UBER

Uber's enormous ride-sharing network—more than 570 times Waymo's trip scale—creates a demand-aggregation lead the creator considers insurmountable.

Mass robotaxi deployment by Tesla and Waymo over the next five years could steadily erode Uber's valuation as investors price in ongoing disruption.

He sees Uber retaining customer relationships with robotaxis, but cheap, widespread robo-taxis could squeeze its take rate.

Uber's cycle underperformance has made it a buy-low candidate for the host once the timing is right.