Uber Mobility is a global network-effects business operating in 70+ countries. The AV question is the dominant uncertainty: platform or disintermediation?
The AV question is existential for Uber: platform (bullish) or disintermediation (bearish). The Waymo partnership validates the platform thesis, but Waymo's standalone app keeps the risk alive.
Uber's network effects are real and measurable: cities with dominant share show meaningfully better unit economics. The risk is that AV supply eliminates the driver-side network effect.
International markets offer a longer growth runway due to lower ride-hail penetration. Uber's 70-90% share in most international markets provides pricing power that doesn't exist in the US.
Uber One follows the Amazon Prime playbook: subscription creates platform lock-in, driving higher frequency across rides and delivery.