Distilling my variant views on $UBER: 1) AV providers will build to trough demand in each city. Building to peak would lead to low utilization & returns. Uber’s elastic supply of human drivers will meet surges in demand (morning/evening rush hour, Fri/Sat nights, rain, concerts, holidays, etc.). An AV fleet sized to peak New Year’s Eve demand would be wildly unproductive. Consequently, we will live in a hybrid human/AV rideshare world for a long time. 2) AV technology appears to be commoditizing. If 3+ operators survive in each metro, then Uber will still capture demand-gen economics. 3) AV rollout will occur over decades. ~20 million rides occur on Uber’s network every day. It will require a fleet of 2+ million AVs across 70 countries to fully replace Uber’s Mobility business. It took the US rental car industry 40+ years to scale to over 1 million vehicles, and $CAR / $HTZ didn’t have to worry about city-level permitting and safety validation. 4) AVs will grow the rideshare market. Rideshare represents 1-2% of miles driven globally. Lower rideshare prices due to AVs (no human driver, lower insurance costs) could cause consumers to question car ownership in many cities, boosting the overall rideshare industry. 5) Half of Uber’s business is delivery. Uber’s Delivery segment represents nearly half of Uber’s bookings, a third of operating profits, and is growing fast: bookings are growing 25% in constant currency and operating profits growing 38%. Meanwhile, Uber’s Mobility segment, which investors think is being disrupted, continues to grow bookings 20% in constant currency and operating profit 28%. Lots of ways to win owning $UBER shares at 16x ’27 earnings.