Booking Holdings and Expedia look like a secular short with capped upside as their take rates come under pressure, though probably not within the next 60 days. As with Salesforce, the argument that they could simply run headless will be raised, and the market knows it from SaaS. Take rates should compress first where barriers to bringing inventory online are lowest; the platforms would then respond with aggressive marketing and margin dilution, extending their growth runway somewhat. x.com 

Booking Holdings faces a valid long-term bear case as AI agents could take a share of the 13-18% online travel take rate. Testing Meta's Muse and Instinct for a hotel search showed them drawing on Booking and Expedia inventory for now, but agents could eventually build direct ties with long-tail hotels, better reviews and pre- and post-booking service at lower fees. OTAs' own agents look mediocre and lack users' context. At 13x 2027 EPS it tempts as a contrarian long, but looks too tough. x.com  … Show more

Booking Holdings looks ridiculously cheap against its own history, and its business and moat inspire much more confidence than Uber's even with AI risk. Its P/FCF is 11.94, versus a ten-year median of 18.85. x.com 

AI agents threaten Booking Holdings' margins. That view could change if the company adapts, pivots and proves otherwise. x.com 

Booking Holdings' growth slowdown will accelerate as tech layoffs hit travel demand. Travel is already expensive and most spending comes from top earners, whom tech layoffs could affect. @Stock_Opine argues the Q2 guidance of 2-4% constant-currency growth mainly reflects March cancellations and that the underlying fundamentals are accelerating. x.com  x.com 

Booking Holdings' buybacks keep increasing each shareholder's ownership share every quarter without any additional purchases. x.com 

Booking Holdings sits squarely in the middle of a European summer travel nightmare and large language models' attack on online travel agencies. Its business model, exposure to the LLM threat and European exposure, given recession chances in Europe, make it the preferred travel short. x.com  x.com  x.com 

Booking Holdings is a short idea because its growth looks driven by fraud, and the problem is structural. Its rewards program is a scam that barely pays out, it blocks accounts without reason, and customer service is AI bots with no human contact. Evidence exists, though no one is investigating it yet. The company is trash hiding in plain sight, even as @jimmyinvest notes the stock is back at 16x earnings after Booking lost its fight against the EU veto of its eTraveli acquisition. x.com  x.com  … Show more

Booking Holdings is a great business at a nice discount and one of the best ways to play an end to the war and the reopening of the Middle East, as @vijaythirumalai argues. It is a best-in-class asset-light travel business trading at about 16x earnings with roughly 15% EPS growth and a near-10% free cash flow yield, with limited AI disruption risk, unlike Uber with autonomy. The war has created some overhang. Lower prices would be even better for the long term. x.com 

KLA's first stock split in 26 years, a 10-for-1, signals what management expects for 2027 demand. Past 2-for-1 and 3-for-1 splits have lifted the shares 5-10%, and this split is five times larger. x.com