**Tesla Disappoints with Robotaxi Event, Boosting Uber and Lyft Stocks**

Tesla's recent robotaxi event left investors underwhelmed, leading to a slide in its stock price while shares of rideshare giants Uber and Lyft surged. The event, centered around Tesla's new Cybercab, failed to meet market expectations, offering significant relief to its competitors.

Rohit Kulkarni, Roth MKM's managing director, provided insights into the situation. He noted that the anticipation brewing around Tesla's event had cast a shadow over Uber and Lyft stocks for months. Investors were concerned about Tesla potentially becoming the preferred rideshare option, which posed a threat to the market positions of Uber and Lyft.

However, the outcome of the event indicated that Tesla faces substantial challenges in developing a scalable robotaxi business. According to Kulkarni, the complexity and resource intensity of creating such a business became apparent, providing a much-needed reprieve for Uber and Lyft. He suggested that the significant rally in these companies' stocks is a direct reaction to Tesla being "off the table" as a looming competitor.

Moving forward, Kulkarni believes that the next major drivers for Uber and Lyft will likely be advancements in their advertising and subscription growth. For now, these rideshare firms can bask in the relief brought on by Tesla's struggles with its robotaxi ambitions.