Uber is a technology company with a taxi service attached. I don't know if everyone investing in Uber, or writing about investing in Uber, appreciates that and

Uber is a technology company with a taxi service attached. I don't know if everyone investing in Uber, or writing about investing in Uber, appreciates that and the resulting risk. Investors should be hoping for a pay-off from developing technology rather than profiting purely from taxi fares. A company that was primarily a taxi service would probably realise sooner that to be profitable by paying humans to drive is much more likely than developing, building, maintaining and improving self driving cars for themselves. The company gets valued like many others: on their user numbers and potential future earnings, but not profits. (See also Tesla.) I don't think that's right but that's how the system works these days.