GOOD DAY, READERS.
JPMorgan's Jamie Dimon had a blunt message for bankers: competitive moats are temporary, and if you're not building the next big thing, whatever edge you have is already eroding.
Skift's Executive Editor Dennis Schaal turned that lens on travel — and the picture isn't flattering for OTAs. Booking Holdings is strongest but faces AI disruption it can't fully predict. Expedia's most durable edge is actually its B2B business, not its consumer brands. Airbnb is racing to build new moats before its existing ones disappear. And the banks? They're quietly becoming travel's most structurally protected players — with assets no OTA can replicate.
Skift Data + AI Summit is Wednesday
The Skift Data + AI Summit is happening this Wednesday in New York City, bringing together senior leaders from Expedia, Marriott, Hilton, Booking Holdings, Priceline, IHG, and more to discuss how AI is moving from experimentation to real business impact.
Just a few seats remain. Join Us.
DON’T MISS THESE STORIES
Jamie Dimon Says Moats in Banking Are Temporary. Sounds Like Travel.
by Dennis Schaal
In travel, as in banking, the moat you're defending today is probably shallower than you think. And it's likely someone is already digging around it.
How AI Became the Reason Not to Buy the World’s Largest Corporate Travel Company
by Rafat Ali
With most potential buyers citing AI disruption risk and walking away, Long Lake's $6.3 billion acquisition of AmexGBT is the most contrarian bet in travel right now.
Saudi Tourism Chief Hamidaddin to Leave Role as Kingdom Rewrites Its Tourism Ambitions
by Sarah Kopit
Saudi Arabia's tourism chief is out and the giga-projects are being scaled back. The Kingdom’s tourism mission may be "unchanged," but is being unmistakably revised.
MINOR HOTELS + SKIFT
Caribbean destinations are navigating an exciting yet uncertain future. Travel leaders need a framework to gain a competitive advantage in this dynamic and growing region. Look no further than this new report.
For $7 a week, Skift gives you something the industry is missing – the full picture. Subscribe today for 25% off.
MORNING HEADLINES
CHART OF THE DAY
Skift CEO Rafat Ali published a feature examining what Iceland and Puerto Rico reveal about a class divide in overtourism policy.
Both Iceland and Puerto Rico used tourism to dig out of financial ruin, but the two destinations are now dealing with record visitor numbers, displaced residents, and growing backlash. Iceland — with a GDP per capita of $86,000 — can afford to dial it back. Puerto Rico, where 40% of residents live in poverty and tourism supports over 100,000 jobs, cannot.
SKIFT TRAVEL 200
How are public travel companies performing around the world? The Skift Travel 200 pulls the data you need to understand global market movements. Paid subscribers get full access here.
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