Food-Delivery Investors Get Liquid Courage

Eighteen months into the pandemic, food-delivery platforms are betting everyone could use a drink.

Last week shares of DoorDash hit an all-time high. The food-delivery company’s market value exceeded that of Uber Technologies for two days, topping $75 billion. For a delivery pure-play, the unseating—even if brief—was notable. Uber, which also operates a global ride-hailing business, has yet to post a profitable quarter, even as its Rides business has now seen many consecutive quarters of positive earnings before interest, taxes, depreciation and amortization.