As Uber and Lyft reached their public-market nadir in mid-March, you would have been forgiven for thinking they were heading under. If the markets are somewhat efficient, why else would America’s top two ride-hailing companies shed two-thirds and three-quarters of their value, respectively, in just over a month?

As we know now, both companies quickly recovered and have since regained much of their former value. The two public firms have guided for a sharply unprofitable Q2 2020, but investors appear content to see their improving results as evidence that the worst is behind them.

Airbnb is another company that could be out of the worst of it and shared two data points lately that cast positive light on its operations. Three of the most-famous American

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