Good morning, Austin. It's Monday, so to start your week off right we've rounded up all the buzz-worthy tech news:
Uber is selling its China business after losing billions
Uber Technologies is selling its Chinese business to Didi Chuxing, essentially admitting defeat after a bruising battle for ride-hailing dominance in China.
Bloomberg reports that the two companies spent "billions" trying to win over customers in China. Didi will buy Uber's brand, business and data in China.
Uber and its investors will receive a 20 percent economic stake in the combined company. And the CEOs of each company will be sitting on each other's boards.
Tesla will buy Elon Musk-backed SolarCity for $2.6 billion
Electric car company Tesla said it is officially buying SolarCity after making a bid in June.
Tesla will buy SolarCity in an all-stock transaction valued at $2.6 billion, according to Recode. Tesla CEO Elon Musk owns 22.54 percent of SolarCity.
Recode explains that this is all part of Musk's "master plan," which involves Tesla developing a solar roof for its vehicles.
Clouds, mobile are the two tech trends driving profits
The Wall Street Journal takes a look at second quarter earnings across tech companies and notes that two tech trends - mobile and cloud - are producing big profits for the companies that have bet on them.
Facebook and Alaphabet, the parent company of Google, did well because of revenue derived from time spent on smartphones. And Amazon and Microsoft did well because of their server hosting business.
The Journal explains that these two trends are linked. Mobile devices are increasingly being used as computers, which is driving demand for the cloud. On personal computers, data can be storage on the device but smartphones have less memory.
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