Hi All,
Welcome to our brief overview of portfolio news from the past few days.
Waymo’s Momentum Continues with DoorDash Partnership
Alphabet’s autonomous driving unit, Waymo, continues its expansion, announcing a new partnership with DoorDash to launch an autonomous delivery service in Metro Phoenix. The service will begin with deliveries from DoorDash’s own DashMart store, with plans for a broader commercial launch later this year.
This move into delivery logistics follows Waymo’s recent announcement of its plans to launch ride-hailing services in London by 2026, showcasing the company’s dual strategy of expanding both its use cases and its geographical footprint. By securing partnerships with major platforms like DoorDash, Waymo continues to strengthen its position as the clear leader in the autonomous vehicle space.
Amazon Expands Telehealth Services to Pediatrics
Amazon is deepening its push into healthcare by expanding its One Medical Pay-per-visit telehealth service to treat common health conditions for children aged 2 to 11. The service is designed for maximum convenience, offering message-based visits starting at $29 and video consultations at $49, with no insurance, Prime membership, or One Medical membership required.
This is Amazon doing its thing. Identifying a major friction point for customers and offer a convenient, affordable, and integrated alternative. By linking the service directly to Amazon Pharmacy for prescription fulfillment, Amazon continues to build a seamless, end-to-end healthcare ecosystem.
LVMH Returns to Growth
In the third quarter, LVMH returned to organic growth with a 1% increase in revenue, despite a significant negative 5% currency impact that resulted in a 4% decline in reported sales. This improvement was visible across most business groups, with all divisions posting positive organic growth. The Fashion & Leather Goods division, while still down 2% organically, showed the greatest sequential improvement from Q2. Selective Retailing was a standout performer, growing 7% organically, driven by strong results at Sephora.
Geographically, the recovery was led by key markets, as both the United States and Asia (excluding Japan) turned positive during the quarter. A highlight was the recovery in China, where local sales in the mainland turned positive, growing in the mid-to high single-digit range. Looking ahead, executives expressed caution for Q4, noting it will face a “tougher” comparative base, but remained confident about 2026.
Other Industry & Portfolio Updates
TSMC’s Strong Earnings: TSMC reported a strong beat on both Q3 earnings and revenue, and provided Q4 revenue guidance that also surpassed analyst estimates. As the world’s leading chip foundry, TSMC’s results are a powerful indicator that demand from the AI sector remains robust.
Allegion’s Innovation in Access Control: Zentra, a brand of Allegion, has become the first to offer resident key capability in Google Wallet. This allows apartment residents to unlock doors throughout their community with a simple tap of their Android phone or smartwatch, a move that enhances the resident experience and can increase net operating income for property managers. This is a great example of the company remaining at the forefront of innovation.
PayPal’s blockchain partner, Paxos, experienced a significant technical issue this week, accidentally minting $300 trillion in PYUSD stablecoins. The firm quickly identified the “internal technical error” and corrected it by burning the excess supply. This highlights the operational risks that can threaten stability across digital assets.
ASML Earnings: ASML also reported earnings this week. A full review is available here.
That’s a wrap. See you soon.
