DoorDash missed revenue expectations, margins looked softer, free cash flow fell… and the stock rose 10%+.

That reaction says something important: investors may be changing the scoreboard.

The real question is no longer just whether DoorDash is a good delivery business. It’s whether grocery can become the substrate for a much larger, higher-margin retail media business.

In my latest piece, I argue DoorDash is increasingly best understood as two businesses stacked on top of each other: logistics on the bottom, intent monetization on top.

By 2029, it is either a media company with logistics attached or a delivery company priced as if it were one.