… just add AI. |
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Almost every single earnings call last week mentioned AI. Not once or as a footnote… but as the whole thesis. |
→ DoorDash: AI will know what you want for dinner before you do.
→ CrowdStrike: AI will catch your hacker before they know they've been caught.
→ McDonald's: AI is how we're going to personalize your value meal.
→ Burger King: AI is how we're going to fix the soda machine experience. |
At some point you have to ask — is this a technology revolution or is "AI" just the new way to say "we have a plan" on an earnings call? |
Let’s look at two companies where the answer actually matters.
One just proved the demand is real with 933 million orders.
The other is being priced like the proof already arrived — three weeks before they even report.
Here’s the story ⇩
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Hungry? |
Doordash DASH ( ▼ 4.03% ) reported 933 million orders in one quarter. |
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933 million orders… that's the population of India ordering delivery. |
DoorDash beat on earnings.
→ EPS came in at $0.42, beating estimates by 13%.
→ Revenue jumped 33% to $4.04 billion — slightly below forecasts but nobody cared because everything else was on fire.
→ Gross order value hit $31.6 billion, up 37%.
→ Record DashPass memberships.
→ Record monthly active users.
→ More first-time US consumers than any quarter before. |
And Deliveroo — the British delivery app everyone thought was a distraction when DoorDash bought it — is now growing at its fastest rate in four years. Without Deliveroo, core GOV still grew 24%.
The mothership is healthy.
The stock jumped on earnings report 10%. |
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Built to Predict You |
DoorDash's co-founder and CEO, Tony Xu, has a bigger ambition than delivering your burrito. |
He wants DoorDash to know what you want before you do. He calls it "agentic ordering" - AI that learns your habits well enough to order on your behalf.
Your usual Thursday night pad thai, your Sunday morning grocery run, your last-minute birthday cake. All of it, anticipated and handled before you even open the app. |
To build that, DoorDash is doing something most companies talk about but never actually do - they're tearing down their entire platform and rebuilding it from scratch. Several hundred million dollars. Runs into early 2027. Messy, expensive, and completely intentional. |
They're also building something called a digital catalog. Every restaurant dish, every grocery item, every product on every shelf — structured and searchable so an AI can make decisions on your behalf instantly. |
That's the long game.
The short game has a $50 million headache - driver gas relief costs from the Iran war-driven oil surge hitting Q2. Management says they'll offset it elsewhere.
→ Q2 GOV guidance of $32.4B to $33.4B still came in ahead of Wall Street. |
!!! The bull case is simple. DoorDash is no longer just food. It's grocery, electronics, apparel, auto parts, restaurant reservations through SevenRooms. They're building the operating system for the physical world. AI is just how they make it feel invisible. |
The question is whether invisible is worth the price of rebuilding everything to get there.
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The market already wrote the ending. |
CrowdStrike doesn't report earnings until June 3. |
The stock is already up 28% this month anyway. |
CrowdStrike is a cybersecurity company. Their Falcon platform sits on top of companies’ entire digital infrastructure — endpoints, cloud workloads, identity, data — and watches everything in real time. Their AI tool, Charlotte, acts like a security analyst. |
→ The business is genuinely strong.
→ Revenue growing 23% year over year.
→ EPS growing 30% annually.
→ They've beaten earnings estimates four quarters in a row.
The numbers are not the problem. |
The problem is the price you're paying for those numbers.
→ 98 times forward earnings.
→ A price-to-sales ratio of 24.76x against an industry average of 3.75x.
→ A DCF model that puts fair value at $357 while the stock sits at $468. |
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The stock is currently priced on what believers think it becomes.
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Bull vs Bear. |
The market got so excited about their AI story that it didn't wait for the CrowdStrike numbers.
It just assumed. Priced it in. Moved on. That's either the most confident trade of 2026 or the most expensive assumption.
Bulls say the stock is worth $692.
Bears say $113. |
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In short… |
Nobody in tech invented anything new last week. AI was everywhere — in the earnings calls, in the guidance, in the stock prices. |
DoorDash proved the demand is real. 933 million orders don't lie.
CrowdStrike is betting the market stays patient long enough for the proof to catch up with the price. At 98x earnings, that's not a small ask. |
The AI revolution is happening. The question is who gets there first — and who was just really good at saying they would. 😉
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Don’t forget to to cast your vote 👇 |
Poll of the day:Where do you use AI the most right now? |
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