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.