Lyft stock surged 11% after announcing a partnership with Waymo for an autonomous ride-hailing service in Nashville. Waymo also has deals with Uber for robotaxis in Atlanta and Austin, leading to a 5% drop in Uber shares. The robotaxi race is heating up, with Tesla, Amazon-backed Zoox, and Waymo leading the pack.

The collaboration with Waymo could help Lyft compete with Uber and Tesla in the autonomous technology space. Lyft’s valuation is seen as reasonable, but sustaining growth and profitability will be key. Lyft’s stock is up 70% year-to-date compared to Uber’s 48%, but Uber’s market cap of $195 billion dwarfs Lyft’s $9 billion valuation.

Goldman analyst estimates the US ride-hailing market is worth $58 billion, potentially reaching $330 billion by 2030 with robotaxi services. Waymo plans to expand its ride-hailing service gradually while scaling to more locations. The partnership signifies a significant move in the autonomous driving industry, with competition intensifying among major players.

Read more at Yahoo Finance: Lyft stock surges 12% on Waymo robotaxi deal in Nashville