Tesla cyber cabs are starting to show up on city streets, and the obvious read is that autonomous ride hailing is an existential problem for Uber. The argument here runs the other way. The reasoning is in the unit economics. On a ride today, most of the fare leaves the business to the driver. Strip the driver out and the cost side drops substantially, which means fares can come down and Uber can still keep a similar or better share of a smaller number. Cheaper rides also mean more rides. The condition is that Uber has to lean in and make autonomous vehicles a real part of the fleet rather than fight them. The catch is timing. Rollouts look like a 2027 to 2029 story at the earliest, and there are no listed options that far out. So the structure has to survive a long wait without bleeding capital. That's the trade: a poor man's covered call, also called a call diagonal. Buying 100 shares outright runs about $7,500, or roughly $3,700 on margin. This deep in the money long call runs abo...