Instacart jumps on better-than-expected order growth

Instacart posted revenue and order growth for the latest quarter, sending its stock 4% higher after-hours.

The company reported $897 million in revenue, a 9% increase year over year and in line with analyst expectations. Instacart makes money through fees on orders as well as advertising and enterprise software. Orders grew 14% to 83.2 million, more than the Street expected and the largest year-over-year jump since 2022.

The company reported earnings per share of $0.37, just under the $0.38 that analysts polled by FactSet were expecting.

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Tasha Matsumoto

10h

Stocks and bitcoin slide as investors’ appetite for risk wanes

Stocks broke their five-session winning streak.

A grizzly bear attempts to open Christmas presents given to them by their keepers, at the La Fleche Zoo, western France, on December 23, 2024.

Luke Kawa15h

Traders are pricing in a big swing in AI chip market share to Broadcom from Nvidia

The story within the AI trade lately has been: Google’s a winner, and OpenAI is a... well, to be kind, non-winner.

Companies closely tied to the former, like Broadcom, which codesigns the TPUs that Gemini 3 was trained on, have benefited from their relationship with the hyperscaling search giant. Conversely, Nvidia, which sells to both Google and OpenAI but is besieged with worries about how custom chips might impact its AI market share (and profitability), has been selling off.

“NVDA stock is now trading at its widest ever ~40% discount to AVGO’s current 42x forward PE versus historical -10%/+7% discount/premium over the past 1/2 yrs, respectively,” Bank of America analyst Vivek Arya wrote. “In other words, consensus has already implicitly shifted at least 10+ points of (2H26E/27E) AI market share towards AVGO, conceptually.”

The abrupt shift in valuation amid this divergent price action is reversing course on Monday: Nvidia’s up about 1.5% as of 10:55 a.m. ET, while Broadcom is off 2.6%.

Max Knoblauch16h

Air taxi companies are in the red as Goldman initiates coverage on Archer, Joby, and Beta

Goldman Sachs initiated coverage of the major US air taxi companies on Monday, including Joby Aviation, Archer Aviation, and Beta Technologies. All three are trading down as the bank’s first notes hit investor inboxes.

Though Joby “appears to be in pole position” on certification, analyst Anthony Valentini gave the stock a “sell” rating and a $10 price target — 30% below the value of Joby’s stock at Friday’s close. Valentini wrote that it’s unclear where competitors stand in the process.

Goldman gave Archer a “neutral” rating and an $11 price target, highlighting the company’s ability to cut spending. Beta Technologies, which went public last month, received a “buy” rating and a $47 price target.

Luke Kawa

16h

Strategy announces $1.44 billion “US dollar reserve” to avoid participating in bitcoin fire sale

The digital treasury company also lowered its outlook for full-year operating income, net income, and earnings per share by more than 90% compared to its October 30 guidance.

Matt Phillips16h

Crypto-adjacent stocks drop to start the week

Crypto-adjacent shares slid in early trading along with unprofitable tech company shares, as animal spirits ebbed to start the US trading week.

Goldman Sachs’ basket of bitcoin-sensitive stocks — heavily weighted toward Coinbase and treasury companies like MARA Holdings and Strategy — was down more than 3% early, reflecting another tumble in bitcoin overnight, though bitcoin prices stabilized a bit in early US trading. Robinhood Markets — shares of which have at times taken cues from the price of crypto, which is traded on the brokerage app — was also down.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company.)

It would take a talented druid and a flock’s worth of bird entrails to the divine precisely what’s driving the downdraft. But S&P’s recent assessment of the vulnerability of Tether’s stablecoin, USDT — the world’s largest of these supposedly safer forms of crypto — to the bitcoin sell-off might be playing a role.

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Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate, including Robinhood Markets, Inc., Robinhood Financial LLC, Robinhood Securities, LLC, Robinhood Crypto, LLC, or Robinhood Money, LLC.