Instacart's revenue is up 15% YoY, with ad revenues making up 28% of their revenue. However, their gross transaction volume is flat while ad revenue is growing, suggesting a shift towards becoming more of an advertising business than an e-commerce business. Advertising multiples have contracted in the market and companies that can systematically drive advertising, like Facebook and Google, tend to gain a larger share. However, the markets do not necessarily love advertising as a revenue stream. Additionally, businesses with large gross transaction values tend to experience declining take rates over time due to competitive pressure and suppliers gaining pricing power. In the grocery industry, Walmart and Amazon may offer cheaper alternatives or be more aggressive in their pricing, impacting Instacart's ability to maintain high take rates.