Viral Research Post On AI Risks Spooks Investors. DoorDash, American Express Among Stocks Taking A Hit.

A viral Substack post warning about broad economic risks from agentic AI dragged down some big name stocks in Monday trading. DoorDash (DASH) stock slid, along with American Express (AXP), ServiceNow (NOW) and Blackstone (BX) after each company was named in the post.

The post from independent firm Citrini Research is described as a “thought exercise” envisioning a hypothetical June 2028, where the technological capabilities of AI have exceeded expectations. As a result of the disruption from the technology, the unemployment rate hits 10.2% and the S&P 500 sinks 38% from envisioned October 2026 highs.

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That scenario involves a range of systemic and sector-specific risks that Citrini envisions. The earliest disruption would be on software-as-a-service providers, whose offerings are challenged by agentic coding tools — a fear that has already weighed on software stocks this year. The report imagines ServiceNow’s contract value growth slowing and prompting layoffs.

Citrini further envisioned the hit to software leading to losses for alternative asset managers like Blackstone, through their exposure to the sector through private credit funds.

But the report also envisions agentic tools adding competition to marketplace apps like DoorDash and Uber Eats. Citrini’s report called DoorDash a “poster child” for agentic risks to online marketplaces.

“Coding agents had collapsed the barrier to entry for launching a delivery app,” the report envisions. The post added that DoorDash suffered as “habitual app loyalty, the entire basis of the business model, simply didn’t exist for a machine.”

Travel booking, tax prep and other online service providers also would also take major hits in the scenario, in Citrini’s view.

The report further envisioned agentic transactions would chip away at the dominance of payments firms like American Express, with agents would seek new routes for purchases.

DoorDash Stock And American Express Slide

The Citrini Research note sparked intense debate on X, Reddit and elsewhere.

Andy Fang, a DoorDash cofounder currently listed as leader of the company’s new software products team, weighed in. He said DoorDash expects agentic commerce will be “transformative” and is preparing.

“That’s why we’re so focused on the agentic commerce tools we build for ourselves and our merchant partners,” Fang wrote. “The ground is shifting underneath our feet, and the industry is going to need to adapt to it.”

On the stock market today, DoorDash stock fell 6.6% to close at 164.66, with significantly heavier-than-usual volume. Uber Technologies stock shed 4.3% to close at 70.72.

American Express stock dropped 7.2%, while Mastercard (MA) fell 5.6% and Visa (V) slipped 4.5%.

ServiceNow declined 3.3% while Blackstone fell 6.2%.

Other factors may have contributed to the slide for DoorDash and others. Winter storm conditions in New York prompted a state of emergency in New York City, with flights canceled and travel limited to essential services. Markets are also feeling the impact of a new pledge from President Donald Trump to impose a 15% global tariff, after the Supreme Court struck down his 10% tariffs.

But the Citrini Research post captured nearly 5 million views on X in the roughly 24 hours since its publication.

“It is a remarkable reaction,” Michael O’Rourke, chief market strategist at Jonestrading, told Bloomberg. “I have seen this market exhibit incredible resilience in the face of actual negative news. Now a literal work of fiction sends it into a tailspin.”

DoorDash Stock Already Slumping

For DoorDash, the sell-off adds to a rocky run that started late last year. A 2026 outlook that included a warning that DoorDash plans to ramp up investments sent the company’s shares tumbling following DoorDash’s third-quarter report on Nov. 5. The company’s Q4 results last week got a more positive response before Monday’s sell-off. Shares remain down more than 40% from a record high of 285.50 in October.

Before the recent slide, DoorDash’s shares had racked up a more than 400% gain since the start of 2023. The company’s strong sales growth and improved profitability over that time eased investor concerns about the sustainability of on-demand food delivery.

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