1. Uber demonstrates strong financial performance but faces long-term risks from autonomous vehicle competition; 2. The stock's premium valuation reflects excessive optimism about autonomous tech, with aggressive growth estimates; 3. Competitors like Waymo and Tesla threaten Uber's core ridesharing model, risking future market re-rating.

1. Snowflake reported softer-than-expected FY25 Q2 results, leading to continued negative sentiment. 2. The bear thesis focuses on increasing competition, decreasing margins, slowing revenue growth, high valuation, and significant stock-based compensation. 3. Despite these concerns, the company's strong growth prospects and recent product launches suggest a potential turnaround, making the current valuation a good risk/reward opportunity.