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Uber and DoorDash are building delivery empires in completely different ways. Uber is spreading across categories: rides, Uber Eats, Uber for Business, freight, and now a $2.3 billion bet on ezCater, a workplace meals platform where orders average more than $400. DoorDash is taking the opposite route: go deeper into delivery, expanding from restaurants into groceries, retail, convenience, and international markets. One wants to become the app that moves people, food, packages and maybe everything else. The other wants to own the local commerce layer, one delivery category at a time. And yet the market has treated them almost the same. Uber is down about 31% over the past year. DoorDash is down about 32%. Two very different strategies. One nearly identical stock chart. Sometimes Wall Street does not care how creative the playbook is if shareholders end up with the same headache.

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