1、US Ridehail Industry ModelBarclays Capital Inc.and/or one of its affiliates does and seeks to do business with companiescovered in its research reports.As a result,investors should be aware that the firm may have aconflict of interest that could affect the objectivity of this report.Investors should

2、 consider thisreport as only a single factor in making their investment decision.Please see analyst certifications and important disclosures beginning on page 18.U.S.InternetThe Coming US Ridehail vs.Robotaxi Cold WarWe estimate every 11k robotaxis on the road could capture10%of ridehails US urban-a

3、irport market share.Waymo isway ahead on tech,but limited by fleet size and losing moneyper trip,hence partnering with Uber.2027 likely to be the firstyear that problems materialize for the ridehail names.We appreciate your 5-star vote in the 2025Extel All-America Research Survey in the InternetLarg

4、e-Cap and Internet Mid-&Small-Cap categories.View our analysts Vote 5 Stars forBarclays The Key Take Away:Investors have flip-flopped onwhether robotaxis are going to be a problem or not forUBER and LYFT shares,since third-party data showsGooglesWaymo(a subsidiary of GOOGL)at 20%marketshare in SFs o

5、perating zone last December.Partnership announcements and market launchesof late(incl yesterday in Atlanta for Uber-Waymo)have helped ease some of these concerns,butthe outlook remains mixed and Tesla remains a big unknown.We think UBER(and LYFT)sharescan work higher if they add more Waymo cities,bu

6、t if we see the latter opening new markets onits own like in SF/LA(full stack)we would become increasingly concerned.For now,the riskappears contained.Below we publish a deep dive on the comping robotaxi disruption,keyconclusions include:1.Despite a significant 145B passenger vehicle trip TAM in 202