Tesla stock sinks, Uber rises after Robotaxi event. Here's why.

Uber ( UBER ) shares rose after Tesla's ( TSLA ) robotaxi event largely disappointed investors. GLOBALT Investments Senior Portfolio Manager Thomas Martin joins Market Domination Overtime to discuss the competition between the two and why Uber benefited from the event.

“Tesla stock and Uber both reacted the way you would expect from Tesla on Robo-Day. It was a classic example of long versus short term. And they were the opposite for Uber and Tesla,” Martin told Movement.

He told Yahoo Finance that “if Tesla is able to solve autonomous vehicles and robo in the near term, or you even see a roadmap for the medium term, it was potentially a problem for Uber long term. But the devil is in the detail.”

As investors seek more insight and more information about the rollout of the robotaxi, Uber becomes more attractive to investors. If Tesla can't meet the expected deadline to release its robotaxis, Uber will have more time to get in the game.

To see more expert insights and analysis on recent market action, see more market dominance overtime here.

This post was written by Melanie Riehl