Uber benefits from AV/robotics adoption as the central demand aggregator for suppliers without proprietary networks.

The first is Uber, and the way to think about Uber is the aggregator of demand for rides in autonomous vehicles. So, whether you're looking for a ride for yourself, if you want some food delivered, or you're ordering from a store, Uber is going to be the app that people choose more and more to get more services done.

And if autonomous vehicles and robotics are going to be able to provide supply and the delivery mechanism, that's going to be a benefit for Uber. It's because they're pulling all that demand together in one place, and suppliers are going to flock to that.

They have partnerships with about a dozen autonomous vehicle suppliers, and that's because every one of those suppliers is looking at, "Hey, we're going to deploy these vehicles, but how are we going to actually find demand in the market?"

If you're Waymo and you're the early mover, maybe you're able to build your own app and your own own network yourself. If you have a name like Tesla, maybe you can do the same.

But if you're a smaller company, or if you want to focus on manufacturing, for example, if you're MOIA under Volkswagen and working with Mobileye, or if you're Baidu, or if you're Wave, you're saying, "We are able to do this technology, but we don't want to actually run an app, own vehicles ourselves.

We're going to put that on somebody else." Uber is the network that is going to be able to bring that demand to market and actually make those big vehicles profitable once they're actually on the road.