AI competition fears are overblown; Booking's entrenched inventory and relationships make the recent sell-off a buying opportunity.

So, Jonathan, for people like you, when you see this and look at Expedia and Booking, which we'll be talking about, you must be excited because you know historically what happens to some of these businesses that you've followed for a long time when automation competition emerges, because you've seen this before.

Okay. I mean, Booking and Airbnb, why they were in that basket and how Goldman comes up with those baskets, I have no idea. That's absolutely ridiculous. I think this will turn out to be a great buying opportunity. I don't know why some of those banks are there.

So it's a similar story to the idea you had about Salesforce, and the same goes for Broadridge and Booking.com.

If you know the nature of these jobs, you can sit back and laugh. I mean, I know it's not fun when these companies are being aggressively sold, but for Booking.com, a company you own, which includes Booking.com, Priceline and Kayak, I said that ChatGBT tried to do this in September 2025.

They launched the instant payment feature, and then by March they said, "Hey, actually it's not that easy." Google also tried to do that. So, it's the same thing. It's just titles for random sale.

Yes. And you say, "Just a minute. Hello. This isn't going to happen. We've been through this before." So, what's the story with this artificial intelligence and the likes of "TripAdvisor"?

So, what's the story with this artificial intelligence and the likes of "TripAdvisor" ? Okay . I think this is a really stupid justification. They say that "Muse" will be able to book an entire hotel for you , etc. How will they do that?

How will they be able to communicate with all these booking specialists? That's why we prefer it to Expedia for these small and boutique hotels.

Okay. I think this is a really stupid justification. They say that "Muse" will be able to book an entire hotel for you, etc. How will they do that? How will they be able to communicate with all these booking specialists?

That's why we prefer it to Expedia for these small and boutique hotels. Some of them don't even have websites. They have relationships with all these owners. They help them with their work.

The European Union has a huge amount of regulations when it comes to travel.

"Muse" will not do all these things. They will use Booking.com. This is positive for Booking.com, and not of course. They will use, they will use the site. no. I am neutral on this matter.

Part of me is wondering , does anyone really want to book with one click? Don't you want to know the size of the room and the hotel where you will be staying? I don't think people actually want to book with one click.

I think that's what the agents will do , and it's likely that Booking.com will build its own agent.

no. I am neutral on this matter. Part of me is wondering, does anyone really want to book with one click? Don't you want to know the size of the room and the hotel where you will be staying?

I don't think people actually want to book with one click. I think that's what the agents will do, and it's likely that Booking.com will build its own agent. But I think what people want is to know the cheapest room right away that is over 500 square feet and has a good view.

Okay. And to be on the west end of Las Vegas Boulevard, or the north end instead of the south end. This is what people want. They want to get that answer immediately. This is not like saying: I want to skip the booking process and get a room immediately.

Okay. Perhaps in some cases for very experienced travelers or for business purposes if you already know where you want to stay. Okay. For example, I know that I will go to this hotel anyway.

So it might be like saying: Book me a room in this hotel, the same room I book every year. But yes, Booking.com has a loyalty program where you get, you know, breakfast or whatever. These companies will want to use Booking.com.

Also, "Muse" has no inventory. Do you know how difficult it is to obtain stock worldwide to do that? Muse simply cannot do that in the blink of an eye. You know, if Google couldn't do it, and if TripAdvisor couldn't do it, I don't see why they should be able to

Glenn Vogel has been running this since 2004, I think. He did a remarkable job of moving the company through a variety of crises in which it was believed that this company was finished.

I believe this will be a positive, not a negative, thing for the business.

Jonathan, in September alone, the stock dropped from 215 to 157. It's insane how violent these AI-driven sell-offs have been. I have never seen anything like this before.

But what I do know is that a company like Booking.com , and the one I think is even more ridiculous in that it has been heavily affected, is Airbnb, which is a name we admire .