What Are Uber Stock Bulls Not Worried About?

Uber Technologies (UBER) stock appears to trade at just 14.9 times earnings, against 22.9 for the S&P 500. But that trailing discount is largely an optical illusion: the quarter ended September 30, 2025, accounted for $6.63 billion of the $9.58 billion total profit, driven primarily by a one-time tax benefit that pushes Uber's normalized multiple far higher. While bulls see a bargain, that optimism relies on cars with drivers—yet management is planning for vehicles without them. So what could go