March 5 - Shares of online travel agencies climbed sharply after reports that OpenAI is reducing ambitions to enable direct purchases inside its ChatGPT chatbot, a development investors interpreted as reducing the threat of AI-driven disintermediation.
Market moves were pronounced. Expedia's stock rose more than 12%, Booking Holdings advanced about 8% and Tripadvisor increased roughly 5% on the news, according to market data cited in reports.
Report details and company response
The report indicated OpenAI observed that while ChatGPT users were researching products within the chatbot, they were generally not completing purchases there. As a result, OpenAI plans to concentrate on supporting checkouts that occur inside specific third-party applications that plug into ChatGPT, rather than processing direct in-chat transactions. OpenAI did not respond to requests for comment.
Investor and analyst reaction
Investors and analysts had been increasingly concerned that generative AI platforms could become primary channels for travel planning and booking, potentially bypassing online travel agencies and other intermediaries. In an analyst note, Bernstein's Richard Clarke described the OpenAI development as incrementally positive for online travel agencies, saying it allows companies like Booking and Expedia to remain visible to consumers on AI platforms and reduces the near-term risk of disintermediation.
Existing integrations
Expedia and Booking Holdings were among the early companies to integrate with ChatGPT after OpenAI launched its plugins program in 2023, establishing a presence on the AI platform even as the company adjusts its checkout strategy.
AI-driven product evaluation tools
Separately, algorithmic stock-selection tools continue to evaluate travel names. One product, ProPicks AI, reviews EXPE alongside many other companies every month using more than 100 financial metrics. The tool uses AI to surface stock ideas based on fundamentals, momentum and valuation, and it has cited notable past winners such as Super Micro Computer (+185%) and AppLovin (+157%). The service invites investors to explore whether EXPE is included in its strategies or whether alternative opportunities exist in the sector.
Market participants will be watching whether the reported change in OpenAI's checkout approach alters competitive dynamics between AI platforms and traditional travel intermediaries over the medium term.