After Meta’s AI agent Muse launched on September 8, Expedia, Booking, and Airbnb—three travel stocks—fell one after another. From September 4 to 23, they dropped by 13.1%, 19.1%, and 17.8%, respectively, while Meta rose 20.6% over the same period. The market worries that price comparisons and placing orders will shift to be handled within Muse. Based on how flights and hotels are connected, these three companies won’t be replaced in the short term, but commission cuts and traffic flows have started to be repriced by consumers. (Background: Meta Connect 2026 highlights summary—four hardware devices, including no-camera smart glasses and VR headsets, lay the groundwork for Muse AI) (Additional context: not only ride-hailing) Uber partners with Expedia to add hotel bookings, moving toward a one-stop travel super app. Key summary: From Muse’s launch to 9/23, Booking, Airbnb, and Expedia fell 13% to 19%. For flights, direct connections via Duffel cover real-time inventory from more than 500 airlines; hotels still rely on users browsing platforms through Expedia. On 9/22, Expedia announced it would join Muse; the next day, its stock price fell 7.72%. The three major U.S. online travel platforms declined in September one after another due to the same product. On September 8, Meta introduced its personal AI agent Muse. That day, Expedia closed down 7.88%, Booking Holdings fell 6.72%, and Airbnb dropped 4.07%. On September 23, they fell again: Expedia down 7.72%, Airbnb down 7.56%, and Booking down 5.07%. From the last trading day before Muse launched, September 4, through September 23, Booking fell 19.1%, Airbnb fell 17.8%, and Expedia fell 13.1%, while Meta’s share price rose 20.6%. On the 25th, the three stocks rebounded slightly, but their closing prices were still 15% lower than on September 4. Muse is an AI agent that does things for users. If a user says, “Book me flights and a hotel for next month to Tokyo,” it can search the web on its own, compare prices, fill in forms, and make payments. The revenue of these three companies comes from the same process: users open the app or website to search, compare, and complete bookings, and the platform takes a commission. What the market fears is that this workflow moves into Muse—if users no longer open travel platforms, platforms lose the prime position that determines which options users see, and commissions would likely shrink as well. Citing analysts Mandeep Singh and William Tong from Bloomberg Intelligence, Barron’s estimates that if AI agents take 5% to 10% of business related to travel, ride-hailing, and delivery, the combined revenue losses for the relevant companies could exceed $5 billion. This is a scenario-based estimate, not yet reflected in any company’s financial statements, but the stock price has already responded in advance. Flights have already gone around the platforms, while hotel bookings have not yet been shifted through Muse. The path for booking flights versus booking hotels is two different routes. Travel media Skift tested on September 9 and found that flights are connected directly through the travel technology company Duffel. Starting the same day, Duffel opened for U.S. users the ability to search, book, and manage flights in Muse, covering real-time inventory from more than 500 airlines. Payments are completed via Stripe’s virtual cards, and the entire process does not go through Expedia or Booking. Flight commissions are already thin; these three companies’ main revenue comes from accommodations, and hotels have not yet been “bypassed.” Skift found that when Muse books hotels, it opens a browser and browses consumer sites like Expedia and Hotels.com just like a human would. Hotels.com is also a brand under the Expedia Group. Most transactions still end up on the platform, but which site users compare on and which site they ultimately choose is now decided by Muse. Skift also points out another cost issue: when an agent browses platform websites at scale, it can raise operators’ running costs, yet it doesn’t necessarily generate a corresponding number of bookings. The platforms must absorb this traffic; Muse can decide where to place orders. Expedia’s choice to join Muse: its situation and reaction are the most contradictory. Expedia announced on September 22 that it would join Muse. After users tell Muse their destination, dates, and preferences, they can select the hotels offered by Expedia and pay directly within Muse. Expedia remains the payment collector (merchant of record). This feature has not yet announced a launch date. On the day the news was released, Expedia’s stock only fell 0.11% at close; on the same day, Booking fell 2.55% and Airbnb fell 3.01%. The next day, Expedia fell 7.72%, the largest drop among the three. Based on the price action, the market seems willing to accept that Expedia can continue to act as a supplier for Muse in the short term and keep collecting money; what it cares more about is the change in long-term role—from “users open Expedia” to “Muse decides whether to use Expedia.” Competitive advantage and stock drops don’t line up: based on business structure, Expedia is closest to a pure price comparison platform. Since chain hotels and flights are easier to substitute, it’s the most likely to be outmatched by AI agents. Booking is the largest in scale and has the strongest bargaining power with hotels, so it has more potential to turn Muse into another sales channel. Airbnb’s listings mostly come from individual hosts and it doesn’t have its own booking website, making it difficult for an agent to replace it simply by opening a browser for price comparison. But the stock-price moves didn’t follow this order. Expedia dropped the most only on two trading days—September 8 and September 23. From September 4 to September 23, the biggest declines belonged to Booking and Airbnb. Capital is currently pricing the big-picture question of “where users start booking,” and it hasn’t begun to differentiate which company is holding up better. These three won’t disappear just because of Muse, but commission rates, traffic sources, and customer-acquisition costs may all be renegotiated next. The interface that determines where users compare prices and where they place orders will determine where the commission stream flows. Steve Domin, CEO of Duffel, told PhocusWire that after accommodations, they will also connect onward, and Expedia’s Muse hotel bookings have not launched yet. Whether the hotel route ultimately goes with direct connection and Expedia, or continues with Muse opening a browser to browse, will determine how much commission is split among these three. Common questions Why did Meta Muse cause travel stocks to fall? Muse can search, compare prices, and complete bookings for users, but the market fears that price comparison and ordering will happen within Muse, reducing platform commissions. From September 4 to 23, Booking fell 19.1%, Airbnb fell 17.8%, and Expedia fell 13.1%. Will Muse hotel bookings bypass Expedia? Not currently. Skift’s test found that Muse hotel bookings still open a browser to browse Expedia, Ho...