Bytes: GOOGL I/O; SPOT Investor Day; ABNB Summer Release; EXPE Explore; MRT 1Q26 Earnings

Research evidence excerpt

Bytes: GOOGL I/O; SPOT Investor Day; ABNB Summer Release; EXPE Explore; MRT 1Q26 Earnings

May 23, 2026

by 2030 – all above or near prior street estimates. Big picture, SPOT is

uniquely positioned to build and scale new AI experiences to users rapidly

in collaboration with the music industry, and the Investor Day made it

increasingly clear that the company’s product pipeline for AI experiences

is strong.

Shares of SPOT traded up 13% on Thursday after the event (vs Nasdaq ~flat).

We reiterate our Neutral rating but have raised our PT to $520 based on

25x FY26E/FY27E EBIT (vs $430 and 20x previously).

ABNB Summer Release – Building On Experiences, Services, and Hotels

At ABNB's 2026 Summer Release on Wednesday, the company unveiled

several new product enhancements across Services, Experiences, Homes,

and Hotels. Within Services, ABNB is launching four new categories (adding

to the 10 announced last year), including groceries, airport rides, luggage

storage, and car rentals. The company is partnering with CART for grocery

deliveries and Welcome Pickups for airport rides. Enhancements to the

Experiences business were more marginal this year, with ABNB continuing

to focus on expanding unique inventory across verticals. On core Homes,

product announcements focused on AI-powered enhancements to the

discovery process for guests and the listing process for hosts. More

importantly, ABNB announced that Hotels will soon be coming to 20

markets globally, and the company is offering price match guarantees /

competitive discounts on select hotels to drive adoption. Overall, the

Summer Release shows ABNB’s clear focus on expanding consumer

adoption for a wide range of products beyond Homes.

In terms of the stock, ABNB’s fundamental story for 2026 is solid, with