Speaker unverified: belief

Transcript context

…Do you have boats now? We have boats in Mykonos, it's pretty cool. We have boats on the Thames too. If it moves, and it carries people and things, we're going to wire it up and make it available on demand. That usually brings in the demand for transportation, et cetera. It's like math. You have to do it in a more and more efficient way. I think one of the secret sauces that we have is, we have a very large and capable marketplace team. These are ML engineers, who are building out the systems that match price and all of this connectivity. When you're working over an ecosystem of 2 billion transactions a quarter, the datasets that we have, the experimentation that we can do in terms of what's the most optimal match, how do you price, et cetera, it's just the bigger database than anyone else. I can't speak to how our competitors are matching in pricing, but every year, matching in pricing probably improves by 5% a year. You improve the marketplace throughput by about 5%, everything else being the same. That's free growth. When it's on top of, call it $120 billion, $130 billion run rate, it gets big. Again, it's compounding. Every year, this machinery gets better. Just to make sure I'm understanding right, because you talk to anybody and you're like, oh, what should I ask Dara? They're like, ask him why Uber is more expensive than they used to be. I'm like, because it's a good business now. But actually, it sounds like that's not actually the right answer, that the reason rides have gotten more expensive over time is (a) inflation, but (b) just that there is more demand for those rides than there is supply to serve them.…

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