North America Internet: 3Q26 Ads, Marketplaces, and OTA Previews: The Focus is on AI Agents & The Evolution of Discovery and Intent

In this note, and our accompanying presentation, we preview 3Q26 earnings for SNAP, DASH, CART, and the OTAs (ABNB, BKNG, & EXPE). With the launch of Muse and Personal Agents, we are most focused on how Marketplaces, OTAs, Online Advertising and eCommerce providers view Agents in terms of discovery & intent and the progress each company has made towards incorporating AI native experiences — we note progress at both ABNB and DASH. Our checks suggest relatively healthy online advertising, marketplace, and travel trends, particularly in the U.S. though we're watching the EU as its de-minimis changes became effective July 1 and continued M.E. conflict headwinds. We also refresh our Online Advertising and eCommerce projections in the presentation. On OTAs, our focus is on the strategy around AI and demand visibility.