Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The US is desperately trying to protect its declining market share in AI.  The recent declarations of safety regulations could set the stage for a ban on Chinese AI models.</li>
<li>Current AI safety discussions follow many measures the US has taken to stifle the rise of Chinese AI models, including export restrictions, accusations of illegal distillation, and global loyalty pledges.</li>
<li>The US is faced with a dilemma: whether to protect its domestic AI players and risk lowering economic productivity or allow an open market where Chinese AI models may dominate</li>
</ul>


The US is desperately trying to protect its declining market share in AI.  The recent declarations of safety regulations could set the stage for a ban on Chinese AI models.
Current AI safety discussions follow many measures the US has taken to stifle the rise of Chinese AI models, including export restrictions, accusations of illegal distillation, and global loyalty pledges.
The US is faced with a dilemma: whether to protect its domestic AI players and risk lowering economic productivity or allow an open market where Chinese AI models may dominate


CHINA AI: Are US AI Giants Pushing for a Ban on Chinese Models?

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>DoorDash reported its financial and operational results for Q4 2025, highlighting key performance metrics, strategic decisions, and future outlook.</li><li>The earnings discussion showcased both the progress and challenges faced by DoorDash, emphasizing its leading market position and ongoing investments in technology and international operations.</li><li>One of the primary positives from DoorDash's latest financial performance is its continued strong growth across different markets.</li></ul>

DoorDash reported its financial and operational results for Q4 2025, highlighting key performance metrics, strategic decisions, and future outlook.The earnings discussion showcased both the progress and challenges faced by DoorDash, emphasizing its leading market position and ongoing investments in technology and international operations.One of the primary positives from DoorDash's latest financial performance is its continued strong growth across different markets.

DoorDash Deliveroo Integration Accelerates International Expansion But Can It Avoid THESE Cost Pressures?

<ul><li>DoorDash is accelerating its push into AI-enabled commerce by embedding its grocery shopping functionality directly into OpenAI’s ChatGPT.</li><li>The new integration, announced in December 2025, allows users to ask ChatGPT for meal or recipe suggestions and seamlessly transfer those ideas into grocery shopping lists and orders via the DoorDash app.</li><li>Once users decide on a recipe, the chatbot can help build a cart and guide them through checkout, all within the same ChatGPT interface.</li></ul>

DoorDash is accelerating its push into AI-enabled commerce by embedding its grocery shopping functionality directly into OpenAI’s ChatGPT.The new integration, announced in December 2025, allows users to ask ChatGPT for meal or recipe suggestions and seamlessly transfer those ideas into grocery shopping lists and orders via the DoorDash app.Once users decide on a recipe, the chatbot can help build a cart and guide them through checkout, all within the same ChatGPT interface.

DoorDash Just Set Up An UNBELIEVABLE Tie-Up With ChatGPT—And Grocery Shopping May Never Be the Same!

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India’s home-services spend touched INR 4.99–5.07 trn in CY 2024 and is set to reach INR 8.22–8.35 trn by CY 2029 (10-11 % CAGR).</li>
<li>Online full-stack GMV is only INR 40–42 bn (0.8 % of spend) today yet grows 20-22 % CAGR to INR 105-110 bn by CY 2029.</li>
<li>Formalisation, gig-supply depth and tech-led standardisation give platforms head-room to triple GMV and double margins within five years while still capturing &lt;2 % of TAM.</li>
</ul>


India’s home-services spend touched INR 4.99–5.07 trn in CY 2024 and is set to reach INR 8.22–8.35 trn by CY 2029 (10-11 % CAGR).
Online full-stack GMV is only INR 40–42 bn (0.8 % of spend) today yet grows 20-22 % CAGR to INR 105-110 bn by CY 2029.
Formalisation, gig-supply depth and tech-led standardisation give platforms head-room to triple GMV and double margins within five years while still capturing &lt;2 % of TAM.


Thematic Report: India Home-Services Market- Digital Disruption in ₹5 Trn TAM Market

Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>In this note, we look at the Google Play rankings of some popular mobile apps in the US, offered by public companies and potential IPO candidates, to get an idea as to how online businesses are shaping up as the US goes into an indefinite lockdown. </li>
<li>A rather surprising theme across the board is that entertainment-related apps (such as video streaming, music, social media, gaming, etc.) haven’t really picked up despite people being stuck at home. Could this be because people are still in panic?</li>
<li>On the other hand, the lockdown seems to be working out well for some relatively newer apps, like Disney+, Amazon Prime, Smule, TikTok, and Nintendo Switch Online, with people willing to try new things in their newfound “free” time.</li>
<li>The sharing economy is falling apart – with both ride-hailing and food delivery services being interrupted.</li>
<li>As expected, the beneficiaries of the lockdown are, grocery delivery, video conferencing/team working and distant learning services.</li>
</ul>


In this note, we look at the Google Play rankings of some popular mobile apps in the US, offered by public companies and potential IPO candidates, to get an idea as to how online businesses are shaping up as the US goes into an indefinite lockdown. 
A rather surprising theme across the board is that entertainment-related apps (such as video streaming, music, social media, gaming, etc.) haven’t really picked up despite people being stuck at home. Could this be because people are still in panic?
On the other hand, the lockdown seems to be working out well for some relatively newer apps, like Disney+, Amazon Prime, Smule, TikTok, and Nintendo Switch Online, with people willing to try new things in their newfound “free” time.
The sharing economy is falling apart – with both ride-hailing and food delivery services being interrupted.
As expected, the beneficiaries of the lockdown are, grocery delivery, video conferencing/team working and distant learning services.


What Are US Smartphone Users Downloading While in Lockdown?

United States

DoorDash, Inc. provides restaurant food delivery services. The Company develops technology to connect customers with merchants through an on-demand food delivery application. DoorDash serves customers in the United States.

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DoorDash (DASH US)

CHINA AI: Are US AI Giants Pushing for a Ban on Chinese Models?

The US is desperately trying to protect its declining market share in AI. Recent declarations on safety regulations could set the stage for a ban...

David Mudd

DoorDash Deliveroo Integration Accelerates International Expansion But Can It Avoid THESE Cost Pressures?

DoorDash reported its financial and operational results for Q4 2025, highlighting key performance metrics, strategic decisions, and future...

Baptista Research

DoorDash Just Set Up An UNBELIEVABLE Tie-Up With ChatGPT—And Grocery Shopping May Never Be the Same!

DoorDash is accelerating its push into AI-enabled commerce by embedding its grocery shopping functionality directly into OpenAI’s ChatGPT. The new...

Baptista Research

Thematic Report: India Home-Services Market- Digital Disruption in ₹5 Trn TAM Market

India's home-services market is projected to grow significantly by 2029, with online full-stack GMV also expected to increase substantially....

Nimish Maheshwari

What Are US Smartphone Users Downloading While in Lockdown?

In this note, we look at the Google Play rankings of some popular mobile apps in the US, offered by public companies and potential IPO candidates,...

Supun Walpola

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CHINA AI: Are US AI Giants Pushing for a Ban on Chinese Models?

The US is desperately trying to protect its declining market share in AI. Recent declarations on safety regulations could set the stage for a ban...

David Mudd

DoorDash Deliveroo Integration Accelerates International Expansion But Can It Avoid THESE Cost Pressures?

DoorDash reported its financial and operational results for Q4 2025, highlighting key performance metrics, strategic decisions, and future...

Baptista Research

DoorDash Just Set Up An UNBELIEVABLE Tie-Up With ChatGPT—And Grocery Shopping May Never Be the Same!

DoorDash is accelerating its push into AI-enabled commerce by embedding its grocery shopping functionality directly into OpenAI’s ChatGPT. The new...

Baptista Research

Thematic Report: India Home-Services Market- Digital Disruption in ₹5 Trn TAM Market

​India's home-services market is projected to grow significantly by 2029, with online full-stack GMV also expected to increase substantially....

Nimish Maheshwari

What Are US Smartphone Users Downloading While in Lockdown?

In this note, we look at the Google Play rankings of some popular mobile apps in the US, offered by public companies and potential IPO candidates,...

Supun Walpola

India's home-services market is projected to grow significantly by 2029, with online full-stack GMV also expected to increase substantially....