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  "documentTitle": "Uber Technologies (UBER)",
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      "text": "Attempting to replicate Uber’s capabilities (vs. partnering) is economically irrational",
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      "text": "Delivery is ~50% of bookings and unlikely to be affected by AVs due to courier involvement. International mobility is >50% of bookings and large-scale AV introduction unlikely due to underdeveloped markets with lower per-trip monetization (e.g., Brazil and India) or stringent regulations (e.g., Europe)",
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      "text": "Rideshare penetration <1% of total annual miles driven due to relatively high cost per trip and limited driver supply. Potential to both increase supply and significantly decrease cost per mile, leading to significant market growth. Increase in trip growth and distance likely to more than offset lower price per mile, causing growth to accelerate",
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      "text": "Uber's 20% per ride take-rate is low relative to the value it provides which maximizes vehicle utilization and driver revenues. Attempting to replicate Uber's capabilities (vs. partnering) is economically irrational. Demand aggregation of 170mm customers and rider-matching technology significantly increases utilization and revenues. Scaled-network provides driver routing, pricing function, insurance, regulatory support, customer support, fleet management services. Uber already has 14 AV partners across mobility, delivery, and freight, which are likely to expand over time",
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      "text": "Technological advances required before AVs safety significantly exceeds human drivers in all environments. Consistent “superhuman” safety profile needed for widescale consumer acceptance with potential for headline risk to derail adoption. AVs currently regulated by states and federal transportation safety agencies who are appropriately cautious. Capital-intensive road infrastructure, car-charging, and parking build out required for large-scale AV introduction",
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      "text": "Uber's product and geographic diversification insulate it from potential AV risks",
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      "text": "AV companies likely to partner with Uber over time due to its strong value proposition",
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      "kind": "source-note",
      "text": "Source: Company filings and Pershing Square estimates. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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      "text": "Long-Term Risk to Uber from AVs is Limited",
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