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Apple's Hollywood debut

Apple CEO Tim Cook at a product launch in Brooklyn in December. Photo: Stephanie Keith/Getty Images

After months of rumors and speculation, Apple is finally unveiling its plans to take on Hollywood and the news business.

Why it matters: Apple's efforts to get into content have had mixed success to date. But with iPhone sales tapering off, the company aims to make more money from software services, which include news and entertainment as well as storage and payments.

Investor FOMO is driving Lyft's valuation sky high

Lyft driver driving
A Lyft driver. Photo: Frederic J. Brown/AFP/Getty Images

Not only is Lyft not profitable now and losing $911 million a year, the company has said it's not sure how it ever will be profitable. But investors don't care.

Driving the news: Lyft is expected to price on Thursday and go public Friday, with estimates for the company's market cap having risen to $25 billion. That's $10 billion higher than its most recent private valuation of $15.1 billion, which was double its value as recently as April 2017 of $7.5 billion.

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