Today's Internet - Better Than Coffee. Uber & Delivery Hero, RBLX, Publicis & LiveRamp, Meta

Research evidence excerpt

Today's Internet - Better Than Coffee. Uber & Delivery Hero, RBLX, Publicis & LiveRamp, Meta

Global Internet

ECommerce - Market Overweight

Mobility & Delivery - Market Overweight

Online Advertising - Market Overweight

Subscription - Market Weight

Today's Internet - Better Than Coffee. Uber & Delivery May 19, 2026

Hero, RBLX, Publicis & LiveRamp, Meta

The Wolfe Byte

Skip the brew—this morning note has your caffeine dose! In this note we share key upcoming events, our thoughts

on some material news, our recently published notes, and rationale behind some recent stock moves.

Top of mind topics: Uber & Delivery Hero, RBLX, Publicis & LiveRamp, Meta

Our take on top hits:

●Uber boosts stake in Delivery Hero, says no takeover for now (link). Uber has increased its stake in Delivery Hero,

now owning 19.5% and 5.6% in options. Our View: We continue to expect further consolidation in international

markets for food delivery for context Uber maintains leading market share in the UK and France and through this

investment we believe Uber can further extents its lead in parts of wester Europe. We belie competitive intensity

will continue to rise.

●Roblox stock surges on improving user growth data (link). Shares jumped 10% after data showed concurrent

user growth week-over-week following a decline in concurrent users in recent months. Our View: The Roblox

engagement data was positive as we noted in our Weekly note (see here) with CCU’s growing about 5% W/W as

of Saturday, May 16th, and the data on Sunday was even better with CCUs growing +30% W/W. There seemed

to be a series of updates within the top games over the weekend that drove higher engagement including the

return of The Strongest Battlegrounds as a top experience with trailing average 7-day visits growing +51% W/