AI Advancements Position Booking Holdings for Long-Term Growth: A Buy Rating Analysis5:01 AM Booking Holdings (NASDAQ: BKNG) Buy (1) ESG Time To Recognize BKNG As An AI Report THE TD COWEN INSIGHT AI concerns are weighing on BKNG's multiple, with BKNG now at a 15% discount to S&P on '26E P/E. However, recent AI developments, along with BKNG's results, have demonstrated BKNG as both benefiting from AI near- term, and well-positioned longer-term. We see increasing recognition of BKNG as an AI beneficiary in the next year, driving up the multiple as BKNG's share & margins continue to expand. While AI concerns are currently a major overhang on BKNG's multiple (19X '26E P/E vs. S&P 22X), we see AI helping, rather than hurting, BKNG's share gains and margins, and expect increasing recognition of BKNG as an AI beneficiary in the next year.