Uber has spent a lot of money on Self Driving car (remember the Otto fiasco ?) and is hypothetically the least advanced of them all!

Yes, from the looks of it, they are well behind in self-driving tech. If it’s inevitable that self-driving will bankrupt them, why would anyone invest in them at all?

The two scenarios I can see are

1). That their ride-matching platform will still play a role in a self-driving world. However, I think a worst case for Uber is Waymo gets there first and then Google can almost trivially replace Uber with their own matching platform.

2.) They acquire a startup that has a successful direct self-driving play.

Either way, the economics of their core offering changes drastically. I have a hard time believing investors in Uber aren’t pricing this in at least somewhat accurately.

There's always the possibility of 3) No one achieves sustainable self-driving in the short to medium term.

Also, uber has no assets. Are they going to add the overhead of an autonomous car fleet in every city on top of their already crazy cash burn rate?

I don't see how this business model even works.