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Yesterday, Morgan Stanley downgraded shares of Tesla. Today the firm’s analyst, Adam Jonas, is weighing in with more reasons why.

The news that Lyft will partner with Google’s Waymo driving unit on autonomous-driving efforts highlights that tech companies are getting smarter about cars. Alphabet, Google’s parent company, brings its technology to the table, and Lyft brings a fleet that drives “thousands of times more miles” than Waymo’s cars do, Jonas wrote.

In the near term, all those miles mean more data to capture, which feeds back into autonomous-driving programs to help make them better. In the medium-to-long term, though, once the kinks have been worked out, tech companies could choose to drive you around as a way to capture data on you and then try to sell you stuff. And that’s the part that Jonas thinks should scare Tesla investors.

“One of the biggest concerns we have about the ‘end-state’ of shared mobility from a Tesla perspective is the risk that other firms could enter the market as a competitor, offering the mobility service from, say, New York to Boston or from Santa Monica to LAX at a loss… just to get access to your time and data,” he wrote. That model could allow Google to one day drive you around practically for free. Think what Google did for email.

Apple, Jonas thinks, might care less about selling cars and more about getting people from one place to another in “a mobile Apple store,” where presumably they’d be tempted to buy products or services.

Big Picture: The tech giants might have different motives than Tesla for getting into autonomous driving, and one analyst thinks that should give Tesla investors pause.