Uber: A Case Where Risk > Reward

I'll preface this by saying that a year ago I was extremely bullish on Uber, and had actually made it one of my most concentrated picks. Since then, however, a lot has happened, and I no longer believe the stock is justifiable from a risk to reward ratio. While it's true that autonomy vehicles have a long way to go, and Uber is positioning themselves as a demand aggregating platform, partnering with companys like WeRide, the main problem they face is that Waymo is rapidly taking market share in their most profitable regions: https://oortcloudreport.github.io/news/robots_article/waymo.html Door Dash has been gaining a larger and larger lead in the food delivery segment. Now for Groceries, Walmart and Amazon have even stepped their games up and have become tier 1 competitor. Their freight segment has yet to show material profitability, and continues to be a money sink after years. While yes, the fundamentals look good for now, and revenue has been growing 15-20% YOY, the case for disruption is much much higer for Uber than many other tech companies. I honestly feel this is similar to how BlackBerry dominated the phones industry, and then along came better or equally good companies (Waymo, Zoox, Door Dash, etc.). While I don't think the stock is going to crash or see a rapid decline, I just think the risk of owning it isn't worth the upside, especially given Ubers tight margins. Talks of Google implementing Waymo into Google Maps is already on the table for 2026, and everyone has a Google account so switching over from Uber will be a small matter. Just my thoughts as someone who has been watching Uber for a year.