$UBER

I think $UBER looks compelling here. At ~$76, I think fair value is closer to $120. The numbers are pretty compelling: - Uber generated ~$9.8B of FCF in 2025, up 42% YoY - Consensus has FCF reaching ~$11B in 2026 and ~$13B in 2027 - Uber now has 200M+ monthly users and processes 40M+ trips per day - Uber trades around 12x projected 2027 FCF despite FCF still expected to grow ~18% that year The obvious reason for the discount is autonomous vehicles. The market is worried Waymo/Tesla eventually disintermediate Uber. I think the opposite outcome could be underpriced: Uber becomes the demand, distribution and payments layer connecting hundreds of millions of consumers with AV fleets. I am not fully sold on this thesis…but what if that’s how it plays out? Would Uber not be the most obvious