Waymo’s Progress May Be Good for Uber, Too

This is going to become tedious. Shares of Uber and Lyft dropped 10% today on word that Alphabet’s Waymo, our favorite self-driving taxi service, is opening for business in Miami. Just a few weeks ago, the ride-hailing firms’ stocks rose about 10% as investors decided Tesla’s self-driving–car event the day before had been a dud—implying that it posed less of a threat to Uber and Lyft.

Seriously, folks? Every time there’s any new data point on self-driving cars, Uber and Lyft shares bounce up or down 10%? Does that make any sense? We’re in the early innings of what’s sure to be a yearslong shift to self-driving cars. Waymo, for instance, doesn’t plan to offer commercial service in Miami until 2026. It’s a little early to be making day-by-day judgments on what one tiny bit of news means for Uber and Lyft.