Are the Uber and Lyft Bubbles about to Burst? The companies are already unprofitable, and facing strict regulation.

Some of this all media.  They know readers love this headline right now. We all love the tragedy and disasters, especially when it's about the evil empire.

So Uber is effectively a middleman for a money transfer from venture-capital (VC) firms to consumers. It takes a loss on every ride, subsidized by a massive valuation that looks increasingly like a fairy tale.

Some reply that Uber will be fine; it just needs to hold out until the coming introduction of self-driving cars. But that just makes this a race against time: Mandates on disability compensation, minimum wage, and overtime could drive up labor costs 30 percent, making it difficult for Uber to survive until technology renders drivers unnecessary — whenever that ends up being.

https://www.nationalreview.com/2019/07/uber-and-lyft-bubbles-about-to-burst/