Mark Roussin, CPA 对 $UBER 的判断变化
现在来看第三只股票，那就是 Uber。我认为 Uber 的故事多年来已经发生了巨大变化。回顾五年前，投资者在问：Uber 能盈利吗？如今，这已不再是问题。现在他们问的是：这个平台能变得多大？以及他们如何与自动驾驶竞争？
Now for stock number three, which is going to be Uber. And I think Uber story has changed dramatically over the years. Look back 5 years. Investors were asking, will Uber ever make money? Well, today that's no longer a question. Now they're asking, "How large can this platform become? And how do they compete with autonomous driving?"
Uber 已经建立了一个庞大的全球网络，涵盖出行、配送、广告、货运、会员服务，并且正在进入自动驾驶领域。该公司在该领域占据主导地位，出行次数持续攀升，仅在过去 12 个月就完成了超过 147 亿次出行，而 2025 年全年为 135 亿次。
Well, Uber has built an enormous global network. mobility, delivery, advertising, freight, membership, and they're getting into autonomous vehicles. The company dominates in the space and the number of trips continues to climb as they have done over 14.7 billion trips in the past 12 months alone. And that's up from 13.5 billion throughout 2025.
但有趣的是，它可能成为连接自动驾驶汽车与客户的平台。想想看，Waymo 制造车辆，另一家公司开发自动驾驶技术。谷歌看到了 Uber 的平台，并在凤凰城、亚特兰大和奥斯汀等地区与 Uber 合作。
凤凰城的合作已经到期，两家公司已经分道扬镳。另外两项合作也可能终止。但让谷歌的 Waymo 感兴趣的是，他们知道 Uber 拥有客户，拥有支付、路线规划、需求聚合和市场基础设施。
这些都是 Uber 的优势，连 Waymo 和谷歌都看到了这一点。
But here's the fascinating part. It could become the platform that connects autonomous vehicles with customers. Think about it. Whimo builds the vehicle. Another company builds the autonomous technology. Google saw the platform Uber had and partnered with Uber in areas like Phoenix, Atlanta, and Austin. The Phoenix deal has expired and the two companies have walked away. The other two are likely to close down as well. The intrigue though for Google's Whimo, they know Uber owns the customers and they own the payments and the routing and the demand aggregation, marketplace infrastructure. That's all Uber's strength and even Whimo, Google saw it.
关于自动驾驶的问题，多年来，自动驾驶汽车被视为对 Uber 的威胁。我越来越将自动驾驶视为一个潜在的巨大机遇。如果 Uber 成为消费者使用多种自动驾驶汽车或自动驾驶车队的市场，它可能消除网约车中最大的成本之一——司机。这是一个极其有趣的长期期权故事。
The autonomy question though, for years, autonomous vehicles were viewed as a threat to Uber. I'm increasingly looking at autonomy as a potential massive opportunity. If Uber becomes the marketplace through which consumers access multiple AVs or autonomous fleets, it could potentially remove one of the largest expenses in ride sharing, the driver. That's an extremely interesting long-term optionality story.
这些不会一夜之间发生，我们已经看到许多汽车制造商与 Uber 合作，包括梅赛德斯-奔驰、Lucid、日产、Rivian 等。Rivian 宣布计划推出 10,000 辆自动驾驶 R2 机器人出租车，这个数字可能高达 40,000 辆。所以，这不是会不会的问题，而是何时的问题。
Now, these things aren't going to happen overnight, and we're already seeing a number of car manufacturers partnering with Uber. We're talking about the likes of Mercedes-Benz, Lucid, Nissan, Rivian, and many more. Rivian announced plans for 10,000 autonomous R2 robo taxis, and that number could go up to as many as 40,000. So, it's not a matter of if, but when.
当我们看分析师时，他们对该股保持乐观，给予平均 12 个月目标价 106 美元，意味着较当前水平有 35% 的上涨空间。我们谈论的是另一只远期市盈率仅为 16 倍的股票，我认为这非常有趣。
当你从不同角度看这只股票时，EV/EBITDA 处于公司历史上最低水平之一。在九月份，请对 Uber 给予长期关注。
And when we look at analysts, they remain upbeat on the stock, giving it an average 12-month price target of 106, implying 35% upside from current levels. We are talking about another stock with a forward earnings multiple of just 16 times which I believe is very intriguing. And when you look at the stock from a different angle, EV to Ebida is one of the lowest in history of the company. Give Uber a long hard look in the month of September.
Uber，出行、配送、自动驾驶或 AppLovin，AI 广告。
Uber, mobility, delivery, autonomy or apploven, AI advertising.