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Uber Technologies Inc. (NYSE: UBER) saw its stock surge by 10.81% on Friday, closing at $86.34. This unexpected rise followed Tesla’s (NASDAQ: TSLA) much-anticipated robotaxi reveal, which had initially raised concerns among investors about potential competition in the ride-hailing business.  However, with Tesla’s plans lacking concrete timelines, Uber benefited from the event, pushing its stock to a 52-week high, up nearly 43% year-to-date. This momentum, combined with strategic initiatives, has left investors wondering how far Uber can go by the end of 2024. UBER stock price chart. Source: Google Finance AI prediction and analyst revisions To gauge Uber’s future potential, Finbold consulted OpenAI’s ChatGPT-4o, which predicted that Uber could see its stock price reach between $100 and $105  by the end of 2024, driven by its expanding autonomous vehicle ecosystem and strong market demand.  ChatGPT-4 on UBER price. Source: ChatGPT-4/Finbold The AI analysis highlighted Uber’s strategic partnerships, such as its collaboration with Avride and Waymo. Uber has teamed up with Avride to roll out autonomous delivery robots through Uber Eats, starting in cities like Austin and expanding to Dallas and beyond.  At the same time, its partnership with Waymo enables Uber to integrate advanced self-driving technology into its ride-sharing platform, positioning it as a leader in the autonomous vehicle market. The company’s position has been further strengthened by its ongoing push towards adoption of autonomous vehicles and electric vehicle (EV). At its core, Uber’s partnership with OpenAI to develop an AI assistant that helps drivers transition to EVs shows its move to a more sustainable future.  With an $800 million investment aimed at transitioning to a fully electric fleet by 2040, Uber continues to position itself as a forward-looking company ready to capitalize on the next wave of transportation innovation. Several analysts have revised their price targets in light of…

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Filed under: News - @ October 12, 2024 6:20 pm