Lone Pine’s Non-AI Strategy Falters: 5 Non-AI Stocks Weighing Down Stephen Mandel’s 2026 Returns

3. DoorDash, Inc. (NASDAQ:DASH)

Lone Pine Capital’s Stake: $573 Million

YTD Decline in Share Price: 23%

DoorDash, Inc. (NASDAQ:DASH) first featured in the 13F portfolio of Lone Pine Capital in the fourth quarter of 2020. Back then, this position comprised 2.2 million shares. By the end of 2021, the fund had grown this position to more than 8.2 million shares. In the first quarter of 2022, the fund trimmed the stake by 44% and then sold it off completely in the next quarter. A new position in the stock was then opened in the fourth quarter of 2025, comprising a little over 2.5 million shares.  The firm operates a commerce platform that connects merchants, consumers, and dashers in the United States and internationally.

While DoorDash, Inc. (NASDAQ:DASH) was historically viewed as a volatile gig-economy stock, institutional investors are now piling in as the firm successfully diversifies beyond restaurant delivery into high-margin retail and grocery infrastructure. In late 2025 and Q1 2026, the non-restaurant categories of the firm like grocery, alcohol, and retail grew at nearly double the rate of the core food delivery business. Landmark partnerships with retailers like Lowe’s and Academy Sports + Outdoors in early 2026 have convinced institutional investors that DoorDash can effectively compete with Amazon on last-mile speed for physical goods.