(https://www.marketwatch.com/story/airbnb-has-added-thousands-of-new-hotel-listings-will-that-ruin-its-charm-0af2d3b0?mod=mw_rss_topstories) and Wall Street's reading it as TAM expansion. Wrong. Mixing high-friction hotel procurement into a unit-economics engine that scales on variable-cost supply tells you margin compression is coming — the company's chasing volume, not pricing power.

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