The Rise of Autonomous Vehicle Fleets and the Threat to Tesla's Robotaxi Vision

Alphabet's Waymo has been quietly building an impressive autonomous vehicle operation with Waymo taxis serving customers in major metropolitan areas.

Pershing Square's investment thesis for Uber is based on the company's valuation relative to its growth profile, with a strong potential for autonomous vehicle growth.

As autonomous vehicle fleets scale, the entire rideshare market is expected to expand, providing an opportunity for companies like Uber.

Pershing Square believes that Hertz could be the missing piece to its autonomous vehicle vision, potentially partnering with Uber and Waymo on an AV fleet rollout.

A partnership between Hertz, Uber, and Waymo could unlock steady revenue streams and improve unit economics for Hertz.

The potential for a three-way partnership between Alphabet, Uber, and Hertz is a pipe dream, but Ackman is an activist investor who can make it happen.

Pershing Square's investment in Alphabet is focused on the company's AI ambitions, with Waymo being a key area of focus.

Alphabet's dominance in internet search could be threatened by the rise of ChatGPT and other large language models (LLMs).

Pershing Square's investment in Uber is primarily based on the company's valuation relative to its growth profile, with a strong potential for autonomous vehicle growth.

The partnership between Hertz, Uber, and Waymo could be a game-changer for the rideshare market, providing a new way to scale autonomous vehicle fleets.