TIP825: Meta, Adobe, Booking Holdings w/ Stig Brodersen, Tobias Carlisle & Hari Ramachandra

Value investors analyze the resilience of Meta, Booking Holdings, and Adobe amid widespread market anxiety regarding AI-driven disruption. Meta leverages its massive data distribution and ad-targeting capabilities to offset concerns over heavy capital expenditures in infrastructure. Booking Holdings faces potential disintermediation by LLMs, yet maintains a durable moat through specialized travel ecosystem relationships and high switching costs. Adobe remains a standard for creative professionals, with its subscription-based model and deep integration into enterprise workflows providing a buffer against technological shifts, despite risks to its top-of-funnel growth. These discussions highlight the tension between historical competitive advantages and an evolving landscape where AI threatens to commoditize traditional business models, forcing investors to weigh long-term structural moats against the rapid pace of technological change.