Artisan Mid Cap Fund on DoorDash, Inc.

DoorDash operates a technology-driven local commerce marketplace and recently delivered results ahead of expectations. Orders grew 27%, with strength in both the core restaurant business and newer verticals, while improving unit economics supported stronger profitability and higher guidance. The fund believes investments in grocery, restaurant software and autonomous delivery can extend the company's growth runway and strengthen its competitive advantage. It also believes the market underestimates the durability of DoorDash's network and its long-term monetization opportunity.