The fact that Airbnb has gained almost 20-percentage point share in core accommodation business despite Booking growing its own alternative accommodation business to 36% of its room nights is worth highlighting. I would also note that looking at both Airbnb and Booking’s numbers make me think supply has been a key bottleneck for alternative accommodation in general. Notice how Booking’s alternative accommodation mix has slowed in momentum in 2025 and the fact that Airbnb has become much more interested in adding hotels to its platform also is likely a further evidence to that.