Airbnb (NASDAQ: ABNB) has come a long way since its early days as a scrappy start-up renting air mattresses on the floor. Today, it’s a global lodging giant with millions of hosts and travelers, a brand that’s practically synonymous with short-term rentals, and billions in annual free cash flow.
But even as the company has matured, its growth story faces pressure. Regulators in significant cities are tightening restrictions on rentals. Competitors like Booking Holdings and Expedia are expanding aggressively.
Against that backdrop, CEO Brian Chesky is betting on a bold new chapter: Transforming Airbnb into an “everything app” for travel and lifestyle, powered by artificial intelligence. The idea is ambitious. Whether it makes sense for investors depends on both the size of the opportunity and the risks of execution.