$Uber Tech(UBER.US) Stock Looks Cheap.

Here's Why.

By Andrew Bary

08/14/2026 - Barron's

Robo-taxis make up just 1% of U.S. rides. But the disruption threat of autonomous vehicles to Uber Technologies has become an obsession on Wall Street -- and has depressed the value of the company's stock.

Investors, however, seem to be overreacting to the robo risk -- and an apparent fraying in Uber's relationship with Waymo, the leader in autonomous vehicles. The fact is that Uber remains dominant in ride-hailing, is the market leader in food delivery, and has an autonomous-vehicle strategy that doesn't rely on Alphabet's Waymo.

Uber's stock, now trading around $76, looks appealing at nearly its lowest valuation since going public in 2019.

"Valuation is increasingly disconnected from its fundamentals," wrote investor Bill Ackman last week in an investor letter, noting that the company's earnings are expected to rise 35% this year. Uber is one of Ackman's largest holdings. His firm, Pershing Square, owned over $2 billion of Uber on March 31.

The stock is down 7% year to date, and up 69% since its initial public offering at $45 a share. That's way below the returns on the S&P 500 index and technology leaders like Apple,