Michael Morton

Tony declined to comment on specific grocer take rates but Ravi gave a concrete gross-profit-positive timeline for new verticals.

Ravi shared multi-format delivery vision but deflected specifics on addressable market percentage and consumer incentive economics. Tony added hardening focus.

Tony directly dismissed intermediation risk citing Google food ordering historical precedent. Emphasized end-to-end experience as the moat.

Tony described building the operating system for local commerce: software for merchants, warehousing with DashMart Fulfillment, lowest-cost delivery, and autonomous vehicles. Investing in Dasher pay models for more complex orders.

Ravi cited continued execution: logistics efficiency, product quality, larger basket sizes. No step function change. 30% of MAUs ordering outside restaurants, goal is 100%.

Tony explained costs spike when spinning up temporary cloud instances while maintaining multiple stacks. DashMart Fulfillment is about retailer partnerships for managed inventory, not AI platform partnerships.

Ravi guided to ~2% of GOV for OpEx. Driving automation but still finding great pockets for investment. Tony added DASH now has 5 businesses vs one 5 years ago, requiring headcount for new problems.

Ravi said no change in competitive dynamics. Gaining healthy share YoY in grocery. Tony added they don't focus on competitive intensity, affordability is always a priority.

Tony framed two jobs: master physical logistics first, then leverage AI/LLMs for personalization and operations with billions of orders and local-level data.

Ravi spoke broadly about the portfolio being GP positive with some countries CM positive, but didn't identify specific markets. Said tax impact will be somewhat volatile.

Asked about C2C competitive intensity in the U.S. and internationally; Jamie framed it as a large underpenetrated C2C fashion opportunity where eBay competes from strength.

Jamie attributed momentum to enthusiast engagement and community aspects. Shared qualitative milestones (7-figure daily GMV in U.K./Germany, bottom navigation placement) but declined to quantify forward GMV expectations specifically.

Jamie noted broad-based Q4 strength across sports trading cards (which accelerated), collectible card games, and emerging games like One Piece, with ASP growth driven by mix shift to higher-priced items rather than pure price appreciation.

Jamie acknowledged AI search traffic is very small industry-wide but confirmed it is high intent with high conversion, while noting enthusiast buyers are responding positively to on-platform agentic search with back-and-forth natural language discovery.

Jamie highlighted end-to-end secure purchase experience resonating with customers and synergies with P&A enthusiasts; Peggy clarified vehicles take rate in low-to-mid single digits with immaterial revenue contribution so far.

Jamie confirmed halo attribution launched in Germany in February, expanded to Europe in June, and will roll to U.S. and Canada in the new year, with sellers adjusting bids well and ROAS remaining healthy.

Jamie noted AI search traffic is small but growing and characterized by high shopping intent, consistent with eBay's strategy of leaning into unique non-new and seasoned inventory.

Jamie emphasized broad-based acceleration across all focus categories plus reinvestment in existing launched categories, noting eBay has 5 categories over $10 billion each relevant for the focus category playbook.

Management provided clear quantification of China exposure (~5% US, ~10% total) and noted three-quarters of Greater China volume is forward deployed and already subject to tariffs.

Jamie framed agentic commerce as another distribution channel similar to Google SEO/SEM, emphasizing eBay's unique inventory as differentiator.

Dara drew parallel to travel metasearch where value accrued to consolidated players. UBER building APIs for Apple, OpenAI, Claude, Gemini while expecting majority of transactions to come direct.

Balaji described three stages: baseload trough demand (current), medium demand with lower costs expanding TAM, and long-term majority AV supply. Dara added multi-modal utilization across mobility, delivery, and freight as structural advantage.

Dara framed multiple AV supply partnerships as consistent with Uber's supply-led model, noting the company can invest aggressively in AV while still returning substantial capital to shareholders.

Prashanth corrected the deceleration framing, noting top 20 cities still growing double-digits. Sparse markets converge to core margin levels once mature, with hundreds of new cities launching in 2025.

Dara described early-stage LLM experimentation for restaurant/grocery search optimization and agent experiences, positioning Uber as partner of choice given its unique transportation inventory.

Dara outlined a progression from early balance sheet risk to fleet partner ownership with third-party financing, expecting eventual financialization of the AV fleet model.

Dara projected the AV addressable market at 10-15% of total marketplace in the next five years, gradually expanding over fifteen years, starting in higher revenue-per-mile US/European markets.

Emily declined a specific priority-order percentage, stressing marketplace balance, and argued broad selection drives demand versus a first-party model.

Maher said ads growth is driven mainly by on-platform, off-platform a smaller but growing contributor; declined to quantify Kroger.

Directly explained incremental small-basket orders leverage an existing dense network and batching, with no observed trade-down from large baskets.

Emily explained transaction revenue's many offsetting drivers and reinvestment choices and noted AOV pressure from restaurants and holiday fill-ins, but did not quantify take rate.

Harley said there is no GMV upper bound, cited winning large established retailers, and said Shopify has captured less than 1% of global retail sales and is still underpenetrated internationally.

Harley detailed two-track GTM (SMB velocity, enterprise depth) and personal focus on executive trust. Jeff confirmed headcount discipline continuing, marketing shifting more to performance.

Harley positioned Shopify as agnostic to which agentic commerce form wins, noting consumers' favorite brands are on Shopify which gives them an unfair advantage in catalog-powered AI shopping experiences.

Jeff said there's no segment-specific focus, marketing supports all areas (SMB, enterprise, US, Europe, POS). Harley positioned AI shopping as a huge opportunity for surfacing Shopify merchant products.

Jassy said very optimistic about agentic shopping experience with 300 million Rufus customers and 60% higher purchase completion rate. Will have relationships with third-party horizontal agents but current experience lacks shopping history with wrong product details pricing and delivery estimates. Believes many customers will prefer retailer agents with full data and history over horizontal middleman agents. Retailers better at delivering broad selection low prices fast delivery and trust. Expects AI and agentic commerce to expand total online shopping which benefits Amazon.

Jassy said retailers will have terms for agent interaction and Amazon will be no different. Rufus improving month to month with quick fact finding, review summarization, and personalization features. Expects occasions where customers want Rufus help to increase more throughout 2025.