Don't expect Apple's $1 billion investment in Chinese ride-hailing startup Didi to be its last. Morgan Stanley analysts led by Katy Huberty and Adam Jonas recently took a look at Apple's spending on incremental r&d and found something shocking.

Not only is the creator of the iPhone spending more now than it did when it launched its most successful product, it's also burning more cash than the top 14 automakers combined, and that's an industry deep in transformation. While Apple has spent $5 billion on additional research and development from 2013 to 2015, the major automakers spent only $192 million. (Tesla Motors, though not one of the 14, has spent about $444 million over that same time frame.)  more ...

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