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Joseph Carlson says AI agents could pressure Booking and Intuit while favoring Meta and Microsoft as customer relationships become the moat.
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Booking Holdings stock fell 4.75% as investors worry Meta's Muse AI agent will disrupt the online travel agency business model. Rival Expedia announced a partnership with Muse, which can autonomously handle travel bookings and negotiate discounts. While OTAs have survived similar threats before, the middleman business model remains vulnerable to AI-powered alternatives.
Cathie Wood's Ark Invest added to positions in Meta Platforms, Airbnb, and Beam Therapeutics on Monday. Meta surged 11% on momentum from its new Muse AI app and an upgraded price target from Wells Fargo. Airbnb continues strong revenue growth despite headwinds from rising travel costs and regulatory scrutiny. Beam Therapeutics is recovering after recent clinical trial data showed efficacy in its gene-editing treatment for alpha-1 antitrypsin deficiency.
https://news.airbnb.com/airbnb-expands-groceries-with-instacart-across-us-and-canada
Booking Holdings is down 18.6% in September, as a blocked EU deal, $100 Brent and AI-agent fears hit online travel.
https://x.com/Expedia/status/2102481062429426085
Intuit shares are trading lower Tuesday amid concerns Meta's Muse AI agent could disrupt legacy software offerings.