[Bernstein: Median Decline of 11% in Consumer Internet, Three Paths to Compete by 2027] According to Deep Tide TechFlow, citing research from Tide Research, Bernstein's October 12, 2026 report indicates that the consumer internet sector's median has fallen 11% this year, while the S&P 500 has risen 14% during the same period. The sector's median GAAP price-to-earnings ratio is projected to be 22x in 2027, decreasing to 18x in 2028. Bernstein's coverage range is approximately 20x and 14.5x, with the median excluding DoorDash and Wayfair at 17.2x and 14.3x, respectively. Bernstein believes the market's pessimistic pricing of AI agents is excessive, and three paths could drive outperformance by 2027: AI losers making a comeback, revenue acceleration, and upward free cash flow trends. Bernstein assigns an outperform rating to DoorDash, Uber, Instacart, and Wayfair, with target prices of $270, $195, $60, and $125, respectively.