UBER Investment ThesisUber Technologies, Inc.BATS:UBERYavuzAkbayUBER is shifting from a ride hailing and food delivery platform into something that looks more like core logistics infrastructure and that evolution is becoming a bigger part of my bull thesis. The stock is trading around $91, up solidly over the past year, and the chart shows a clear uptrend. Right now price is consolidating just below the prior 52-week highs, which feels more like a healthy pause than a top, especially when you look at the revenue acceleration and margin expansion underneath. The big fundamental piece to keep an eye on is Uber Direct. This is Uber's white-label last-mile network for retailers, where the company essentially rents out its driver and courier infrastructure to e-commerce and retail players who then use it under their own brand. Think of it like Amazon's AWS moment. Uber captures full logistics revenue without the usual customer acquisition costs or marketplace risk because the retailer is already bringing the demand. This infrastructure-style revenue sits on top of the existing Mobility and Delivery volumes, so as the network scales, incremental margins should expand. That margin expansion feeds through to earnings and, over time, should support a higher multiple. From a trading perspective, this setup argues for buying dips within the trend as long as price holds above key support levels like recent swing lows and major moving averages, and as long as earnings revisions stay positive. If execution stays on track, upside over the next 12 to 24 months could come from continued double-digit revenue growth, rising EBITDA margins, and optionality around autonomous vehicles and new logistics partnerships. In that scenario, the stock could move toward the $120 to $125 area. On the risk side, watch for any break for supports around $80, especially if it coincides with negative news on regulation, autonomous vehicle partnerships or a slowdown in logistics growth. If that happens, it makes sense to tighten stops or step aside until the fundamental story and the price action line back up.