Although softer US consumer sentiment presents a near-term headwind, 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 artificial intelligence investment and expansion into experiences, services, and international markets over the next several years.