Here's what the market is missing: Chesky just proved that AI adoption doesn't require a capex arms race. Airbnb layered AI onto *existing* search, matching, and pricing infrastructure—no massive new data centers, no retraining the entire backend—and growth came back. Compare that to the semiconductor and cloud majors pouring billions into memory and compute capacity betting on future demand that may never materialize at current pricing. One company is generating margin expansion *today*.

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