Mizuho is moving the firm’s Top Pick in Internet to Booking Holdings (BKNG), away from Airbnb (ABNB), on the expectation of “a major relief rally” after The Information reported that OpenAI is pulling back from native ChatGPT checkout, pivoting instead to app-based purchases. The firm believes ChatGPT’s reported pivot away from on-platform shopping checkout, if true, “could spell the beginning of the end of major disruption fears for Internet marketplace businesses,” including online travel agents, DoorDash (DASH) and others and would be buyers of these stocks on this news, the analyst tells investors. The firm believes OTAs “took the biggest slide and have the most to gain” from a potential wind-back of on-platform checkout risks, adding that it likes Booking as “the best of the pure-play OTAs.”
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