Uber is one of the most interesting opportunities in the market, down 31% from its highs while printing more cash. The market treats it as a low-margin business that autonomous driving could disrupt, missing its real moat: distribution. A network of consumers, drivers and merchants is very hard to replicate and lets it add verticals without paying acquisition costs again. Uber also owns about 13% of Grab, down 85% and building financial services on the same model. x.com 

Uber looks cheap at a 7% free-cash-flow yield while growing non-GAAP EPS 25-30% a year. Waymo would need to hurry its autonomous fleet rollout worldwide to catch up. x.com 

Uber cannot be owned until its robotaxi strategy and economics are clearer, including whether it stays asset-light or pivots to asset-heavy. Calling it 10 times 2027 free cash flow may be unfair if an asset-heavy pivot sends that cash into capex. Google puts global ridesharing at $150-180 billion in gross bookings a year, reaching $200 billion by decade's end, likely not big enough for Waymo, Tesla and Uber to all win while each spends tens of billions on fleets. x.com  x.com  x.com 

Uber is well on its way to becoming a compounding machine: revenue and free-cash-flow growth have been strong and consistent, while its moat widens through network effects and its flywheel ecosystem. At 23x forward earnings it looks like a very interesting opportunity, and the bear narratives are often overblown. x.com 

Uber's large, successful network and marketplace give it a moat. The stock is in stage 4, but its fundamentals still appeal. x.com 

Uber's valuation is out of balance with its fundamental trajectory over the medium term, and the long-term thesis is less convincing than it once was. It became a cash-flow machine sooner than expected, but the past couple of years have been a grind. It is a hold now and a sell if it reaches the top of its technical channel around $100. x.com  x.com 

Autonomy could expand the ride market tenfold, giving Uber a long growth runway if it does. That is the true 10x opportunity, like ridesharing's expansion of the taxi market. Uber will be a $1 trillion company by 2035. Improved autonomous-vehicle margins are possible but uncertain. x.com  x.com  x.com 

Uber's network effects could make it the app robotaxi fleets need to keep their cars fully operational. It is one of the best platforms on earth and a five-year buy at today's valuation, with opportunity too compelling to pass up despite shares falling about 25% in the past year on robotaxi fears. Bookings grew 24% last quarter and trailing free cash flow exceeded $10 billion. Waymo and Tesla could choose to bypass Uber; Waymo already runs its own app in most of its cities. x.com 

Uber's demand-side scale could let it aggregate fragmented or commoditized autonomous vehicle supply, though judging by the stock price nobody believes this. @WaterworldCapi1 argues autonomy at scale removes the need for its driver network and invites many competitors. But scaling rivals may not be cheap, Uber need not build its own fleets, and the shift will take decades, giving a hybrid network time. The stock becomes interesting only if the price gets low enough. x.com  x.com  x.com  x.com 

Uber trades at its lowest valuation since its IPO on fears that autonomous vehicles will make it obsolete, yet it is firing on all cylinders and positioning as the AV distribution layer. It already has 14 AV partners including Waymo, and city-by-city regulation favors its global network. Its driver-rider flywheel gives it 75% US share against Lyft. Uber One's 30 million members spend twice as much and drive 40% of bookings, and free cash flow has gone from negative to strongly positive. x.com