New York, Feb 23, 2026, 12:07 (EST) — Regular session
DoorDash Inc (DASH) shares slid more than 5% on Monday as a new wave of anxiety over AI disruption hit high-valuation consumer platforms. The DoorDash stock price was down 5.4% at $166.79 in late-morning trade after touching $161.50; Uber Technologies slipped 3.7% and Instacart-parent Maplebear Inc fell 1.4%.
The move matters because investors are re-testing a simple question: how much of DoorDash’s edge comes from habit and how much comes from hard-to-copy logistics. When markets get nervous, anything that looks like a toll booth gets hit first.
That debate picked up steam after Citrini Research and Alap Shah published a weekend “thought exercise” on Feb. 22 that sketched a future where AI agents — software that can shop and place orders automatically — strip fees out of everyday transactions. The authors called DoorDash “the poster child” and wrote that “habitual app loyalty … simply didn’t exist for a machine,” arguing agents could check multiple delivery options and always pick the cheapest. (Citrini Research)
DoorDash’s drop also came with the broader market leaning lower, with traders turning cautious again on tariffs. “You simply can’t bet against Trump,” said Thomas Hayes, chairman at Great Hill Capital, after President Donald Trump announced a new 15% global duty following a Supreme Court ruling that voided broader levies. (Reuters)
Separately, DoorDash temporarily suspended service in Connecticut and other storm-hit states as a nor’easter pushed blizzard conditions across the region, the company said. (CT Insider)
The selling lands on a stock that had just got a boost from its outlook. DoorDash last week forecast first-quarter marketplace gross order value — the dollar value of orders placed through its platform — of $31 billion to $31.8 billion and said it would spend several hundred million dollars in 2026 to rebuild its tech stack and put DoorDash, Wolt and Deliveroo on one platform. Its adjusted EBITDA, a cashflow proxy, target of $675 million to $775 million trailed estimates; RBC Capital Markets analysts pointed to grocery and retail strength, while Bernstein analyst Nikhil Devnani said reinvestment is “in the company’s DNA” and DoorDash traded at a forward P/E near 51, versus about 15 for Instacart and 21 for Uber. (Reuters)
Traders are now watching whether the AI-fueled selling bleeds into other fee-taking platforms, or fades as quickly as it arrived. DoorDash’s willingness to keep spending while competitors push promotions will stay under the microscope.
Competition in U.S. delivery remains intense, and growth is no longer just about restaurants. If new rivals or smarter shopping tools push fees lower, the “take rate” — the slice kept by the platform — can shrink fast.
Still, there’s a big gap between a scenario memo and an earnings model. DoorDash could use AI to cut support costs, sharpen routing and keep more orders inside its ecosystem even as new apps pop up.
Markets will get another read on risk appetite on Wednesday, Feb. 25, when Nvidia is due to report results after the close — a bellwether event for anything tagged “AI.” For DoorDash, the next catalyst could be a fresh round of analyst notes or tariff headlines that keep consumers and investors on edge. (Nvidia)
