Booking Holdings Inc. (NASDAQ:BKNG) is down 18.6% in September, on pace to log its worst month since June 2022.

Three things broke at once:

• On Sept. 9 the EU General Court upheld Brussels’ block of the $1.63 billion eTraveli deal, closing Booking’s route into flight booking.
• Brent then pushed above $100 on the Iran conflict, reviving fears that costlier airfares crimp discretionary travel. 
• And the Fed’s first rate hike in three years compressed consumer multiples.

Bernstein argues AI agents threaten online travel take rates and marketing efficiency. Expedia Group Inc. (NASDAQ:EXPE), down 5.4% Tuesday, removed eight senior executives in August as part of an AI reorganization.

Booking already cut FY26 revenue growth guidance to high single digits in April, citing the Middle East.

Image: Envato Elements

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