Sent Items #223: FedEx’s $9B Deal, Waymo's "Door Closers" & The AI Bill Comes Due

Welcome to the February 15th edition of Sent Items - and Happy Valentine's Day.

I am fresh off the plane from Manifest in Las Vegas, and if you saw my LinkedIn recap, you know the energy was undeniable. The industry is firmly in "build mode."

But while we were in the desert, the dealmaking didn't stop. FedEx just dropped $9 billion on lockers, GXO is pivoting to defense, and Waymo is hiring humans to... close car doors.

Speaking of Vegas, it seems we are now betting on live traffic. Check out this post about how prediction markets like Polymarket are turning daily commutes into casinos. (Fun fact: You can currently make a ~4.5% return betting that Jesus Christ won't return by 2027). Crazy times we live in.

Before we get to the headlines, here’s the latest unboxing. Note, our marketing team was still away when I filmed this one of Goodr Sunglasses, so this is my ~unfiltered~ unboxing... let me know what you think 😆 🙌 📦

Let’s get into it.

— Matt

FedEx & Advent Buy InPost for $9.2 Billion The biggest deal of the year (so far) just dropped. A consortium led by FedEx and private equity firm Advent International has agreed to acquire European parcel locker giant InPost for €9.2 billion. This is a massive bet on "Out-of-Home" (OOH) delivery. By locking down InPost's network of automated lockers across Europe, FedEx gains immediate density and a lower-cost last-mile solution to compete with DHL and local carriers. The "doorstep" is getting expensive; the "locker" is the new battleground. Source: WSJ

Big Tech’s AI Bill: The Spending Spree vs. Reality The WSJ released a startling comparison of AI capital expenditure this week. Tech giants are pouring billions into AI infrastructure - far outpacing the current revenue it generates. The report highlights a "circularity" problem where much of the reported AI revenue is just tech companies selling services to other tech companies (or startups they invested in). As the depreciation bills for all those GPUs start hitting the books in 2026, the market is asking: Where is the real-world ROI? Source: WSJ

Shopify released its Q4 results, dropping a killer earnings report that proves they are running full throttle while the rest of the market tries to keep up. Here are the breakdown of the absolute heaters they just threw:

🚀 The "Killer" Metrics:

** Gross Merchandise Volume ("GMV") surged 31% YoY to $123.8B for Q4.

** Q4 revenue hit $3.67B, up 31% YoY.

** They are printing cash with a 19% Free Cash Flow margin ($715M) in Q4.

** They’ve secured a massive ~14% of the entire U.S. e-commerce market.

** International revenue growth clocked in at 36%, proving this isn't just a North American success story.

On top of that, they announced a $2B share repurchase program, signaling massive confidence in their own stock.

GXO Reports "Flat" Results, Eyes New Verticals Contract logistics giant GXO reported its Q4 numbers this week, showing decent revenue growth but "flat" earnings performance. CEO Patrick Kelleher signaled a shift away from pure M&A and toward organic growth in high-value verticals. Specifically, GXO is targeting Aerospace, Defense, and Life Sciences - sectors that are less sensitive to consumer spending swings. If retail is volatile, GXO wants to be moving missiles and medicine instead. Source: The Loadstar

DoorDash Drivers Have a New Gig: Closing Robotaxi Doors In the strangest "gig economy crossover" of 2026, Waymo is reportedly paying DoorDash drivers to close the doors of its autonomous vehicles. A pilot program in Atlanta notifies nearby Dashers when a Waymo vehicle is stuck because a passenger left a door ajar. Drivers can accept the "mission," drive to the car, close the door, and get paid. Even the most advanced AI on the planet still needs a human hand to do the simple stuff. Imagine telling your kids one day that your first job was DoorDashing and closing doors of Waymo’s 🙂‍↔️ Source: CNBC/Reddit

Third Person Updates

💌 The "Love & Logistics" Update Did you catch our Valentine's Day Newsletter? The Third Person team sent out a special edition this week (complete with hearts) breaking down the "logistics of love" - from flower cold chains to the chocolate rush.

📺 Matt's Chats: This Wednesday (Feb 18) Join me this Wednesday for the February edition of Matt's Chats. We’ll be breaking down the biggest takeaways from Manifest and what the "Rate Drop" actually means for your contracts. [Register Here]

🥩 Austin VIP Dinner (Feb 19) Status: WAY Over Capacity We are officially overflowing for the Austin dinner this Thursday. We targeted 20 and now have over 40! We are planning dinners in many more cities this year.

🏙️ SubSummit (Kansas City | May 13-15) I’m heading to KC in May for SubSummit, the biggest event for subscription brands. I have a great deal for brands who want to attend (note: it’s free + you get travel stipend). For vendors/suppliers, I can get you a deal as well. This is one of the highest-value events of the year for DTC operators.

Have a great week!

- Matt

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