00:00 Speaker A This knows that Uber, this deal, I'm just curious how it's structured actually, cuz this 1.25 billion, I mean, how much is that is sort of real money versus, you know, hitting certain milestones? 00:11 Speaker B Yeah, it's it's a lot of milestone stuff here. So, you know, upfront, 300 million upfront, uh, contingent on regulatory approval for about 10,000 of these robo taxis, right...
00:00 Speaker A This knows that Uber, this deal, I'm just curious how it's structured actually, cuz this 1.25 billion, I mean, how much is that is sort of real money versus, you know, hitting certain milestones? 00:11 Speaker B Yeah, it's it's a lot of milestone stuff here. So, you know, upfront, 300 million upfront, uh, contingent on regulatory approval for about 10,000 of these robo taxis, right? And the balance over the next few years, uh, for 40,000 more, and then you unlock that 1.25 billion, which is, you know, it's this is a significant investment. We saw the stock pop a lot earlier today. Uh, sort of tailed off a bit as trading began. But yeah, this is a big deal for. It's sort of a bet on the new R2 and it's for Uber, it's sort of the next step in their in their sort of their Uber or robo taxi plans. 00:41 Speaker A So, if you look at Uber, you got deals with Rivian, Waymo, Nvidia, Lucid, right? What's sort of the what's the broader strategy here? 00:52 Speaker B It's they're spreading their bets across both the providers of the cars plus also the technology, right? So, you know, in the in the case of the vehicles, it's it's it's it's it's Lucid, it's Uber, other manufacturers, right? that they're using for EVs, that they're using for their for robo taxi uh fleets of their own, but also for their partners. You know, they have partners that manage fleets and they're saying, hey, use use our platform, you manage the cars, right? Uh but on the other hand on the the the technology or software space, you have Nvidia with both hardware in the car plus software. Um, you have um also a company called Nuro it's working with with Lucid, right? Uh so you have a a bunch of different and also Waymo. I forgot about Waymo. Like Waymo you're allowed to basically book a Waymo on Uber's app in certain cities and they want to expand that too. So they're really spreading their bets across a number of providers. Uh maybe it's a a way to sort of see who wins out, who has the bet...