(https://www.cnbc.com/2026/07/08/waymo-starts-driverless-rides-in-san-diego-las-vegas-tampa-denver.html) sounds bullish until you realize what's actually constrained. The narrative says robotaxis demolish labor costs—but that only works if you're replacing $60K/year drivers with zero marginal cost. The market pricing this as a margin expansion story for GOOGL is backwards.

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