Lyft Inc. (LYFT) shares tumbled Wednesday as investors digested sobering news from the autonomous vehicle front: Waymo is absolutely crushing it.

The Waymo Wave: Waymo announced it's delivered more than 14 million fully autonomous trips so far this year, tripling its public rides from 2024. The company crossed the 1 million fully driverless rides per month threshold this spring and is now eyeing an even more ambitious target: 1 million rides per week by the end of 2026.

To put that in perspective, riders have spent more than 3.8 million hours in Waymo vehicles this year alone. And it's not just about volume. Waymo highlighted its safety record, claiming more than a tenfold reduction in serious injury or worse crashes compared to human drivers.

The expansion plans are equally aggressive. Waymo said it's laying groundwork for ride-hailing operations in more than 20 additional cities in 2026, including international markets like Tokyo and London. On the airport front, the company recently secured permits to serve riders at San Jose Mineta International Airport and San Francisco International Airport, and it's already offering fully autonomous employee rides at Miami International Airport.

Waymo even rolled out a Year in Review feature in its app, complete with personalized statistics and a new "Waymotype" based on rider activity. The company expects continued momentum next year as it expands freeway service, airport operations, and partnerships focused on accessibility and safer streets.

Why Lyft Is Feeling the Heat: Lyft shares are under pressure as investors absorb what Waymo's accelerating scale and expanding geographic footprint mean for traditional ride-hailing companies. The developments underscore a growing competitive threat that's becoming harder to ignore.

Price Action: At the time of writing, Lyft shares were trading 7.90% lower at $20.86.