That's right, although what position you take on the market also depends on what you're after. To go all-in on Tesla, you have to believe that LIDAR is a crutch

That's right, although what position you take on the market also depends on what you're after. To go all-in on Tesla, you have to believe that LIDAR is a crutch and that Level 4 autonomy is possible with primarily visual sensors. Or maybe you're not so sure and want something safer / lower return. In that case, you'd buy into both of them, say 50-50. If one goes bust, but the other goes 5x, you're still good. In reality, you can't buy into Uber, so it's largely theoretical. Also, Waymo and GM are vying for the same market and they all have different strategies - ie Alphanet will finance Waymo's fleet with Google's earnings, while Tesla will finance theirs with their customer's money (and share the profits). Hard to say what will happen.