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Airbnb Shares Drop Over 7% Amid Slower Growth Outlook and Travel Demand Concerns

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Airbnb’s shares fell more than 7% on Thursday after the company projected slower growth in the second half of the year, raising concerns about a potential travel demand slowdown. This came as a disappointment to investors who had anticipated a rebound, especially after positive forecasts from major travel firms.

The company cited the impact of tariffs on its third-quarter margins, noting that the tariff shock in April led to a significant drop in bookings. The outlook contrasts with recent optimism in the travel sector, where United Airlines and Hilton Worldwide both predicted rising bookings and strong year-end revenue, and Booking Holdings reported robust quarterly results.

Airbnb said its weaker forecast was partly due to tough comparisons with last year, when a surge in bookings from Asia and Latin America boosted earnings. The platform expects growth in night bookings to slow year-over-year in the fourth quarter, with its implied take rate — revenue relative to gross bookings — likely staying flat in Q3.

So far in 2025, Airbnb and Expedia shares have each slipped 0.6%, while Booking Holdings has gained 11.4%. Valuation-wise, Airbnb trades at a forward price-to-earnings multiple of 28.41, compared to Booking’s 22.69 and Expedia’s 11.57.

Temasek Joins Microsoft, BlackRock, MGX in Major AI Infrastructure Investment Consortium

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Singapore’s state investment firm Temasek has officially joined the AI Infrastructure Partnership (AIP), a major global consortium backed by Microsoft, BlackRock, and MGX, according to presentation slides shared during BlackRock’s investor day on Thursday. The consortium also includes BlackRock’s Global Infrastructure Partners.

AIP, formed in September, aims to invest over $30 billion initially into building the data centers and energy facilities required to support artificial intelligence applications, such as ChatGPT. The partnership ultimately seeks to mobilize up to $100 billion, including debt financing, with a primary focus on projects within the United States.

Temasek’s involvement comes shortly after the Kuwait Investment Authority became the first non-founding sovereign wealth fund to join the group earlier this month. The consortium’s partners also include key AI players like Nvidia and Elon Musk’s xAI.

Ravi Lambah, Temasek’s head of strategic initiatives, commented on the development: “Temasek’s investment in the AI Infrastructure Partnership reflects our focus on the big shifts and trends of the future. AI is potentially the most transformative and impactful technology for all sectors and businesses.”

The financial terms of Temasek’s investment were not disclosed. As of March 31, 2024, Temasek reported a net portfolio value of S$389 billion (approximately $304 billion), according to its official website.

DeepSeek Narrows AI Gap with US, Says 01.AI Founder Lee Kai-fu

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China has significantly closed the artificial intelligence (AI) development gap with the United States, with companies like DeepSeek narrowing the divide to just three months in certain areas, according to Lee Kai-fu, CEO of Chinese AI startup 01.AI. Lee, a renowned figure in AI and former head of Google China, revealed in an interview that Chinese firms, particularly DeepSeek, have enhanced efficiency in chip usage and algorithm application, accelerating their progress.

DeepSeek’s launch of an AI reasoning model earlier this year challenged the assumption that U.S. sanctions were hindering China’s AI growth. The model, trained using less advanced chips, was cheaper to develop than its Western counterparts, shaking the global AI industry. Lee pointed out that previously, the gap between China and the U.S. was six to nine months, but now it has narrowed to just three months in some core AI technologies. In specific areas, Chinese companies have even surpassed their Western rivals.

Despite U.S. sanctions on semiconductors, which initially posed challenges, Lee believes that these constraints have driven Chinese companies to innovate. He noted that DeepSeek’s new approach to reinforcement learning—a technology that shows users the reasoning process before delivering answers—demonstrates this innovation, now on par or even ahead of U.S. developments.

Lee also highlighted that China’s tech sector, initially seen as trailing in AI development, rapidly entered the generative AI race after OpenAI’s ChatGPT launch in late 2022. With startups like DeepSeek and 01.AI entering the field, China’s AI capabilities have gained global attention.

Lee’s 01.AI, which he founded in 2023, focuses on practical AI applications rather than developing proprietary foundational models, aiming to help enterprises deploy AI solutions efficiently. The company launched Wanzhi, a software platform, earlier this month to assist businesses in integrating AI technologies, already generating revenue and forecasting substantial growth for 2025.