The beauty of the Uber model is that it is asset lite. Uber owns the software/network/platform. Almost like the franchisor in a restaurant chain of franchisees. Someone else owns/runs/drives/insures/cleans/retires all the cars. Clearly though, Uber has to get on the autonomy bandwagon in the coming years. If they had to start owning their own AV fleet to do so, that would a deterioration from their current asset lite model. For this to work for Uber, someone else still has to own and run the AV fleet. Perhaps companies will emerge who are in the business of running a fleet of AV’s for autonomous ride hailing. And who plug their fleet into the Uber network. So we go from the individual Uber driver to larger companies owning AV fleets. A big question is whether Tesla will want to go it alone with the own ride hailing app (which they already have a prototype), or will they be happy to plug their fleet into the Uber network. And will Tesla even want to run their own fleet of Robotaxis longer term? Or will they rather just sell them to fleet owners (and get the monthly software FSD license fees) and leave this “grunt work” to AV fleet owners? This is why the market is so split on whether AV is a headwind or tailwind for Uber. You can make a compelling case either way. This is going to come down to Uber management seizing the initiative.