the company owes much of that success to CEO Tim Cook, who laid the foundation years ago by secretly signing an agreement, estimated to be worth more than $275 billion, with Chinese officials promising Apple would do its part to develop China’s economy and technological prowess through investments, business deals and worker training.

Cook forged the five-year agreement, which hasn’t been previously reported, during the first of a series of in-person visits he made to the country in 2016 to quash a sudden burst of regulatory actions against Apple’s business, according to internal Apple documents viewed by The Information. Before the meetings, Apple executives were scrambling to salvage the company’s relationship with Chinese officials, who believed the company wasn’t contributing enough to the local economy, the documents show. Amid the government crackdown and the bad publicity that accompanied it, iPhone sales plummeted.

Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
CareRev co-founder Will Patterson stepped down as CEO last week. Art by Clark Miller
Exclusive startups venture capital
A Long, Strange Trip for the ‘Uber for Nurses’
Will Patterson was on a hot streak. As the co-founder and CEO of CareRev—a gig-work platform sometimes described as an “Uber for nurses”—he saw his company’s business surge during the pandemic as hospitals and clinics scrambled to find healthcare workers.
Instacart CEO Fidji Simo. Photo by Getty.
Exclusive startups Finance
Growth Wanes at Instacart, Gopuff
Grocery upstarts Instacart and Gopuff haven’t been able to deliver two things at once this year: growth and profits.
PRO
Introducing The Information’s Generative AI Database
OpenAI’s ChatGPT launched six months ago, igniting a boom in generative artificial intelligence.
The Port of Los Angeles, where Next Trucking has a significant presence. Photo by David McNew/Getty Images.
Exclusive startups Finance
Logistics Startup Next Trucking Tries to Sell Itself
Sequoia Capital–backed logistics startup Next Trucking, facing a slowdown in the trucking sector, is trying to sell itself, according to people familiar with the matter and a pitch deck reviewed by The Information.
Adam D'Angelo photograph by Ko Sasaki. Art by Clark Miller
The 1:1 ai
Adam D’Angelo’s Endless Quest to Answer Everything
Adam D’Angelo is basking in an “ endless summer ” of artificial intelligence. A few weeks before he and 350 industry peers released a bizarre, one-line statement warning that AI could herald a nuclear-level extinction event, the 38-year-old co-founder of Quora told me he actually sees more upside in AI than downside.
Jonah Peretti. Photo by Getty.
Exclusive media/telecom
BuzzFeed Considers Sale of Complex Networks
BuzzFeed is exploring a potential sale of Complex Networks, a digital media firm it acquired when going public in late 2021 for nearly $300 million, according to people familiar with the matter.