Today's Internet - Better Than Coffee. UBER, META Business AI, SHOP, & GOOGL

研报英文原文证据摘录

Today's Internet - Better Than Coffee. UBER, META Business AI, SHOP, & GOOGL

Global Internet

ECommerce - Market Overweight

Mobility & Delivery - Market Overweight

Online Advertising - Market Overweight

Subscription - Market Weight

Today's Internet - Better Than Coffee. UBER, META June 4, 2026

Business AI, SHOP, & GOOGL

The Wolfe Byte

Skip the brew—this morning note has your caffeine dose! In this note we share key upcoming events, our thoughts

on some material news, our recently published notes, and rationale behind some recent stock moves.

Top of mind topics: UBER, META AI, SHOP Repurchase Program, & GOOGL Offering

Our take on top hits:

●Uber cuts 23% of People division as new president takes over (link) & Uber caps usage of AI tools like Claude

Code (link) Uber is cutting jobs in the People and Places division including roles in HR, recruitment, workplace

facilities, and culture by 23% representing less than 1% of Uber’s 34,000 employees. Separately, on AI usage,

UBER has set usage caps for employees to $1,500 in monthly token spending per AI coding tool, with the ability

for permission to exceed the cap if needed. Our View: While financially immaterial, we view Uber's cuts to its

People division as a positive readthrough on management discipline. We think that the newly promoted President,

Jill Hazelbaker, is signaling that a top priority for the business is to optimize for performance and improve upon

the prior "complex and fragmented" structure. As for Uber's AI usage, "tokenmaxxing" is an emerging theme post

Q1 print, and unless companies can prove meaningful output gains from token usage, we see more management

teams capping usage or the pricing models from Anthropic and OAI to potentially change to justify AI usage.