Airbnb, Inc. (ABNB)

Airbnb is the world’s largest online alternative accommodation travel agency; it also offers booking services for boutique hotels, experiences, and hotel-like services. Airbnb’s platform offers over 9 million active accommodation listings. Listings from the company’s 5 million-plus hosts are spread over almost every country in the world. In 2025, 42% of revenue was from North America, 39% from Europe, the Middle East, and Africa, 10% from Latin America, and 9% from Asia-Pacific. Transaction fees for online bookings account for all its revenue.

Treasury bond yields have backed up in the past three months on fears of oil-price-driven inflation in the months ahead as the war in Iran continues and the Federal Reserve starts a new upcycle for short-term interest rates. Corporate bond yields have risen as well -- and at a faster rate as bondholders are growing concerned about the risks of recession given the high-rate environment. Consequently, spreads between corporate and Treasury bond yields have widened over the past quarter, though they remain below historical averages. For example, the spread between AAA-rated corporate bonds and 10-year government bonds in early September was 111 basis points (bps), up from 105 bps in June but below the historical average of 122 bps. The gap between the government 10-year bond yield and a BAA-rated bond (still investment grade) in early September was 155 basis points, below the historical average spread of 227 bps but up 2 basis points versus a quarter ago. We watch these spreads closely for several reasons. For one, from an asset-allocation standpoint, wider corporate bond spreads signal that corporate bond valuations may be improving and the fixed-income securities could be suitable in our diversified asset-allocation models. Also, from an economic outlook standpoint, the changes in the spreads offer clues to the bond market's view of corporate financial strength and potential recession risk, which currently is still relatively low.

Airbnb is the world’s largest online alternative accommodation travel agency; it also offers booking services for boutique hotels, experiences, and hotel-like services. Airbnb’s platform offers over 9 million active accommodation listings. Listings from the company’s 5 million-plus hosts are spread over almost every country in the world. In 2025, 42% of revenue was from North America, 39% from Europe, the Middle East, and Africa, 10% from Latin America, and 9% from Asia-Pacific. Transaction fees for online bookings account for all its revenue.

Airbnb is the world’s largest online alternative accommodation travel agency; it also offers booking services for boutique hotels, experiences, and hotel-like services. Airbnb’s platform offers over 9 million active accommodation listings. Listings from the company’s 5 million-plus hosts are spread over almost every country in the world. In 2025, 42% of revenue was from North America, 39% from Europe, the Middle East, and Africa, 10% from Latin America, and 9% from Asia-Pacific. Transaction fees for online bookings account for all its revenue.