Uber

“And I lived it in the Uber lift situation, but we're going to have that type of capital battle in every category under the sun.”

“All the stuff you read in every Buffett letter will not apply in that world of capital competition.”

“And I remember, like, doing the Uber series, like, F, and I thought I was, like, in early and I think I've made, like, 6000 dollars on this investment”

“I think Uber and Airbnb have done a really good job of talking and sort of having to launch points a year to talk about their products and innovation.”

“He you know, he was in the three million dollar post-money valuation round of Airbnb. He was the first dollar into Pinterest. He was early in Uber. He was early in PayPal.”

“If you look between, like, it was either, I think, like, 2008 and 2011, there were about 1000 seed deals funded in that time frame, or at least publicly announced seed deals in that time frame, so there's some survivorship bias there, but what you need to ulti…”

“And what I'd realized over time was that if you eliminate Uber and Roblox from the equation whose seed rounds were led by first round capital, it's close to impossible to identify power law companies in which the seed round was led by a seed stage venture capi…”

“Uber was taking advantage of an information asymmetry, so they understood that a driver didn't really understand the full picture of their cost structure, and that they were making a very cash-based decision, but they were pushing a lot of those non-cash or no…”

“There was this perception that they were taking riders away from taxis, and that was not at all the case. The data was super clear. They were expanding point-to-point car service in New York. They were taking drivers away from yellow.”

“Pre Uber coming to town taxi medallions had been worth over a million dollars. They peaked at 1.2 million dollars for one medallion for one medallion.”

“You know, we looked at Uber at a really attractive round. We fought like hell as a partnership over it. And we finally passed, obviously huge mistake, right? Like it was a great outcome.”

“The membership program took some time to kind of get up to speed. It is solidly profitable now, but the first year of membership is a year where we lose money on you, but we're going to make money on you two, three, four years from now.”

“We're using the more expensive models to explore. Hey, let's try a new interaction here. And obviously You know, the, these frontier models, whether it's a open AI model or a cloud model, they really are terrific. And they're great to experiment against. Once …”

“We just announced a billion dollar financing line with Santander for EV fleets and AV fleets.”

“Just last year, we completed one and a half billion trips for people outside of their home city.”

“And then we have our Uber One membership program, fifty million members now, growing 50% year on year.”

“About 15% of our trips are to and from airports.”

“We happened to make a deal with Expedia, my old company, and we're essentially giving the vast majority of the economics of that deal back to Uber One members.”

“And I think we will have pilots, for example, in London before the end of the year.”

“When you open your mobility app now on, on Uber, you're going to see Eats right there, and about 13% of Eats bookings are actually coming from the mobility business.”

“Today, our priorities are going to be keep building the services that we're building now invest in algorithms, invest in more engineers we are hiring, and then really invest in kind of the new realities of AV, whether it's investments in our partners or it's m…”

“So we've got over 30 partnerships now with incredible partners like a Waymo to a Neuro and Lucid to an NVIDIA that is building not just compute and sensors, but also a software driver now to companies like Wabi and Wave, WeRides of the World, Pony AIs of the W…”

“We've got devs in India who all of a sudden are driving 10 X the code commits that they used to. They're using autonomous agents all over the place.”

“I think you're gonna have apps, because there are certain circumstances, many circumstances, where the communication back to you is much more efficient in the written word or in pictures.”

“And today we can guess when you take an Uber ride three quarters of the time, we can guess where you're going and it's just a one tap interaction that can only improve based on these larger models.”

“And Reserve now is Over five billion dollar run rate.”

“And what we're seeing is consumers love the product and AVs that are on our network Are 30% or more busy than, let's say, one P AVs who aren't using our network.”

“We are going to meter headcount increases because to the extent that my engineers are getting Much more efficient. Their throughput is increasing. They're becoming superhuman in terms of their output. We, you know, one, there's a cost to that and it's a signif…”

“You know, just like you're seeing in the foundation model space, there isn't going to be a single winner. There are going to be many players on the foundation models. There'll be open source, smaller models as well. We're seeing the same kind of acceleration i…”

“When I look at kind of the serviceable, addressable market and in the cities in which we operate, probably signed up around 40 to 50% of the restaurants and or merchants that can be on our platform.”

“We've got over ten million couriers and drivers on the platform.”

“You know, we think the Lucid midsize that they are building for us and Neuro together, it'll be a 60, 70,000 dollar car.”

“We've got over ten billion dollars in, in free cashflow, which is great. But it's on well over ten billion trips a year. So these are, we are not a high margin business.”

“We blew through our AI budget in a quarter, you know, for the whole year, essentially.”

“Now drivers in Austin and Atlanta, where we have two big partnerships with Waymo, Drivers on the Uber platform, they're making more money. The number of drivers joining the platform is increasing because it looks like AVs are actually adding incremental demand…”

“I don't think it's going to be black or white, which is, do we only compete or do we only work together? We think there's going to be an amalgamation of business models. There already is in travel. There already is in food. Same, same thing will happen in tran…”

“What's different about Uber than many other companies is, like, we don't just exist in the digital sphere, right? Our experiences encompass digital first in terms of your interaction with our platform, But then they are delivered or fulfilled in the real world…”