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Wednesday, November 11, 2026

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DoorDash’s FBA Moment

DoorDash’s $17 billion Instacart deal targets DashMart warehouse scale, where 99%+ order accuracy and faster delivery address the limits of store-based grocery fulfillment.

DASH $79BKR $41B
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From X

@StableBread

Fajasy on X

The FTC and eight states sued Toast $TOST, the restaurant software and payments company, on October 29, the day after its President and CFO Elena Gomez gave notice. The complaint alleges $TOST: → Enrolled restaurants in subscription add-ons they didn’t agree to. → Charged an undisclosed early termination fee of $150 for each month left on a contract. → Added a $0.99 fee to some online orders over $10 from September 2021 to July 2023, money that went to Toast rather than the restaurants. → Required 30 days’ written notice to cancel without clearly disclosing it, and treated a cancellation as a default on any Toast Capital loan, making the full balance due at once. → Advertised “24/7/365” support that customers say they couldn’t reach. The 10-Q says $TOST will “vigorously defend its interests” and can’t yet estimate a possible loss. CEO Aman Narang argued on the Q3 call that ROSCA (the Restore Online Shoppers’ Confidence Act, a federal law on online subscriptions) was never meant for negotiated business contracts: “If ROSCA were to apply to B2B custom-negotiated contracts in a B2B context, it would have huge implications for really the whole industry and business contracts in general.” He also said $TOST had been cooperating with the FTC “over the past year” before it sued, and that “how we settle the suit” won’t change Toast’s long-term path. With $1.89B of cash and marketable securities and no debt, $TOST can afford a fine, so the bigger risk to me is an injunction that could possibly change how it sells, prices, and cancels contracts.
@ActAccordingly

PAA Research on X

How magnanimous of Michael Intrator at $CRWV to halt his 10b5-1 stocks sales. Checking filings. Looks like he sold 10MM shares for roughly $1B in gross proceeds (mostly this year). The three founders combined cashed out $3.3B of stock since the IPO. No doubt this stock can be a fantastic trading vehicle given its volatility (250% implied vol into the print), but if you're thinking of this in any longer term context, management already told you what they REALLY think of the business on a longer term horizon....

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Cat-Scratch Fervo

Fervo Energy raised $2 billion in its May IPO, then fell nearly 70% below issue price after a Morpheus short report, despite targeting 1 GW…

FRVO $2.3B
Doomberg 4 clicks

Adobe 3Q26 Update

Adobe’s fiscal 3Q26 revenue grew 13%, while ARR growth slowed to 9.3% excluding Semrush.

ADBE $93B
Speedwell Memos 2 clicks

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