Secret Compounders

The market is focused on Nvidia for AI, but who is building the infrastructure? “We are laying the groundwork for our first AI factories — these are the new railroads, highways and water system of the next decade” - Brookfield CEO Bruce Thread 🧵👇

@TheWiseIC Rivian makes 50k cars per year, Uber just wants 10k, more if it goes well. Autonomy is being commoditized, mainly by Nvidia. If it works Uber gets another OEM producing out tens of thousands of Robotaxis, and equity on the success. Or they waste 1 week of FCF. Good R/R imo

Lots of respect for Mr Wong but couldn’t be farther from the truth. I don’t see a world where $UBER ceases to exist and multiple different OEMs run their own networks. It makes no sense on the consumer level to download 5 apps. It’s also hard to steal 202M daily users.

@future_yas People like Robotaxis, people like Uber. Don’t see the issue

What the hell is going on?! I get Rivian can use the money and stock pump from these types of announcements but for me as a consumer, it's not a good look for the brand image.

@CapexAndChill I don’t know if I should root for Uber, who just entered delivery in Argentina, or MELI. I guess if you win both winners you can’t lose!

ALERT $MELI officially taking over Argentina entirely 🤣

$TSLA vs $UBER over the last 12 months

@RoadToAutonomy @Waymo Sure, then it’s not a Robotaxi for a few months more, don’t see the drama. This partnership looks pretty big

@ColtonInvests Nope. Safety drivers = no robotaxi. All @Waymo vehicles in commercial operations today do not have safety drivers. Waymo operates robotaxis, not science projects.

You forgot a very important detail, with safety drivers. A vehicle with safety drivers is not a robotaxi.

@TheKingFishurr @wholemars

@wholemars Yeah, Uber’s still digging that hole while Tesla’s sitting on $39B in the bank, autonomy better hit like a rocket or they’ll be toast forever lol. Wild how one bad bet on “we’ll figure it out” can haunt you.

Uber had a $10.6 billion accumulated deficit at the end of 2025. That’s the amount they’ve lost since the company started, meaning they haven’t truly made any money yet. By contrast, Tesla has retained earnings of $39 billion. Depending on how quickly autonomy scales, it’s conceivable that Uber might never generate earnings that offset what it cost to build the company. Pretty wild.

@serialkeller @wholemars

@wholemars Pretty wild that you can't turn a profit while using other peoples cars for transportation... What are they spending it on? Sounds like a bloated tech company ( like Twitter was).

@72_yang3387 @wholemars

Uber bleeding $10.6B in accumulated losses while Tesla stacks $39B in retained earnings 🔥 This gap is about to explode when Robotaxi scales. FSD autonomy isn’t here to compete with Uber — it’s here to end them completely. No competition whatsoever. Elon is crushing it on every level. Legend! @elonmusk #Tesla #Optimus #TSLA

@BrownCoyoteStu @wholemars

@wholemars The numbers are wild, how do you burn billions of dollars on a company that doesn't have major capx projects?

@TexasTSLA AVRides, on Uber I think

@realroseceline The Zoox could be your Uber in a few months

First thing I noticed is a Zoox from my $uber 🌹

@__kayhan @EdLudlow They are using Nvidia instead

@EdLudlow Why are they not willing to go and get an FSD license from Tesla?

Lucid CFO on the show tomorrow. Believe its the first interview he's done since joining Lucid. Very interested in Robotaxi economics from Lucid's POV. Welcome your questions

@usppdd @alexgkendall @wayve_ai Through Uber. They have plenty of capital (~$10b of FCF in 2025, growing 40%+). It will take a few years. If the tech works, it’s achievable.

@alexgkendall @wayve_ai I admire your ambition but higly doubt 100 cities are realistic. Waymo has deep pockets with years of R&D and is only in 10 cities now. Tesla has plenty of cash and only in two cities. When can Wayve be in 100 cities?

“Autonomy for everyone, everywhere. Wayve will deploy in 100 cities, not one.” That was literally the opening line of our first investor deck. You can read it in my new blog below. When we started @wayve_ai in 2017, few thought this would ever be possible. After securing $1.5 billion in new capital last week, it feels within reach. A contrarian approach has always been part of Wayve’s DNA. From day one, we chose to face the hardest problems head-on. We focused on teaching an AI system to make safe decisions in the open world without relying on expensive hardware and rule-based systems. We pioneered end-to-end learning when it was widely dismissed. We prioritised generalization over optimisation in a single domain. We started in dense urban environments like London. Why? Because it forced us to be novel, ambitious, and persistent - traits that are guiding principles of Wayve to this day. These technical decisions have now enabled us to take a contrarian approach to our business model. It is one that is vehicle-agnostic, built for scale. Importantly, it is one that means our total addressable market is different by orders of magnitude to those who choose to tie autonomy to their own cars or robotaxi fleets. This latest funding is a huge validation of our contrarian approach, with major investors, global automakers and technology partners backing deployment of our AI driver and acceleration towards our next phase of firsts: 🥇 to integrate autonomy into OEM production vehicles without retrofitting hardware 🥇 to deploy autonomy with multiple global OEM partners at the same time 🥇 to generalise autonomy across different sensor and computing architectures 🥇 to deploy robotaxi services in multiple countries 🥇 to deploy autonomy in 100 cities These firsts shape Wayve’s vision for the next decade. Autonomy for any vehicle, anywhere. Read more in my new blog: wayve.ai/thinking/the-p…

@AirBreather1980 @_balaji_km This is about a real deployment in Abu Dabi.

@_balaji_km Another day another press release economy post for boomer PMs.

Another report from RBC covering their takeaways: "Our view: Day 1 of UBER's AV tour in Dubai/Abu Dhabi included meetings with WeRide's CEO, UBER's Abu Dhabi fleet operator (Tawasul) and its CPO & President of AV's. Key takes thus far: 1) WeRide noted a belief that competitor cost and tech advantages are narrowing where risk/reward of the no lidar approach skews negatively. 2) UBER's building what amounts to a digital & physical API for any AV provider to plug into - and signals more moat than just a fragmented partner base. 3) Safety & regulatory compliance is the primary scaling bottleneck, not tech or capital. 4) AV partner economics are improving giving growing optionality. Meetings continue tomorrow."

Our team hosted several analysts in Abu Dhabi today--with driverless rides on Uber with WeRide, a visit to our fleet partner Tawasul's depot, and multiple immersions with leadership teams at Uber, WeRide and Tawasul. Tomorrow, they visit Dubai and experience driverless Baidu. Here's a snippet from Wolfe Research's takeaways from Day 1.

Today, we’re launching @Uber Autonomous Solutions—a comprehensive suite of services to help our AV partners commercialize, scale faster, and operate at the standard riders expect.

@Cyber_Trailer Won’t be a good longterm strategy

Let’s check in on Uber: The easiest short in stock market history.

@AirBreather1980 As I have repeatedly said the industry is maturing to factory-level production with OEMs. Look at what Nvidia, Wayve, Nuro, Motional, etc are doing 😂 After this convo, I’m going to buy more Uber shares tomorrow. Clearly much incompetence shown, mainly from Tesla “investors”

@ColtonInvests @dkhos so no scale... Cities irrelevant, vehicle number only metric. There's no manufacturing capacity it doesn't exist. You don't seem to understand you can't make money without scale. Anyone who can scale doesn't give Uber a cut. 5k is not scale FYI

The future is electric and autonomous. We’ll keep pushing on all fronts ⚡️👊

@AirBreather1980 @dkhos It does matter, you can’t flip a switch overnight in a business so localized, each city takes time with regulators, infrastructure, consumers, etc. Do you not see the trend? Hundreds to thousands to tens of thousands, and onward…