Uber Does a Big Deal and Netflix’s Growth Slows

Busy day. Uber unveiled its biggest-ever acquisition, the roughly $14 billion 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, 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.