After Uber (UBER) and Alphabet’s (GOOGL) Waymo expanded their partnership to Austin and Atlanta, where beginning in 2025 the Waymo AV fleet will be available only on the Uber app and Uber will provide Waymo fleet management services, JPMorgan argues that the partnership in these new markets is “an important endorsement by Waymo” and should allay some investor concerns going into Tesla’s (TSLA) Robotaxi Day on October 10. The firm, which believes Tesla’s robotaxi announcement had likely compressed rideshare multiples, views today’s announcement supporting rideshare names and “beginning the likely clearing event post” the Tesla robotaxi reveal. JPMorgan maintains an Overweight rating on Uber shares.
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