Author argues Uber is oversold on autonomous-vehicle fears and will benefit as an AV distribution platform rather than be disrupted, with multiple expansion as the catalyst.
UBER — LONG The author argues Uber is oversold due to autonomous-vehicle fears and can act as a distribution platform for AVs rather than compete with them, preserving its asset-light model. He notes Waymo's early city partnerships with Uber/Lyft and expects mass AV adoption to take a couple of years, allowing the narrative to shift and Uber's multiple to expand to 30-35x P/E. He states the main risk is that AVs win and Uber is left without partners as its traditional driver fleet ages out, hurting gross bookings.
TLDR: Buy Uber, AV fears are overblown and Uber will come out as a winner as a distributor rather than a direct AV competitor.