Good Morning! M&A deal-signing hit a 20-year low thanks to economic uncertainty. A new NYU study found that the average retail investor spends just six minutes researching before buying a stock.

Wall Street’s biggest bull is still holding firm on a 7,000 S&P 500 target, traders are pushing back expectations for Fed rate cuts, and Instacart is rolling out a Gen Z-focused app for group orders of drinks and party snacks.

Plus: Elite universities are asking private equity firms for their money back, U.S. oil production may have peaked, and 12 time management techniques to increase productivity.

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SQUEEZ OF THE DAY

DoorDash’s $5 Billion Buying Spree

America’s top food delivery app just went shopping, and racked up quite the tab.

DoorDash is making moves to go global, announcing two major acquisitions just hours after posting strong Q1 earnings.

First up: the $3.9 billion acquisition of UK-based Deliveroo, which will give DoorDash access to over 40 countries and a combined user base of 50 million.

To fund the Deliveroo deal, DoorDash secured a $2.85B bridge loan from JPMorgan.

Second: a $1.2 billion all-cash deal for hospitality tech platform SevenRooms, used by clients like Marriott, MGM, and Wolfgang Puck.

The SevenRooms acquisition will further expand DoorDash’s ecosystem, giving it an OpenTable-style reservation and CRM platform for 13,000+ restaurants, reinforcing its merchant-first strategy.

While DoorDash stock fell nearly 8% on the news, investors were otherwise treated to a strong quarter:

• Net income came in at $193M (vs. $160M consensus)

• Gross order value hit record highs at $23.3–$23.7B (vs. $22.8B expected)

Notably, DoorDash highlighted growing momentum in non-restaurant categories, especially groceries, as average spend per customer increased.

CEO Tony Xu emphasized that DoorDash is keeping its M&A bar “high,” but saw a rare opportunity to scale its product and operational model internationally.

Takeaway: DoorDash is moving beyond delivery into full-stack hospitality. The acquisitions of Deliveroo and SevenRooms position it to be not just the logistics partner for food, but the digital infrastructure for global dining and reservations, at the cost of short-term margin pressure and investor nerves.

HEADLINES

Top Reads

• M&A deal signing hits 20 year-low after Trump's 'Liberation Day' (MS)

• Guess how much time many investors spend on researching stock buys? (WSJ)

• Paul Tudor says stock market will hit new lows even if Trump cuts China tariffs (CNBC)

• Goldman says bear market rallies are the norm (YF)

• OpenAI bought coding tool Windsurf for $3B (YF)

• Wall Street’s biggest bull isn’t budging on 7,000 target this year (BB)

• Trump downplays tariff talks and says we don’t need to sign deals (CNBC)

• Elite colleges lead a rush for exits of private equity (BB)

• Canada Prime Minister says country will never be for sale (YF)

• India carries out military strikes against Pakistan as tensions spiral (CNBC)

• U.S. oil production has likely peaked and will start to decline (CNBC)

• Why Big Tech earnings became the hottest and safest trade on Wall Street (YF)

• Why a wobbling economy could push the Fed to cut interest rates (CNBC)

• Trump’s Hollywood tariff threat is already unraveling (CNN)

• Palantir stock slides after earnings spotlight international weakness (YF)

• Instacart debuts ‘fizz’ alcohol ordering app to target Gen Z users (BB)

• KKR co-founder says stay calm amid market uncertainty (YF)

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CAPITAL PULSE

Markets Rundown

Market Update

• U.S. stocks closed lower Tuesday, with markets cooling as investors awaited clarity on trade deals and Wednesday’s Fed decision.

• Most S&P 500 sectors declined, though utilities and energy posted modest gains. Sentiment remains cautious amid tariff uncertainty.

• Asian markets were mostly higher, while European stocks slipped, despite a softer-than-expected reading on eurozone producer price inflation.

• The U.S. trade deficit widened to a record $140.5B in March as companies front-loaded imports ahead of expected tariffs.

• Treasury yields dipped, with the 2-year yield at 3.79% and the 10-year at 4.31%, as markets priced in policy patience from the Fed.

Economic Data Highlights

• U.S. trade deficit (Mar): $140.5B – record high, driven by tariff-related import surge

• 10-year Treasury yield: 4.31% – down slightly on Fed rate expectations

• 2-year Treasury yield: 3.79% – reflects short-term uncertainty

• Eurozone PPI: Lower than forecast – supports disinflation trend

• Fed outlook: No change expected Wednesday; first cut likely in July

• 10-year breakeven inflation: Anchored at low end of 3-year range

Reported Earnings

• Advanced Micro Devices (AMD) – Reported May 6: Delivered strong Q1 results with robust data center growth, but noted potential challenges ahead due to new export restrictions to China.​

• Electronic Arts (EA) – Reported May 6: Posted solid quarterly performance, with positive momentum in key gaming franchises and an optimistic outlook for the upcoming fiscal year.​

• Datadog (DDOG) – Reported May 6: Exceeded expectations in Q1, raising full-year guidance amid strong demand for cloud monitoring and AI-driven services.​

Earnings Today

• Uber Technologies (UBER) – Reporting May 7 (Before Market Open): Anticipated to show significant year-over-year earnings improvement, with investors focusing on the impact of recent international expansion and autonomous vehicle partnerships.​

• Walt Disney Company (DIS) – Reporting May 7 (Before Market Open): Analysts expect modest revenue growth; key areas of interest include theme park performance and the potential effects of proposed tariffs on foreign-produced films.

• Arm Holdings (ARM) – Reporting May 7 (After Market Close): Investors will watch for insights on AI and cloud computing demand, as well as any commentary on potential impacts from future semiconductor tariffs.​

Movers & Shakers

• (+) Hims & Hers Health ($HIMS) +18% after the telehealth company posted an earnings beat.

• (+) Constellation Energy ($CEG) +10% because of strong earnings; nuclear deals in pipeline.

• (–) Palantir ($PLTR) -12% after analyst concerns about growth, valuation.

Private Dealmaking

• DoorDash bought Deliveroo for $3.86 billion

• OpenAI bought Windsurf, a coding tool, for $3 billion

• Wonder, the cloud kitchen group and Grubhub parent, raised $600 million

• Quantum Systems, an aerial systems developer, raised $182 million

• Atlas Data Storage, a DNA storage company, raised $155 million

• Nuevocor, a gene therapy biotech, raised $45 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

The Art of Spending Money

Most of us don’t know how to spend money. We chase things that impress others but leave us cold. Or we save endlessly, afraid to spend on what would actually make life better. We confuse admiration with envy, comfort with excess, and status with utility.

The Art of Spending Money is about finding balance. It isn’t about budgets, hacks, or one-size-fits-all solutions. It’s about understanding how your relationship with money shapes your decisions—and how to reshape it so money works for you.

Morgan Housel’s work has helped millions rethink how they earn, save, and invest. Now he turns his attention to the other side of the equation: how to spend.

With insight and warmth, he shows why the most valuable return on investment is peace of mind, why expectations matter more than income, and why doing well with money has less to do with spreadsheets and more to do with self-awareness.

This book isn’t about getting rich. It’s about getting the most out of what you already have—and learning to want what’s worth wanting.

“From the bestselling author of The Psychology of Money and Same as Ever, lessons on harnessing the power of money to live a happier life.”

DAILY VISUAL

Liberation of Gains

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DAILY ACUMEN

Legends Series: Jim Simons

Jim Simons didn’t just play the market—he reverse-engineered it.

A former codebreaker for the NSA and a math professor, Simons launched Renaissance Technologies in 1982.

He didn’t hire traders—he hired physicists and statisticians. Their goal? Find tiny inefficiencies that humans couldn’t detect.

The result was the Medallion Fund, Wall Street’s most successful and secretive moneymaking machine, with a jaw-dropping 66% annual return (after fees!) from 1988 to 2018.

Simons didn’t believe in stories or CNBC soundbites. He believed in signals—millions of them.

Trades were sometimes held for minutes. The edge was razor-thin, but relentless.

Today’s market is noisy. AI hype. Tariff uncertainty. Shaky earnings.

But Simons’ lesson stands: edge belongs to those who process more data than everyone else—and act on it faster.

As tech stocks whipsaw and traders hunt narrative, Simons would say: let them talk. The money is in the math.

ENLIGHTENMENT

Short Squeez Picks

• 12 time management techniques to increase productivity

• How to hold your team accountable without micromanaging

• A neuroscientist’s guide to fixing your mind in 15 minutes

• Am I old-fashioned about employee lateness?

• How VCs can create a winning investment thesis

MEME-A-PALOOZA

Memes of the Day

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