I agree those other factors are complex and challenging to develop, particularly for Waymo which has the additional challenge of delivering self-driving tech that works.

But Lyft (and Uber for that matter...) doesn't really have those capabilities today anyway, at least to the extent they will be needed for autonomous fleets. They have blunt tools for supply and demand management, but drivers take on much of the risk in terms of positioning, routing, and deciding whether or not to get on the road in the first place. If Waymo owns their fleet, will they let Lyft have complete control over their assets without some balance or at the very least data to make sure the vehicles are being used efficiently? And if Waymo learns enough about scheduling, routing, etc. to make sure Lyft is using the vehicles efficiently, how much harder is it for Waymo to just run the vehicles efficiently themselves and capture the value of owning a direct relationship with the end rider?