James Lee • Mizuho Securities

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CEO Fidji Simo reported that shopper supply remains very healthy, with waitlists in most cities and strong retention of tenured shoppers. She highlighted that Instacart's shopper demographic, being two-thirds female and over 50% parents, differs from other gig economy platforms, contributing to stable supply dynamics.

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CEO Jane Sun described inbound travel as having great potential, noting it can contribute 2-10% of GDP in other countries. She highlighted China's favorable visa policies and positive feedback from international partners. She believes it can become a trillion-dollar industry for China, and Trip.com is well-positioned with its comprehensive inventory and service, making it a key investment area for the next 5-10 years.

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CEO Jane Sun identified visa policies and flight capacity as the two primary factors. She noted that countries offering visa-free entry, such as Singapore, Malaysia, Thailand, and GCC nations, have seen very strong pickups. While APAC is leading, she mentioned that during Chinese New Year, Australia, New Zealand, and South Africa were top long-haul destinations. She stressed the importance of timely visa processing and added flight capacity to Western countries ahead of the summer.

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CEO Kurt Ekert stated that Sabre does not disclose individual customer contract details but confirmed the Hyatt business is accretive to the Hospitality Solutions segment. CFO Michael Randolfi added that they expect continued year-over-year EBITDA margin expansion for the Hospitality Solutions segment as a whole.

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CEO Matt Goldberg affirmed that Hotel Meta remains a relevant product as long as it delivers high-quality leads, but it is not the company's future growth driver. The focus is on stabilizing this revenue while accelerating growth in experiences and engagement-led initiatives. Regarding Viator's B2B business, he confirmed it is a key advantage growing at twice the segment rate and that they are actively pursuing new partner categories, leveraging their unique supply advantage to reach incremental customers.

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CEO Matt Goldberg described the macro travel environment as stable and healthy, with flat booking windows and no clear signs of consumer trade-downs, though he noted a possible bifurcation in intent between income levels. Regarding the strategic shift, Goldberg explained that the company is in the midst of a multiyear journey to drive direct engagement, highlighting progress in growing monthly active users and members, which is expected to translate to financial impact at scale over time.

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CEO Brian Chesky identified past challenges with Experiences, including poor product integration, uncompelling merchandising, and a lack of marketing, all of which the relaunch will address. Regarding adjacencies, he confirmed the company is exploring numerous services for both travel and long-term stays, starting with those closest to the core travel journey before expanding further.

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CEO Brian Chesky detailed several initiatives. On affordability, he cited the success of total price display, which led 300,000 hosts to lower or remove cleaning fees. On reliability, he highlighted Guest Favorites, which now account for 200 million nights booked, and the removal of 300,000 low-quality listings. For customer service, he outlined a three-phase AI strategy to handle chat inquiries, moving from answering general questions to personalization and ultimately taking action on behalf of users.

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Dou Shen, EVP of Baidu AI Cloud Group, clarified that the slight moderation in total AI Cloud revenue was due to a temporary adjustment in the personal cloud business. He emphasized that the enterprise and public sector cloud segment continued to show strong momentum, outpacing the overall business. Shen highlighted that Gen AI-related revenue has grown to 11% of total AI cloud revenue, up from 5% in Q4 of the previous year, and that the segment's non-GAAP operating profit margin expanded year-over-year.

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Executive Yongming Wu explained that while initial AI cloud demand is for training, he expects inferencing to be the larger and faster-growing driver of demand over the long term. He sees a similar positive development trajectory for AI agents and workflow automation in China as in the U.S., noting the foundational trend is the shift from CPU to GPU-based architecture to support massive AI adoption across industries.

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CEO Eddie Wu explained that Alibaba's open-source LLM strategy is designed to empower developers, who are then more likely to deploy their scaled applications on Alibaba Cloud. He views 'agents' as a natural evolution for handling complex inference tasks by leveraging multiple models, and expects the development of such agents to become increasingly automated.

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Founder and CEO Bom Kim clarified that the significant loss improvement in Developing Offerings was driven by Farfetch, not Eats. For Eats, he noted a strong customer response to its value proposition but emphasized it is still in its early stages. Regarding Taiwan, he stated that leveraging technology from Korea is aiding scaling and efficiency, and the company remains disciplined with investments, promising future updates at appropriate times.

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CEO Tony Xu stated that DashMarts have successfully proven their operational model over the past 3.5 years, excelling at inventory management, pricing, and reliable, fast delivery. He highlighted that beyond its standalone success, DashMart is evolving into an infrastructure service for retailers to forward-deploy inventory, with partnerships already active in Canada and beginning in the U.S. and other countries.

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