对AI竞争的担忧被夸大，Booking稳固的库存与客户关系使近期抛售成为买入机会。
逐段跳播
所以，Jonathan，对于像你这样的人来说，当你看到这一点并审视Expedia和Booking——我们将会谈到它们——你一定很兴奋，因为你从历史上知道，当你长期跟踪的一些业务出现自动化竞争时会发生什么，因为你以前见过这种情况。
好的。我的意思是，Booking和Airbnb，为什么它们会在那个篮子里，以及高盛是如何想出那些篮子的，我完全不知道。这绝对荒谬。我认为这最终会成为一个绝佳的买入机会。我不知道为什么其中一些银行会在那里。
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.
所以，这与你关于Salesforce的那个想法是类似的情况，Broadridge和Booking.com也是如此。
So it's a similar story to the idea you had about Salesforce, and the same goes for Broadridge and Booking.com.
如果你了解这些工作的性质，你可以坐下来大笑。我的意思是，我知道当这些公司被激进抛售时并不好玩，但对于Booking.com，一家你拥有的公司，其中包括Booking.com、Priceline和Kayak，我说过ChatGBT在2025年9月试图做这件事。
他们推出了即时支付功能，然后到了3月他们说，"嘿，实际上这没那么容易。"谷歌也试过这么做。所以，这是同样的事情。这只是随意抛售的标题而已。
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.
是的。你说，"等一下。你好。这不会发生。我们以前经历过这种情况。"那么，这种人工智能以及像"TripAdvisor"这样的公司，到底是怎么回事？
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"?
那么，这种人工智能以及像"TripAdvisor"这样的公司，到底是怎么回事？好的。我认为这是一个非常愚蠢的理由。他们说"Muse"将能够为你预订整家酒店等等。他们怎么做得到？
他们怎么能够与所有这些预订专家沟通？这就是为什么对于这些小型和精品酒店，我们更偏好它而不是Expedia。
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.
好的。我认为这是一个非常愚蠢的理由。他们说"Muse"将能够为你预订整家酒店等等。他们怎么做得到？他们怎么能够与所有这些预订专家沟通？这就是为什么对于这些小型和精品酒店，我们更偏好它而不是Expedia。
其中一些甚至没有网站。他们与所有这些业主有关系。他们帮助他们处理工作。欧盟在旅行方面有大量法规。
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"不会做所有这些事情。他们会使用Booking.com。这对Booking.com是正面的，当然也不是。他们会使用，他们会使用这个网站。不。我在这件事上持中立态度。我的一部分在想，真的有人想一键预订吗？
你不想知道房间的大小和你将要入住的酒店吗？我不认为人们真的想一键预订。我认为那是代理会做的事，而且Booking.com很可能会建立自己的代理。
"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.
不。我在这件事上持中立态度。我的一部分在想，真的有人想一键预订吗？你不想知道房间的大小和你将要入住的酒店吗？我不认为人们真的想一键预订。我认为那是代理会做的事，而且Booking.com很可能会建立自己的代理。
但我认为人们想要的是立即知道最便宜的房间，那个超过500平方英尺并且视野好的房间。
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.
好的。而且要位于拉斯维加斯大道西端，或者北端而不是南端。这就是人们想要的。他们想立即得到那个答案。这不像是在说：我想跳过预订流程，立即得到一个房间。
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.
好的。也许在某些情况下，对于非常有经验的旅行者，或者出于商务目的，如果你已经知道你想住在哪里。好的。例如，我知道我无论如何都会去这家酒店。所以这可能就像是在说：给我在这家酒店订一个房间，就是我每年都订的同一个房间。
但没错，Booking.com有一个忠诚度计划，你可以得到，你知道，早餐之类的。这些公司会想要使用Booking.com。
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.
而且，"Muse"没有库存。你知道要在全球范围内获取库存来做到这一点有多难吗？Muse根本无法在一眨眼之间做到这一点。你知道，如果谷歌做不到，如果TripAdvisor做不到，我看不出为什么他们就能做到。
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
我认为Glenn Vogel自2004年以来一直在经营这家公司。他在带领公司度过各种危机方面做得非常出色，那些危机中人们曾认为这家公司已经完了。我相信这对这项业务将是正面的，而不是负面的。
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，仅9月份，这只股票就从215跌到了157。这些人工智能驱动的抛售如此猛烈，简直疯狂。我以前从未见过这样的情况。
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.
但我确实知道的是，像Booking.com这样的一家公司，而我认为更荒谬的是那家受到严重影响的Airbnb，这是我们钦佩的一家公司。
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 .
这个频道对 $BKNG 的历次判断
The Compound 在这只股票上只有这一条判断。