And this will last until... self-driving cars enter the picture and bankrupt them both.
Given the money the entire industry has spent on self driving cars and gotten little reward for, I don't think anyone is getting replaced for a very long time.
The two scenarios I can see are
1). That their ride-matching platform will still play a role in a self-driving world. However, I think a worst case for Uber is Waymo gets there first and then Google can almost trivially replace Uber with their own matching platform.
2.) They acquire a startup that has a successful direct self-driving play.
Either way, the economics of their core offering changes drastically. I have a hard time believing investors in Uber aren’t pricing this in at least somewhat accurately.
I don't see how this business model even works.