Josh Brown, CEO of Ritholtz Wealth Management, on Tuesday revealed that Uber is the biggest position in his personal portfolio, calling it his highest conviction pick on the back of the autonomous driving boom. The widely followed investor said Uber is poised to benefit from robotaxi rollouts from Tesla, Waymo and any other players as the technology experience eliminates the most costly part of the operation — the human driver. “Uber’s role in this ecosystem is to partner with all of the autonomous players who are going to exist and make money as a result of the fact that the human driver is the most expensive part of the experience for both you, the consumer, and for Uber, the company,” Brown said on CNBC’s ” Halftime Report .” “This is all positive for Uber. The Street is waking up to that.” Uber shares jumped more than 8% after Waymo robotaxis became available to Uber users in Atlanta as the companies expanded their ride-hailing partnership in the U.S. Meanwhile, Tesla rolled out autonomous robotaxis in Austin, Texas, on Sunday to a limited group of testers. The launch puts Tesla head-to-head with Alphabet-backed Waymo. UBER 1D mountain Uber “The rollout of Uber and Waymo together in Atlanta is super important. It’s a whole other region of the country where people will log into the Uber app, see that there’s an autonomous vehicle … take that ride and have their minds blown,” Brown said. “That’s what the stock is reacting to right now.” Uber shares have rallied more than 52% to about $92 per share this year, significantly outperforming the broader market. Brown said he’s not going to take profit anytime soon. “I don’t know why it’s under $100 a share — it makes no sense to me — and even when it gets there, I’m not selling,” he said. DISCLOSURES: All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. INVESTING INVOLVES RISK. EXAMPLES OF ANALYSIS CONTAINED IN THIS ARTICLE ARE ONLY EXAMPLES. THE VIEWS AND OPINIONS EXPRESSED ARE THOSE OF THE CONTRIBUTORS AND DO NOT NECESSARILY REFLECT THE OFFICIAL POLICY OR POSITION OF RITHOLTZ WEALTH MANAGEMENT, LLC. JOSH BROWN IS THE CEO OF RITHOLTZ WEALTH MANAGEMENT AND MAY MAINTAIN A SECURITY POSITION IN THE SECURITIES DISCUSSED. ASSUMPTIONS MADE WITHIN THE ANALYSIS ARE NOT REFLECTIVE OF THE POSITION OF RITHOLTZ WEALTH MANAGEMENT, LLC” TO THE END OF OR OUR DISCLOSURE. Click here for the full disclaimer.
