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Shares of Uber (UBER), a ride-hailing and food and grocery delivery company, have witnessed a significant pullback. The stock has dropped about 22.6% from its 52-week high of $87. This dip comes amid growing concerns about Uber’s competitive stance in the ride-hailing sector, especially in light of advancements in autonomous vehicle technology.
Major players like Tesla (TSLA) and Waymo are inching closer to launching fully autonomous robotaxi networks, which could challenge Uber’s market dominance. The prospect of the robotaxi has sparked uncertainty about Uber’s long-term prospects in the ride-hailing space.