Artisan Global Opportunities Fund on DoorDash, Inc.
Thesis
DoorDash continues to gain share in local commerce across restaurants, grocery and retail delivery, with record membership additions. Investment in new verticals is currently holding back margins but could expand its addressable market and growth runway. The manager argues the fulfillment network addresses a physical, logistics-heavy challenge and is less exposed to near-term AI disruption than investors fear. It increased the position after a pullback because the market appeared to underestimate network durability and monetization potential.
“We continue to believe the market underestimates the durability of DoorDash’s network and long-term monetization opportunity”
Key risks
- Investment in new verticals is tempering near-term margin expansion.
- Investors worry that AI could disrupt consumer internet businesses.
- Sustained share gains and long-term monetization depend on the strength of the physical fulfillment network.