Driverless Cars with Uber CEO, AI with Anthropic & JPMorgan 5/6/26

Summary

Squawk Pod – May 6, 2026

Main Theme

This episode of Squawk Pod dives into three major headlines: the potential U.S.-Iran peace deal and its impact on markets; Uber’s latest financial results and vision for driverless travel and super-app strategy with CEO Dara Khosrowshahi; and a roundtable featuring Anthropic CEO Dario Amodei and JPMorgan Chase CEO Jamie Dimon on the future of AI, its trillion-dollar investment cycle, regulation, and implications for jobs and society. The episode closes with a discussion about “Trump Baby Accounts” and the prospect of letting Americans donate stocks directly to children's government investment accounts.

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Key Segments & Timestamps

1. U.S.-Iran Peace Deal Moves Markets [01:04–05:09]

• Reporting: Dan Murphy offers breaking coverage from Abu Dhabi on Axios’ report that the U.S. and Iran are close to a deal to end their war.
• Key Points: -Iran's foreign ministry confirmed a memorandum of understanding (MOU) with 14 points under evaluation. -Key elements: Ceasefire, 30-day negotiation window, nuclear enrichment moratorium, rollback of sanctions, and unfreezing of $ assets. -U.S. retains right to enforce or revert sanctions if the deal breaks down. -Critical questions: Who will control the Strait of Hormuz? Unresolved issues with Iranian missiles and drones. -Market moves: WTI crude drops below $100/barrel, with futures down over 7%.

Quote:
"The Axios report says this is the closest that the two sides have come to a deal since the conflict began."
— Dan Murphy [04:09]

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2. Ken Griffin Expands in Miami after NY Tax Flap [05:09–07:28]

• Story: Ken Griffin, Citadel CEO, reacts to New York tax policy threats by expanding operations in Miami.
• Griffin calls NYC Mayor Mamdani’s video “creepy and weird.”
• Asserts new Miami HQ will be bigger, creating more jobs as a direct result of NY’s approach.

Quote:
"We will add far more jobs in Miami over the next decade as an immediate and direct consequence of the mayor's poor decision here."
— Ken Griffin [06:05]

• Hosts critique the political approach, warning against targeting individuals in public fiscal debates.

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3. The State of AI: Anthropic’s Amodei & JPMorgan’s Dimon on Tech, Regulation & Jobs [07:28–12:39]

Tech Investment & Winners/Losers [07:28–09:03]

• Dario Amodei: Forecasts that Chinese AI models will reach parity in 6–12 months; warns some SaaS companies may “go bust.”
• Jamie Dimon: Defends massive (>$1 trillion) AI investment; technology returns are “not in a straight line” but transformative.

Quotes:
"It's very possible for [SaaS companies] to lose market value, go bankrupt, completely go bust."
— Dario Amodei [07:57]

"Technology itself is so powerful, it's worth $1 trillion of investment..."
— Jamie Dimon [08:34]

Debating AI Oversight: FDA or Transportation Model? [09:03–10:34]

• Amodei wary of strict pre-release AI model regulation (“FDA” analogy), instead favors ongoing monitoring (“National Transportation” style).
• Jamie Dimon and Andrew Ross Sorkin discuss Silicon Valley's universal desire for post-hoc, not pre-hoc, government intervention.

Quote:
"We don't want a Wild West where you can just do anything."
— Dario Amodei [09:14]

AI’s Societal Impact & Job Loss Fears [10:34–12:39]

• Reports on worries of mass unemployment due to AI (20–30% in 2–5 years, per a Verizon CEO warning).
• Dimon acknowledges valid anxieties, but stresses historic patterns of job re-creation despite transitions and short-term pain.

Quote:
"Technologies have made mankind’s lives better forever... In general, better. And we should worry about the people getting hurt by something. So I think it's a legitimate concern. I don't think it's going to be like quite like that."
— Jamie Dimon [10:54]

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4. Uber’s Q1 and Vision with Dara Khosrowshahi [15:18–29:59]

Q1 Results, Ride Sharing as Economic Barometer [15:18–18:18]

• Strong Q1: Transactions/trips up 20% YOY, adjusted EPS $0.72, near $10B in FCF over 12 months.
• Uber’s stock up ~9% on upbeat results and falling oil prices.

Quote:
"The company is hitting on all cylinders. We continue to grow, we continue to innovate…”
— Dara Khosrowshahi [16:14]

Health of the Consumer & Patterns [18:18–19:40]

• Both mobility and delivery are robust.
• No signs of “trade-down” or weaker spending yet.

Quote:
"All of those indicators continue to be really strong. The consumer [is] spending, they're spending locally. And we don't see any signs of that weakening at this point."
— Dara Khosrowshahi [18:26]

Geopolitical Risk and Local Resilience [19:40–21:45]

• Uber is “shielded” from international instability due to hyperlocal consumer focus.
• War in the Middle East had some impact locally, but platform growth tempers effects.

Uber’s ‘Everything App’ Ambition and New Features [21:45–25:13]

• Uber’s dual mobility-delivery ecosystem is unique; cross-usage is up 6x in 5 years.
• New offerings: hotel booking (Expedia partnership), commuter incentives, AI-driven delight (e.g., Starbucks delivery in-ride).
• Uber One has 50M+ members, up 50% Y/Y.

Quote:
"The only thing that you can't get back once you spend it is your time. As we add on more services, we're seeing more uptake... moments of delight that are powered by AI."
— Dara Khosrowshahi [22:18]

• Integrating taxis, black cars, and intent to work with both proprietary and third-party AI agents.
• Uber platform will compete to be the backend for any AI bot/agent seeking mobility and delivery.

The Path to Driverless: AVs, Human Choice, and Costs [25:48–29:53]

• Uber now offers robot cars in 8 markets, aiming for 15+ by year-end.
• Autonomous rides create incremental demand, raising driver earnings; coexistence alongside human drivers likely for years.
• Customers in supported areas can already choose between human or AV rides—choice will expand as AV fleets grow.
• Costs of AVs, including lidar, are dropping rapidly (~30-40% per vehicle generation; $100K+ → well under $100K).
• Lidar is still important for safety now, but may become optional in future.

Quotes:
"You can choose a robot car, autonomous vehicle, or you can choose a human. We think that's the ideal experience."
— Dara Khosrowshahi [28:04]

"Every new generation of vehicle, I'd say the price is coming down by 30 to 40%. ... I think there will be a future ahead of us where LIDAR is not a necessity."
— Dara Khosrowshahi [28:54]

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5. Trump Baby Accounts & Direct Stock Donations [31:30–37:19]

• Treasury exploring allowing direct stock donations to government-run “Trump accounts” for children.
• Could let billionaires like Musk, Dell, Buffett transfer company shares (rather than only cash) into accounts.
• Legal and policy debate: statute currently requires diversified index funds; executive/legislative action may be required to expand.
• Would give some children direct exposure to mega-cap equities, with pros/cons over an 18-year holding period.
• Hosts note upside for investor education and risk that stocks “swoon,” creating political headaches.

Quotes:
"It’s going to be a valuable lesson on, you know, look, either the stock takes off and you're all in favor of growth, or something bad happens to it and you think, maybe I'd rather be in an S&P 500."
— Andrew Ross Sorkin [33:39]

"Imagine a great wave of charity among some of the wealthiest Americans. And what you want more than anything is you want Americans to have your stock..."
— Brad Gerstner [33:48]

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Notable Quotes & Memorable Moments

• On regulation:
  "We don't want a Wild West where you can just do anything." — Dario Amodei [09:14]
• On systemic investment:
  "Technology itself is so powerful, it's worth $1 trillion of investment..." — Jamie Dimon [08:34]
• On Uber’s mission:
  "We want to just make your everyday life in the city a little bit easier. We want to give your time back." — Dara Khosrowshahi [22:18]
• On AV rider choice:
  "You can choose a robot car, autonomous vehicle, or you can choose a human. We think that's the ideal experience." — Dara Khosrowshahi [28:04]

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Episode Takeaways

• Markets are highly reactive to geopolitical news, with oil prices swinging on tenuous peace reports.
• AI and automation are ushering in vast changes, with optimism about transformative potential and jobs, but also real risks of rapid disruption.
• Uber is betting big on building an “everything app”—layering in hotel bookings, cross-selling, and AI-powered features—with a pragmatic approach to autonomous vehicles and labor co-existence.
• Policy innovations like “Trump accounts” could reshape how American children are introduced to equity and investing, pending major legislative or executive decisions.

For those who haven't listened, this episode delivers a brisk tour through today’s most pressing questions in business, tech, and policy—packed with candid executive insights and on-the-ground analysis.

Transcript

[Andrew Ross Sorkin]

Hey, Fidelity. How can I remember to invest every month?

[Becky Quick]

With the Fidelity app, you can choose a schedule and set up recurring investments in stocks and ETFs.

[Andrew Ross Sorkin]

Huh. That sounds easier than I thought.

[Becky Quick]

You got this?

[Andrew Ross Sorkin]

Yeah, I do. Now, where did I put my keys?

[Becky Quick]

You will find them where you left them.

[Dara Khosrowshahi]

Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC. Member NYSE SIPC

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[Andrew Ross Sorkin]

Bring in show music, please.

[Becky Quick]

Hi, I'm CNBC producer Katie Kramer. Today on Squawk Pod, the headline of the morning, the U.S. and Iran reportedly closing in on a deal. CNBC's Dan Murphy watching progress from the Middle East.

[Dan Murphy]

So this is moving the market. And all eyes now are on exactly how Iran might respond.

[Becky Quick]

And Uber's got big plans for travel. CEO Dara Khosrowshahi shares the vision for Uber powered hotel bookings. And you got it. Driverless transport.

[Dara Khosrowshahi]

You can choose a robot car, autonomous vehicle, or you can choose a human. We think that's the ideal experience.

[Becky Quick]

Plus, Anthropic CEO Dario Amodei and JP Morgan CEO Jamie Dimon spoke to Andrew about AI, investment and innovation and stocks. They could be coming to a Trump Baby account near you.

[Andrew Ross Sorkin]

It's going to be a valuable lesson on, you know, look, either the stock takes off and you're all in favor of growth, or something bad happens to it and you think, maybe I'd rather be in an S&P 500.

[Becky Quick]

It's Wednesday, May 6, 2026. Squawk Pod begins right now.

[Brad Gerstner]

Stand back.

[Andrew Ross Sorkin]

You buy in three, two, one.

Good morning, everybody. Welcome to Squawk Box right here on cnbc. We are live from the NASDAQ market site in Times Square. I'm Becky Quick along with Andrew Ross Sorkin. Joe is out today and a new

report out from Axios saying that the Trump administration believing it is closing in on a plan to end the war with Iran. Our own Dan Murphy joins us right now from Abu Dhabi.

[Dan Murphy]

Good morning, Andrew, Good morning to you. I can also report this hour that Iran's foreign ministry has just confirmed to CNBC that they have this MOU proposal and they are now evaluating the 14 points. That is important as we see oil prices sinking this morning on this Axios report that suggests the US and Iran are now inching closer to a one page agreement that could end the war and set the stage for broader negotiations. Iran is also expected to respond on these key points within the next 48 hours. And while nothing is final, the Axios report says this. This is the closest that the two sides have come to a deal since the conflict began. Now, a few key elements to unpack for you. The first is of course, the ceasefire. This document would declare an end to active hostilities and the start of a 30 day window for talks on a broader deal. That window would allow both sides to gradually lift their blockade in the Strait of Hormuz. The second element being discussed in is nuclear limits. The framework here would include a moratorium on uranium enrichment, the length of which is still under negotiation. And in return, the US Would begin a gradual rollback of sanctions and move to release billions of dollars in frozen Iranian assets that are held around the world. The final piece here, and perhaps the most important, is on enforcement. The framework would leave the US with the option to reimpose the blockade or resume military action if these talks break down or if Iran violates the terms. Axios also reporting that many of these provisions would of course be contingent on a final agreement. But if the reporting is true, it does mark a very significant breakthrough. But it also leaves plenty of questions as well. The Axios report makes no mention of who might control Hormuz into the future. And it seems to also leave the issue of Iranian missiles and, and drones unresolved. These are of course, key concerns for the Gulf stage, which we know want a more comprehensive agreement, the details of which I suspect can only be hammered out once the preliminary deal is reached. So we're seeing quite a significant development this morning. Obviously equity, futures and oil markets reacting in tandem. At one point we were down more than 7% for the WTI contract which is now below 100 USD a barrel. So this is moving the market. And all eyes now are on exactly how Iran might respond. Andrew?

[Andrew Ross Sorkin]

Dan, thank you. Good news for the morning as we're watching. WTI crude continue to fall and we will see where the equity markets ultimately go when things begin. Today, billionaire Ken Griffin doubling down on Miami. Speaking to CNBC from the Milken conference, he said he plans to make Citadel's planned office tower in Miami even bigger. He revised construction plans. This after New York Mayor Mondame called out Griffin Central park penthouse. In a video discussing a new Pied Terra tax proposal that we've talked about a lot on this broadcast, Griffin said he has seen the video filmed in front of his home, said he saw it three times and called it creepy and weird.

[Ken Griffin]

The only decision that we've made, with no regrets in the last few days is to expand the size of our office footprint in our new Miami headquarters.

[Andrew Ross Sorkin]

Just in the last few days you made that.

[Ken Griffin]

Yes, we.

[Andrew Ross Sorkin]

In reaction to New York, in reaction

[Ken Griffin]

to New York, we filed the permit with the city of Miami. We've added several hundred thousand square feet of new space in our new building. We will add far more jobs in Miami over the next decade as an immediate and direct consequence of the mayor's poor decision here with respect to his posting of that video.

[Andrew Ross Sorkin]

In a statement, Mayor Mamdaemi's press secretary said the mayor wants all New Yorkers to succeed, including business owners and entrepreneurs. But he called for tax reform that includes the wealthiest New Yorkers contributing their fair share.

But talk about backfiring.

Talk about backfiring. I don't know if you saw there was also a charitable donation that Ken had given to some of the firefighters in New York. And Mamdani was effectively forced to acknowledge the. In a speech that he had to give, he actually had to thank Ken. I mean, the whole thing in the past week, it. So it just, it seems like as we said from the beginning, I don't know where you are on this. I don't know where you are on the tax policy itself. But in terms of just the approach to discussing it, singling out people this way, I think, and not saying I'm open for business and the goal is to collect revenue from all comers, but to do it in this sort of very specific way, I think because getting

headlines and trying to win in a primary and win into an election is very different than actually governing. Right. I'm not sure he's figured that out.

We will see the window to fix security flaws is narrowing. Anthropic CEO Dario Amodei says that Chinese AI models will catch up in just six to 12 months. He issued that warning during a conversation with JPMorgan Chase's CEO Jamie Dimon that I hosted just yesterday. Moderating with him. Amade also signaling that some software as a service companies will likely go bust. Take a listen.

[Dario Amodei]

I think individual SaaS companies, it's very possible for them to lose market value, go bankrupt completely go bust.

[Andrew Ross Sorkin]

But.

[Dario Amodei]

But it depends on the response, right? I think there are incumbents today that are going to see very clearly. We have a lot of moat here. The moats here are going away. We're really going to pivot, and we'll do better than we did before. And there are others who are not going to pay attention, who are going to be blindsided, and, you know, they're going to have a really bad time.

[Andrew Ross Sorkin]

I asked diamond if all the spending in the area, potentially $1 trillion over the next year, makes sense.

[Jamie Dimon]

The way I look at it is that in total, it will make sense. If you want to try to pick the winners and losers, you will have a hard time. So there will be losers, and that will be winners. Opioid said, I told you so, and stuff like that. But the technology itself is so powerful, it's worth $1 trillion of investment, and the investment is way beyond that, by the way. It's in chips, it's in wires, and it's in hardware and all these other various things. So. But, you know, technology tends to pay for itself, just not in a straight line.

[Andrew Ross Sorkin]

We also talked about the theme of AI regulation and the idea that the White House could take steps to vet models before their release as possible as part of a possible executive order. Water.

[Dario Amodei]

We don't want a wild west where you can just do anything.

[Andrew Ross Sorkin]

Right.

[Dario Amodei]

We chose to do what we did with. With Mythos, but there's. There was literally no law, no requirement, you know, preventing us from just offering this thing, the wild, with no safeguards.

[Andrew Ross Sorkin]

Should there be.

[Dario Amodei]

That's not. Yes. So that's not. That's not going to work. Now, the example you gave to the fda, I think the fda, you know, slows down medical progress a lot. So, you know, that's a cautionary tale in the other direction.

[Andrew Ross Sorkin]

I had mentioned whether there should be the equivalent of FDA for these models where you have to get them approved before they go out. I think they don't love the idea. I don't think they love the FDA idea. He likes the. Actually the National Transportation Group that you

moderate, that you monitor it. Once it's out there.

I think that. That there's some oversight as cars are coming out and they're kind of monitoring all the time, but it's a little bit different.

That's interesting.

That was sort of the model he thought was sort of more interesting in that way.

Well, I'm sure that is the way that everybody in Silicon Valley kind of reads it. I had a conversation with Jensen Huang the other day, and it was very similar. The idea of government regulation should be there, but not until after we get it out, the whole idea of move fast and break things, they say move fast, not break things, but it's not wanting to ask permission for these things I think is pretty universal through the industry.

Meantime, we also got involved in a interesting conversation about what all this could mean for jobs. We talked about how just a couple of weeks ago, Verizon CEO Dan Schulman made headlines warning of 20 to 30% unemployment in the United States within two to five years due to AI. Here's Jamie Dimon's take on that.

[Jamie Dimon]

Technologies have made mankind's lives better forever, starting with agriculture and electricity and Internet. All these things were used by bad guys too, by the way. All of them got some kind of regulation, proper, overregulated sometimes. So I think it's a legitimate. When you look at this technology, it is exponential. And if you look at agriculture and steam engine electricity, Internet, it took years to kind of roll those in. And the capitalist society is very good at recreating jobs and creating new things. And life is better, not always if that town loses a job, loses a factory, but in general better. And we should work about the people get hurt by something. So I think it's a legitimate concern. I don't think it's going to be like quite like that.

[Andrew Ross Sorkin]

I mean, look, these are the big ideas that all of these thought leaders are kind of running through at this moment. How do you play it out? Probably the extremes are, are inaccurate, but there are going to be real places where, you know, Jamie's right. Agricultural, all of these changes that we've watched roll through, but this is faster. And you wonder if that leaves more disruption in the world.

Wake he also, and we didn't get to show the full clip because it was a much longer conversation, but, you know, talked about what are the things that the government should be doing. Is it really about training? Is, are there better jobs that they can get you into? If you're a truck driver and all of a sudden we have autonomous trucks, right, what are you going to do? Is that the answer? Do you get into a whole sort of redistribution?

Right.

Which income?

Right. That's a question that it comes back to all the time. There are going to be disruptions, There are going to be people who feel pain, and how do you deal with that?

But everyone always says we got to somehow get ahead of it. But no, but I think one of the points that Jamie said was we don't know what ahead of it even means.

Right.

And that's the hardest part about it. Right.

[Becky Quick]

Tease will be Next coming up on Squawk Pod, Uber CEO Dara Khazrowshahi looking for clues about the economy.

[Dara Khosrowshahi]

In our ride sharing, we watch consumer patterns really closely. Are people taking shorter trips? Are people trading down in terms of the size of their grocery baskets? All of those indicators continue to be really strong.

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[Andrew Ross Sorkin]

Hello.

[Dara Khosrowshahi]

Hi, this is Regional Power and Utility

[Andrew Ross Sorkin]

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[Andrew Ross Sorkin]

AT&T business Wireless Connecting changes everything.

[Becky Quick]

This is Squawk Pod up and Becky here.

[Andrew Ross Sorkin]

You're watching Squawk Box right here on cnbc. I'm Becky Quick along with Andrew Ross Sorkin. Joe is off today.

Uber reporting mixed first quarter results just a few minutes ago. I'm going to go with strong. I'm not going with mixed quarter. Quarterly profit coming in $0.13 per share. It does include though some several special items that many had built into their forecasts. That number fell short of the 70 cent consensus estimate. However, once you strip out those special items, we can talk about those. The ride share and delivery firm reported an adjusted profit of $0.72 per share. Investors though are focusing on an upbeat bookings forecast for the current quarter and the market not only moving higher, but Uber moving higher, close to 9% right now. Joining us is Garak Khadi, is the CEO of Uber. Dara, it's great to see you. Congrats on what I said was at least look strong to me though. I do know there are these special items in here and I don't know if you want to walk through those, but I think of your company to some degree as a barometer of the economy, but to some degree just a machine that keeps operating.

[Dara Khosrowshahi]

Yeah, I think that's, that's exactly right. And the results were just excellent across the board. Andrew. Transactions and Trips were up 20% year on year. So people continue to go places. They continue the demand for delivery of food, groceries, everything in home continues to be incredibly strong. Our gross bookings were up 21% on a year on year basis, $56 billion growing healthily both in the US and outside of the US and non GAAP operating non GAAP earnings per share, which excludes our equity stakes losing some value was $0.72 a share, up 44% and free cash flow over the past 12 months now getting very, very close to $10 billion. So the company is hitting on all cylinders. We continue to grow, we continue to innovate and fortunately the markets are strong, the economies are strong and hopefully we'll see peace in the Middle east as well. And all that coming together means, you know, hopefully another great year for Uber as we continue to build an innovate.

[Andrew Ross Sorkin]

Real quick before we go back to the earnings just because we're watching the stock and I know you're probably not, and I know you don't like to talk about the stock itself, but it is up about 9% this morning and I'm trying to understand how much of that you think as somebody who does watch it and knows it is a function of the earnings report itself versus the larger moves in the markets and the results of the price of oil coming down at least in this moment by about 10%.

[Dara Khosrowshahi]

Well, it's impossible to identify whether it's market or US. Obviously a close to 10% move is great in a single day, but we're building for the long term here. And for example, we've been growing top line over 20% for multiple quarters in a row. We continue to grow profits, you know, well above that. And this quarter we bought back $3 billion worth of stock just in the quarter. So that certainly looks like a good buy so far.

[Andrew Ross Sorkin]

When you look at the health of the consumer and you look at the mobility business versus the food business, what do you see? What's the difference?

[Dara Khosrowshahi]

You know, both are strong, Andrew. Actually mobility for us accelerated. The growth accelerated. If you look at Q1 versus Q4 last year, which was really strong. So we're seeing people getting out of the house more. We're seeing particular strength in commute use cases. So people are back in the office and obviously Uber is a beneficiary of that. We've got now over 10 million people on our platform earners, whether they're drivers or they're delivering food or shopping at your local grocery store on our platform as well. So both mobility and delivery continue to grow really strongly. You know, every quarter I get asked about consumer strength, the barometer of consumer strength. And we watch consumer patterns really closely. Are people taking shorter trips? Are people trading down in terms of the size of their grocery basket, so to speak, or the kinds of restaurants that they're eating at? Are consumers tipping as much as they were? All of those indicators continue to be really strong. The consumer spending, their spending locally. And we don't see any signs of that weakening at this point.

[Andrew Ross Sorkin]

So I'm curious, when the, when, when the war in Iran started, were you thinking to yourself, oh goodness, this is going to have an impact on our business. I mean, we keep talking about this idea in the country that, you know, on one end you have these energy costs which haven't really don't seem to have impacted consumers the way I think people anticipated. And then on the other end you have this sort of AI driven growth machine. And the question is whether that's just so outpacing everything else that, that, that we have to worry less about the energy situation coming out of the Middle East.

[Dara Khosrowshahi]

Yeah, we're always looking for periods obviously of stability. And you can argue that this, the last couple of months certainly have been anything but stable. But I think one of the strengths of Uber is that while we operate globally, we operate in over 70 countries, we are a very local business. So what we see is even, obviously we've been through periods of uncertainty many, many times before. But people are still going to work, people are still going to see their friends, people are still eating out or getting food delivered to them. So Uber tends to be relatively shielded from the Big, you know, international issues, etc. Certainly we were affected by weather in the first quarter to some extent, the war in the Middle east for our Middle Eastern operations, which are very, very. Have been historically very, very strong, certainly had an effect. But what had a much larger effect is the general growth of the business. More people coming to the platform, both in the affordable end, you know, two wheelers and three wheelers in South America and India, and also at the high end, our U for you, for B customers. These are enterprises. The growth there in enterprise grew two times as fast as the growth of the overall business, which already was, was pretty strong. So across the board, whether it's a low end or the high end, whether it's domestic business or international business, we see our platform growing. And it's because people like to move and people like, you know, delivery at home.

[Andrew Ross Sorkin]

We often talk about, I think your efforts ultimately to try to be an everything app. I wanted to understand where you think, think you are in that journey and if we were to have this conversation a couple of years from now, what else is on the app? I know you just did a partnership with Expedia so people can your former company to, to book hotels, for example. How big a business is that going to be? We've always talked about sort of the advertising piece of this, meaning advertising on the, on. On the, on the app itself. That's still a relatively nascent business, I think.

[Dara Khosrowshahi]

Well, you know, we want to just make your everyday life in the city a little bit easier. We want to give your time back. The only thing that you can't get back once you spend it is your. Is your time, Andrew. And so as we add on more services on our platform, we're seeing more uptake. For example, we see now if you look over the past five years, the number of consumers who use both mobility and delivery in a particular month is up 6x over the past five years. This is a unique advantage that we have over our other competitors. We usually compete against mobility only players or delivery only players. The fact that we have both on the same platform in an increasing percentage of our customers using both services is just the fundamental advantage that we have over the other players. It's not easy to achieve. You know, when do you cross sell one service versus the other? Some moments of delight that are powered by AI, like, you know, your car showing up with a hot cup of Starbucks coffee in it. How cool is that? These are the experiences that we are building that no one else can. And now we're starting to add on to those services. You know, whether it's trains in the UK or France or now it's going to be hotels on Uber. And if you're an Uber 1 member, we have 50 million Uber 1 members now, up 50%. You get 10% off every single hotel booking and you get another 20% off a rolling list of 10,000 hotels. So we continue to expand our services and then make those services be great deals for consumers.

[Andrew Ross Sorkin]

Allowing. Do you allow, imagine, do you imagine allowing fully all of your APIs? I don't know if you make public APIs so that all of the agents of my agents can completely and utterly do business with you. But then potentially, as we've talked about, you know, I don't have an AI that does it. I sometimes, as you know, occasionally arbitrage my Uber versus the taxi on the street. If I can get the taxi first, sometimes I'll do that. My question is, you know, if we get to a point where I'm just working with my agent, whether my agent's going to try to find both the car that's going to come the fastest, no matter what the services, and maybe the better price, and then how that would actually work.

[Dara Khosrowshahi]

Well, Andrew, I'd remind you that your Uber agent is going to be able to also hail a taxi on the street. Right? Uber is amalgamating this content whether you want a black car or you want to take a taxi that day. And we are building AI agents on the Uber platform. Whether you want to get a ride to work and get me a taxi, if it's available and if it's convenient, or you want to take a picture of some piece of food that you think is really cool, we'll make a shopping list powered by AI for you.

[Andrew Ross Sorkin]

Right now. That's all inside. Whether you think third. I'm talking about third party chat bots.

[Dara Khosrowshahi]

And we'll do the same. And we'll do the same. We'll absolutely work with third parties. We have unique supply on a global basis. So we think every single third party agent is going to want to work with us. But what we're seeing now early on is that people are interacting with our proprietary agents much more than third party agents. I think third party agents are going to happen. But at this point, the proprietary agent technology that we're building is the one that we see growing very quickly. And hopefully more and more consumers will interact with our own agent technology.

[Andrew Ross Sorkin]

And finally, on the AI front, it's a question that we can't get away from, which is autonomous vehicles and where you think, I mean, you, you're now even more in it than ever before. At some point, we've always said, when is the, when is there going to be a battle of sorts between the drivers and, and this autonomous vehicle situation?

[Dara Khosrowshahi]

Well, autonomous vehicles are. First of all, it's a great product, incredibly safe. We're in eight markets now, now with different partners, whether it's mobility or delivery. We plan to be in 15 plus markets by the end of the year. And it continues to develop, but it's off of a really small base. These cars are super expensive. It takes time to test them in the roads to make sure that they are safe. And the affordability factor is going to take some time. At the same time, when we see them in market, for example, we have a partnership with Waymo in Austin and Atlanta. We're actually seeing new customers coming into those markets at faster rates and the earnings of our drivers who have been driving on in those cities are up on a year, on year basis. And actually the number of drivers is growing faster because we're seeing incremental demand coming from avs. As long as we see that incremental demand, we. There's going to be plenty of work for the robots. Now, there aren't that many in the streets, but there's going to be plenty of work and a growing amount of work for our earners on the platform, for the 10 million earners who are earning monthly on our platform globally.

[Andrew Ross Sorkin]

Hey, Dara, just to focus on that, I don't think this is one of the areas where I do have the choice of getting an Uber that's an automated vehicle. If I am in one of those areas as the user, do I get to decide, yeah, I either want an autonomous vehicle because I can think of some situations I might prefer that, or can I say I want a driver? Because there are some situations where I would much prefer a driver. It might be if I'm sending my kid to soccer practice. It might be even this week going to the Milken Institute. I knew it was like really crazy traffic patterns and I wanted a human who could negotiate that. Yeah, which is why I didn't take a Waymo.

[Dara Khosrowshahi]

Yeah, there's all kinds of unexpected things that happen in the real world that humans are best suited, suited to react to those surprising situations. We certainly think that the experience that you've talked about, you can choose a robot car, autonomous vehicle, or you can choose a human. We think that's the ideal experience. And for example, that experience is available in a Dubai, in an Abu Dhabi. And as we continue to expand our partnerships, you will see that experience come up more and more. Right now, in order to really, really make that experience a great one, we just need more autonomous vehicles on the road in more cities. And we're doing everything we can to make that a reality with our partners.

[Andrew Ross Sorkin]

Real quick, before we let you go, how quickly do you think you get the price of those vehicles down and do they ultimately all need to have lidar? Which basically is a question about Tesla.

[Dara Khosrowshahi]

Yeah, the price of the vehicles is coming down as we speak. Kind of every new generation of vehicle, I'd say the price is coming down by 30 to 40% of the price of LIDAR comes down, price of compute comes down, or the capability of compute increases. And for example, with our partnership with Lucid and Neuro, who we're kind of joining up, Neuro is the, the driver, so to speak, with a lucid car. We think that that car is going to come in at well under 100,000 versus well over 100,000 for kind of the, the present generation of cars. So there's no question that the price of these vehicles is coming down. You know, if. Do you need lidar? Do you not need lidar? I think there will be a future ahead of us where LIDAR is not a necessity. I think as this AV is developing in the early days, why not make the investment in lidar? Why not make the investment in increased safety? That's certainly our approach with the majority of our partners today.

[Andrew Ross Sorkin]

Dara, it's always good to see you. We gotta jump. Thank you for joining us. As these earners are coming in, man, thank you.

[Dara Khosrowshahi]

My pleasure.

[Andrew Ross Sorkin]

Really, really smart. And the idea that they're adding in these services, that's like an Amex add on to the other end of it. I'm not sure how he keeps all that stuff straight.

Yeah, it's true.

[Becky Quick]

More squawk pod is ahead. We'll be right back.

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think big to accomplish big things.

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Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday, wherever you get your podcasts. Welcome back to Squawk Pod from CNBC today. Becky Quick and Andrew Ross Sorkin are at the desk. And on this next story, they're joined by Steve Liesman. Here's Andrew.

[Andrew Ross Sorkin]

This one's interesting. The Treasury Department is considering the prospect of trying to find a way to add stock to Trump accounts. The new investment accounts have already been funded with billions of dollars from philanthropic gifts. We talked about it scoop in Dealbook this morning saying the White House and Treasury Department officials have held internal talks about expanding what can go into those accounts, including letting wealthy individuals donate shares in their companies. There would be some benefits for doing this. Kids, for example, could get exposure to high growth mega stocks with big returns. This would allow the Elon Musk or Jensen Huang's or Warren Buffett's to donate their own shares, Berkshire shares or Tesla shares or Nvidia shares directly to kids themselves into these funds. Currently, you have to do it with cash, effectively. And of course, Michael Dell and the Dell family donated about $6 billion into this, into these Trump funds, which I should say, by the way, you can sign up for. And it begins on July 4th.

Yeah, you signed up with your tax returns. You can create them with your tax starts.

But currently, if you wanted to donate money into these funds, you have to do it with cash. This would allow you effectively to donate shares into those funds but without realizing the tax gains on them. So that's a question right now because there's a charitable question you're donating. We always have that question about when you, when you can donate shares into something you don't, you don't pay taxes on it plus you get the tax deduction. That would be the idea to get people, more people to do this. However, the statute effectively says currently, as constructed, that you have to have a diversified index of funds. The whole idea is if you're going to have kids getting this money, you know, if you gave them shares of Tesla today, you have to hold on to that. So you're 18 years old. So it could be either a fabulous thing or, or depending on what you think happens on the other end, if it's, if you don't think that's a great stock to be a valuable 18 years later.

Correct like it's free money to begin with.

If it is free money, kids, it's

going to be a valuable lesson on, you know, look, either the stock takes off and you're all in favor of growth or something bad happens to it and you think, maybe I'd rather be an S&P 500.

[Brad Gerstner]

Can you cue the Star Spangled Banner for my response to this? Imagine a great wave of charity among some of the wealthiest Americans.

[Andrew Ross Sorkin]

That's the idea.

[Brad Gerstner]

And what you want more than anything is you want Americans to have your stock so you become part. More part of the.

[Andrew Ross Sorkin]

You should be Brad Gerstner. Brad Gerstner, who came up with this idea, right. Is one of the people internally trying to get Treasury.

[Brad Gerstner]

You take that off of your float now, okay? There's a reason why politicians have generally stayed clear of the stock market, which is what you don't want is a situation where stocks go through a swoon of 20, 30%, the masses have, you know, cry out for relief and all of a sudden you want to cue the international, which is the former, the national anthem of the Soviet Union and Russia. Right. Which is this idea that the government has to come to the aid of the stock market. So you want to be very careful that public policy and private markets, there's a separation there. This would get rid of it. But there's also this upside.

[Andrew Ross Sorkin]

So kind of a fan of this and you know, I don't care about the, the idea that these are tax free donations that you get at the step up basis, whatever that just means that the charity gets all of the donation instead of the government getting a big cut of it, which I'm okay with that.

So the big question is how something like this could. Should be a. Could be accomplished. Because if you read the one big beautiful bill currently as it applies in the statute, it has to be an index and you have to put cash in. And so the question is whether via an executive order or some kind of other guidance that could be provided by treasury, whether it's or effectively does it have to go through Congress? And that is right now apparently the discussions that are taking place about 18

[Brad Gerstner]

year hold period on the stock is what you're saying. So you're.

[Andrew Ross Sorkin]

Well, that's the question.

[Brad Gerstner]

You get it. Is it up until the time you're 18. So if I'm 17 and I get. And I have one. Is that.

[Andrew Ross Sorkin]

But if, yeah, if it starts out when you're born, that's the understanding, I think you get to cash it out when you're 18 years old.

[Brad Gerstner]

What happens when I, if I come

[Andrew Ross Sorkin]

in, by the way, you don't, you can, I think you can still get out at 18. Like I'm setting them up for my kids. You can set these accounts up.

[Brad Gerstner]

What happens after, let's say Elon Musk does a huge donation. Right. And my kid is born five years from now. Do I get Elon stock?

[Andrew Ross Sorkin]

You may not. No, no, no.

[Brad Gerstner]

So the huge difference is a very interesting issue.

[Andrew Ross Sorkin]

Kids born between January 1, 2025 and Dec. Dec. 31, 2020.

[Brad Gerstner]

Right.

[Andrew Ross Sorkin]

So you have, you have a couple of things going on. You have. So, for example, like the Dell family, which is given the $6 billion donation that is going to benefit the kids who were born this year. Right. I mean, that's, or maybe it was like all kids under 10 years old now. I don't remember.

[Brad Gerstner]

There's going to be big differentials.

[Andrew Ross Sorkin]

There could be big differentials, but also you have a whole, I was out at the Milken conference. There was so many people, Brad Gerstner was out there. So many people are talking about the Trump accounts and the possibility of donating their own money to it, having their companies do matching programs to it. I mean, it really could be something that does change.

[Brad Gerstner]

But if it's not a very positive

[Andrew Ross Sorkin]

way, the biggest thing is investor education for kids, which, well, that's real life experience out and yeah, I think like awareness of what's going on.

But if you knew that you had ox that you were going to get, you know, SpaceX shares at the IPO, think about that. That's an, that could be an amazing thing.

[Brad Gerstner]

No way he's donating the ipo.

[Andrew Ross Sorkin]

Well, I'm saying right now you can't donate the ipo. And that's sort of the conundrum.

[Brad Gerstner]

I see, I see. Yeah.

[Andrew Ross Sorkin]

And the question is if you could, what, how would you do that? Cool story.

And President Trump riding on Truth Social this morning. Assuming Iran agrees to give what has been agreed to, which is perhaps a big assumption, the already legendary epic fury will be at an end and the highly effective blockade will allow this, the Hormuz Strait, to be open to all, including Iran. If they don't agree, the bombing starts and it will be, sadly, at a much higher level and intensity than it was before.

[Becky Quick]

That is Squawk Pod for today. Thanks for listening. Squawk Box is host by Joe Kernan, Becky Quick and Andrew Ross Sorkin. Tune in weekday mornings on CNBC at 6 Eastern. Get the best of our TV show right into your ears. When you follow SquawkPod wherever you like to get your podcasts. Tell a friend to follow too. That's all we've got today. We'll meet you right back here tomorrow.

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