A potential acquisition of Expedia by Uber would be a poor capital allocation decision because the business model of travel booking sites is fragile in the age of AI.

“I cannot think of a more fragile business model than the UI layer on top of widely available data. So, the problem that Expedia has is the same that Booking and a bunch of these other folks have, which is that the principal heartbeat of the company, flight information and other things, are licensed ”