With more companies using artificial intelligence to enhance their travel websites, AI could become the industry norm.----- Transcript -----Ed Stanley: Welcome to Thoughts on the Market. I'm Ed Stanley, Head of Thematic Research in Europe. And along with my colleagues bringing you a variety of perspectives, today we'll be taking deep dive into the ways A.I can revolutionize the travel and booking experience. It's Friday, September the 15th at 3 p.m. in London. Ed Stanley: A.I and the company's most advantaged and likely disrupted have been the hot topic of 2023 for equity markets so far. However, the long term impacts and downstream winners and challenged companies remain fairly ambiguous for some sectors, and travel, hotels, OTAs certainly sit in that more hotly debated camp. We also have on the line our US gaming, lodging and leisure analyst Stephen Grambling with Brian Nowak, US head of Internet research. So Brian, if we could start with you to set the scene a little bit. Investors have been wondering about disrupting online travel for years. What does the hotel booking experience of the future look like, do you think? And what does that mean for travel agencies? And then, Stephen, if you want to follow up with your thoughts on the booking evolution and how that looks. So, Brian, first, please. Brian Nowak: Yeah, artificial intelligence, I think, is going to really change the overall online travel experience. I think it's going to become a lot more conversational, interactive, personalized and visual, and probably even video based in nature. You know, I think that right now you think about the travel research process where you might be looking for a hotel in Miami the week of the holidays in December that will sleep four people that has access to a beach and a golf course. That experience, the search for that right now is pretty low quality and requires a lot of multiple searches and tabs and apps, and it takes a while. You know, with the way in which these large language models and applications on top of these large language models can search through unstructured data, I think that these online travel agencies and other emerging A.I travel apps are going to really leverage these capabilities and actually just make the entire travel research process much faster, more interactive and more comprehensive. The other thing I would say on the interactive point is I think we are going to move toward having A.I powered online travel agents. Where if I am looking for that one example of a place to stay in Miami the week of the holidays today, but there are no hotels that fit my criteria, two weeks from now and inventory becomes available I may have an A.I travel agent say, Brian, are you still looking to travel in December? Look at the inventory that popped up. So I would just expect the overall travel research and booking process to become much more conversational, efficient and just high quality for all users, which should drive conversion higher and pull a larger share of wallets from offline to online. I don't know, Stephen, how do you think about the potential impacts on the brands from that? Stephen Grambling: I think to set the stage there, the most sizable place consumers start their booking process has been historically by researching hotels across price, amenities, location, etc. From the brand's perspective, the key was how do you get a consumer to book with you direct, even if the research was done via another channel? And that is what bore out the stop clicking around campaigns that started in 2016. The brands all launched marketing to tell consumers to stop price comparison all over and leverage loyalty to get the cheapest rate plus certain benefits that they could only get if they booked direct. So what happened? In some ways, the jury is still out due to the pandemic. Where do we go from here? I think, as you described, A.I has the ability to perhaps magnify some of the unique aspects of these brand loyalty programs