Theoretically, the answer to that (and most things) is "the market should already have priced that in". Since we all know Uber isn't profitable and is burning c

Theoretically, the answer to that (and most things) is "the market should already have priced that in". Since we all know Uber isn't profitable and is burning cash, that shouldn't lower the stock price in the future. Given that, the value of Uber is dependent on the belief that they can change that situation. If their burn rate is better in six months (even while staying unprofitable), the stock presumably rises. If it's worse or even the same, the stock presumably drops as people lose hope. More practically, there were probably a bunch of people playing 'greater fool', and a modest contraction after the hype looks standard for big tech IPOs at the moment.