New York, February 6, 2026, 15:21 EST — Regular session
Booking Holdings Inc dropped 0.9% to $4,403.52 on Friday afternoon. Shares moved in a range from $4,369.91 to $4,523.94. By comparison, the S&P 500 ETF SPY added 1.8%, while QQQ, which tracks the Nasdaq 100, was up 1.9%.
Online platforms fueled by paid search and marketing are taking hits from investors, spooked by renewed fears that AI assistants could disrupt how people find travel. For Booking, behind Booking.com and Priceline, the risk lands squarely on the expense of attracting customers.
Michael Bellisario at Baird shrugged off the week’s drop, labeling it an overreaction and sticking with his Outperform call on both Booking and Expedia. “Potential revenue impacts are further out than investors are pricing in currently,” he wrote, highlighting AI-fueled marketing improvements and stricter cost discipline. 1
Wedbush lowered its price target on Booking to $5,500 from $6,000 but kept the Outperform rating. Booking still stands out as the top online travel agency, the firm said, pointing to scale and strong cash generation. 2
Shares ended Thursday at $4,443.42, down 3.55%, according to market data. The stock’s now trading roughly 24% beneath its 52-week peak of $5,839.41 from July. 3
Expedia gained roughly 1.6% Friday, while shares of Airbnb hovered, moving little by midday. Peers showed a mixed picture.
AI-related bets are pulling broader markets into a messy back-and-forth. “Investors today are starting to turn more defensive in their positioning because the market is starting to lose momentum,” said Ameriprise Financial chief market strategist Anthony Saglimbene. 4
Travel stocks face a different pressure near term—it’s not about flashy new launches, but the mechanics: where the clicks originate, search links or chat-driven results, and the question of payment flow. Analysts zero in on take rates, that cut they keep from bookings, watching to see if cheaper AI-driven visitors can make up for any hit to pricing muscle.
Booking will release its fourth-quarter and full-year 2025 results on Feb. 18 after the bell, followed by a conference call scheduled for 4:30 p.m. ET. 5
The road isn’t smooth. Should AI tools steer travelers toward booking straight with hotels or airlines sooner than anticipated, online agencies might get hit with steeper marketing costs or slimmer commissions—and guidance could fall short.
Right now, sentiment and analyst commentary are steering the stock. The real test comes Feb. 18, when Booking unveils its 2026 travel demand and marketing spend projections—a release that’s set to hit a market already jittery.
