TOGETHER WITH

Hey there weekday warrior,

DoorDash won’t rest until it can deliver every overpriced, soggy fry in the world.

Enjoy the next 4 minutes and 31 seconds of blue-chip news and commentary.

Keep on snapping necks and cashing checks,

– tyler

Food fight

Save some for the rest of us, DoorDash…

It appears that DoorDash CEO Tony Xu read that one Warren Buffett quote (think: “Be fearful when others are greedy and to be greedy only when others are fearful”) on an inspirational IG account.

DoorDash $DASH ( ▼ 0.06% ) didn’t just make one big acquisition yesterday, it got its two-for-one on. Double D is buying Britain’s Deliveroo for roughly $3.9B and hospitality tech SevenRooms for $1.2B (or approximately the amount of fees DoorDash collects in 6 days).

It’s a bold strategy, Cotton…

If it seems like a bad idea for a barely-profitable (sup, DoorDash) food delivery service to buy an even less profitable food delivery business (looking at you Deliveroo) when the world is on the brink of recession… that’s because it probably is.

And I’ve got receipts. The Uber Eats competitor missed on the top line in the most recent quarter… although it did swing to a (slight) profit.

Some analysts think that DoorDash is just being opportunistic, as the industry stares down slowing consumer demand and a population that’s beginning to realize Ozempic is a lot easier than having willpower.

Despite DoorDash remaining more irrationally bullish than someone with a 4-figure net worth who just financed $47 worth of Taco Bell via Klarna, investors didn’t buy the shopping spree. Shares fell nearly 7.5% on the day.

When the market shakes, biotech steadies

Cytonics is pioneering a disease-modifying OA treatment in a $393B market—independent of economic drama or global instability.

Trade wars, supply shocks, tariffs—it’s all noise. But osteoarthritis continues to affect over 500 million people worldwide. And current treatments do little to slow its progression.

CYT-108 is a genetically engineered variant of a naturally occurring protein that inhibits the enzymes responsible for cartilage degeneration.

This is a $393 billion global market hiding in plain sight. And with Phase 1 now complete, we’re gearing up for a Phase 2 trial that could redefine the OA treatment landscape.

Tariffs may reshape economies. CYT-108 could reshape lives.

 Get in early on the most underappreciated biotech market.

*Ad disclosures below

+ Lyft: “We’re finally ready to expand outside of North America.”

Uber: “Hold my beer.”

Uber $UBER ( ▼ 0.28% ) once again reminded everyone why Lyft is and always will be its b*tch. Just weeks after Lyft decided to dip its toe in the European market with the $200M acquisition of Freenow, Uber came off the top rope with a major expansion in Turkey.

The company that has laid claim to the verb for ride-hailing is buying an 85% stake in Turkey’s Trendyol GO for $700M in straight cash homie. Trendyol GO, which sounds like a new Eli Lilly oral weight loss drug, is a subsidiary of Trendyol (which sounds like the injectable version), which is majority owned by Alibaba (perhaps you’ve heard of them?).

+ “I drink your milkshake.” - AMD to Intel

AMD $AMD ( ▼ 2.32% ) continues to do something its chief competitor just can’t seem to wrap its head around: winning. Advanced Micro Devices beat on the top and bottom lines and expects the good times to continue in Q2. That’s despite the $800M in costs it’ll incur related to all the chips it can’t ship to countries on the US no-fly list.

+ Lawyers with degrees from online universities with billboards on the side of the freeway be like…

Amazon-owned Zoox just issued a recall of its software and paused its driverless testing program following a crash early last month.

+ Treasury Secretary Scott Bessent and US Trade Rep Jamieson Greer are heading to Switzerland Thursday for some trade talk foreplay with their Chinese counterparts. Think of it like the pre-game to broader economic negotiations. It’s not entirely clear what’s on the docket, but the meeting’s takeaways will probably be “more meetings”… at best.

+ The DOJ is pursuing the death penalty in the Google antitrust case (well, the one related to its ad market dominance…). Uncle Sam has proposed that Google $GOOG ( ▼ 0.85% )  sell its AdX marketplace and DFP platform. Of course, Google probably won’t learn its fate for years, since it plans to appeal the case.

+ Sure, the trailer for GTA VI looks cool in 2025, but will it still be groundbreaking in like 2028 when the game finally comes out?

+ US stocks “fell on Tuesday as the Federal Reserve kicked off its two-day policy meeting. Investors are watching closely to see how President Trump's tariffs could influence the Fed’s stance on interest rates and the broader economic outlook.” (Yahoo! Finance)

+ The 10-year yield “dropped on Tuesday after the U.S. Treasury’s 10-year note auction saw strong demand from domestic and foreign investors, even amid rising global trade tensions. Investors are also awaiting a statement from the Federal Reserve’s policy-setting panel after a two-day meeting wraps up Wednesday.” (CNBC)

+ Oil “prices climbed about 3% on Tuesday on signs of higher demand in Europe and China, lower production in the U.S., tensions in the Middle East and as buyers emerged the day after prices fell to a four-year low.” (Reuters)

⏪ Yesterday…

+ Celsius, Datadog, Ferrari, DoorDash, Lemonade, Constellation Energy, ZOETIS, Marriott, DigitalOcean, Archer Daniels Midland, MPC, Duke, Leidos, EVgo, and SolarEdge dropped earnings before the bell

+ Advanced Micro Devices, Super Micro Computer, Arista, Rivian, Tempus AI, Upstart, Lucid Group, Astera Labs, Electronic Arts, Powell, Coupang, Wynn Resorts, Energy Transfer, Devon Energy, Redfin, Eos Energy, and Revolve Group dropped earnings after hours

+ The Lions Gate Entertainment spinoff was completed

+ The three-day Stripe Session event began in San Francisco. Notable speakers included Stripe CEO Patrick Collison, Jony Ive, and Meta Platforms CEO Mark Zuckerberg

⏩ Today we’re keeping an eye on…

+ Uber, Disney, Novo Nordisk, Vistra, Unity, Fiverr, Barrick Gold, Oscar Health, and Emerson report before the bell

+ Arm Holdings, Applovin, Mercado Libre, IonQ, Occidental Petroleum, Carvana, Fortinet, Axon, Dutch Bros, Symbotic, The Honest Company, AMC, Paycom, Joby, Kratos, Zillow, Blue Bird, Fluence Energy, Root, Skyworks, and Sunrun report after hours

+ The FOMC will make its interest rate policy announcement, and J-Poww will hold a press conference as the White House ramps up pressure

Yesterday, I asked, “On average how much time do you spend doing research before making an investment?”

33.6% of you answered “2-30 minutes.”

Here’s what some of you guys had to say…

• 2-30 minutes: “Hunch+”

• 31 minutes to 1 hour: “If it takes longer than that, I'm overthinking and that's not good.”

• 2 hours: “Depending on the amount of the investment. 2 hours minimum for anything over $10K. 6+ hours if we're getting close to $50K. ”

• 6+ hours: “I'm sure Buffett took 6+ hours, too. ”

• <1 minute: “I asked YOU if Robin Hood was a credible place to buy Doge Coin. ”

Here’s today’s question…

Saw this one floating around the internet today…

Oh, and one more thing…

Does this look like the face of a guy you should take financial advice from?

No, it’s the face of an individual who is financially irresponsible/dumb enough to be talked into spending money on a family photo shoot that he could have just done with his iPhone. So, act accordingly...

This is not financial advice. Nothing in this newsletter is an investment recommendation. All content is created for entertainment, educational, or informational purposes only. Do your own research, or do yourself a favor and hire a professional.

Advertiser Disclosures

This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment. You may obtain a copy of the offering circular by visiting the SEC’s website.