Airbnb's Network Supported by Vertical Investments and a Strong AI Position

We think Airbnb's global online travel agency position will strengthen over the next decade, driven by a leading alternative accommodation network (the source of its wide moat) of over 5 million hosts and cumulative 2 billion guest arrivals since its start in 2008. We think this network advantage will be supported by investments in artificial intelligence and by expansion into experiences, services, and international accommodation markets over the next several years.