Uber Does a Big Deal and Netflix’s Growth Slows

Busy day.

Uber unveiled its biggest-ever acquisition, the roughly $14 billion https://www.theinformation.com/briefings/uber-buy-germanys-delivery-hero-around-14-billion?rc=9byxri">purchase of Delivery Hero, a German-based food-delivery giant with operations around the world.

Netflix reported slower growth for the second quarter, as it had telegraphed, sending the stock down 8% to a two-year low.

And SpaceX stock closed below its $135 a share IPO price for the first time, finishing the day at $131.11.

Eek!

We can get to Uber and Netflix in a minute, but we should acknowledge that SpaceX stock’s drop coincided with a broader market sell-off that seems to afflict anyone with AI exposure.

In other words, it’s not necessarily a loss of confidence in Elon Musk’s rocket ship firm. (The company is still valued at $1.7 trillion, https://www.theinformation.com/newsletters/the-briefing/spacex-worth-700-billion-1-75-billion?rc=9byxri">which is a lot).

The Nasdaq-100 index fell 1.6% on Thursday, with most major names losing ground.

One way you can tell AI was the common theme—and we’re only half-joking—is that Microsoft stock rose.