AI vs. OTAs, Delta’s Loyalty Windfall and Navan’s IPO Play
Description
An analyst argues Booking.com and other OTAs are well-equipped to withstand AI challengers like ChatGPT and Gemini thanks to deep behavioral data and robust payments networks, even as Booking acknowledges real disruption risks. Delta posted record Q3 revenue powered by its loyalty engine and a 12% YoY jump in American Express proceeds—$2B in the quarter and $7.4B year-to-date—with leadership leaning into high-income travelers who drive ~95% of revenue. Corporate travel platform Navan filed to IPO at up to a $6.45B valuation—about 30% below its 2022 private mark—seeking up to $960M as filings show improving margins and 34% growth in first-half 2025 gross bookings to $4.1B.
- Will AI Disrupt Booking and Other OTAs? One Analyst Says They’re ‘Well-Positioned’
- Navan Seeks $6.45 Billion IPO Valuation — a 30% Haircut From 2022
Delta’s Amex Numbers Show Its Growing Bet on Wealthy Travelers
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