Uber Technologies, Inc. (NYSE:UBER) has lost nearly a third of its market value over the past year, closing at $69.89 on September 22. The reason is not the business. Gross bookings rose 22% in constant currency in the second quarter, the fourth quarter running above twenty percent, and free cash flow passed $10 billion over twelve months for the first time. What the market is pricing is robotaxis. Waymo has ended its Phoenix partnership with Uber and told the company it will launch its own app in Austin and Atlanta from January 2028. The fear is straightforward. If self-driving fleets can reach riders directly, Uber becomes unnecessary.
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