Hooked on Fintech: The Weekly Catch 6/6: DoorDash POS, DAVE regulatory updates,

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Hooked on Fintech: The Weekly Catch 6/6: DoorDash POS, DAVE regulatory updates,

June 06, 2026

Mastercard (IL) Still steady and solid, but why isn’t that enough right now?

• Short term: We prefer MA over V because it underperformed on a relative basis post earnings

and is now trading at a similar multiple to V. While this divergence may persist in the short-

term, we think it should diminish over the longer time horizon once the impact from the Cone chart

Middle East disruption flows through for Masterecard, while Visa’s revenue upside can set up

tougher comps in FY27. Shares are still below pre-1Q results levels, as the networks have 750 $700

returned to being sources of funds for the roaring AI trade.

Investment

• Long term: V and MA remain high-quality compounders, and we think investor sentiment

thesis 650

around stablecoin and agentic continues to get more favorable. Underperformance since $550

mid-2025 is largely narrative vs fundamentals driven – current NTM P/Es are near bottom

levels seen 4 times over the past 12 years, but the backdrop is more mixed and not as 550 $491

supportive today, with the networks seemingly being used again as a source of funds for AI

trades. The risk/reward skews modestly more favorable, but not enough for us to get 450

demonstrably more constructive.

$460

• According to CoinDesk, V and MA are close to launching their own stablecoin platform, with 350

participation from Stripe and Coinbase, another proof point of networks embracing

stablecoins vs being replaced by them. • We hosted MA at our TMT Conference in SF on Wednesday, where mgmt framed the recent Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27