Robots, robotaxis, rockets.
Two-thirds of a US ride-hail fare goes to the driver. Remove the driver and the wage pool does not vanish — it gets fought over by platforms, AV makers, fleet owners and insurers.
Of the three segments SpaceX reports, durable rent sits in exactly one — Connectivity — and the lock-up overhang looks mispriced.
The profit that lasts sits in proprietary engineering estates — the controller, its tool, its protocol — not the robot arm.