Fortune’s curated selection of tech stories from the last 24 hours. Sign up to get the round-up delivered to you each and every day.
* In a surprising move, Facebook is buying Instagram for $1 billion. Did Instagram’s latest round of funding cause Facebook to panic? More importantly, will the insanely popular photo-sharing app solve the social network’s mobile problems? Also, a brief profile of Instagram founder and CEO Kevin Systrom. (Fortune and The Wall Street Journal)
* Why AT&T (T) is spending more on the launch of Nokia’s Lumia 900 handset than it did on the iPhone. Also, the company plans to sell its long-standing Yellow Pages business to Cerberus Capital Management. (Ad Age and CNNMoney)
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