Uber missed revenue. GAAP EPS collapsed. The stock jumped 10%.

That is not a normal earnings reaction. It is a sign that investors may finally be changing the framework.

My latest piece argues that Q1 did more than prove Uber can survive autonomous vehicles. It revealed the missing half of the thesis: Uber’s demand is becoming bundled, habitual, and harder to bypass.

50 million Uber One members now drive half of bookings.

That may matter more than AV trip counts.