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TIP825: Meta, Adobe, Booking Holdings w/ Stig Brodersen, Tobias Carlisle & Hari Ramachandra, Sonic AI
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TIP825: Meta, Adobe, Booking Holdings w/ Stig Brodersen, Tobias Carlisle & Hari Ramachandra
We Study Billionaires
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Jun 21, 2026
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1:05:18
Interview
TIP825: Meta, Adobe, Booking Holdings w/ Stig Brodersen, Tobias Carlisle & Hari Ramachandra
From
The Investor's Podcast
Stig Brodersen
(Host, The Investor's Podcast)
•
The Investor's Podcast
(unknown)
•
Tobias Carlisle
(Guest)
•
Hari Ramachandra
(Guest)
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Executive Summary
The discussion analyzes three "unloved" tech stocks—Meta, Booking Holdings, and Adobe—whose valuations are being pressured by market uncertainty surrounding Artificial Intelligence.
For Meta, the core debate is whether its massive $135 billion AI capital expenditure will generate sufficient returns or lead to a multi-year period of under-earning, despite its strong current fundamentals and data moat.
Booking Holdings and Adobe face significant AI-driven disruption risks.
Booking could be disintermediated by AI travel agents, while Adobe's creative software dominance is challenged by new AI-native tools eroding its user acquisition funnel.
A key thesis is that the market may be over-discounting the durability of existing moats, such as Adobe's high switching costs and Meta's unparalleled distribution, creating potential value opportunities for investors.
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