Booking Holdings said travelers using its AI assistants at Priceline and Agoda converted at about twice the rate of non-users, CFO and executive vice president Ewout Steenbergen said during the company's third quarter earnings call, adding that Agoda assistant users had average booking values about 20% higher. CEO Glenn Fogel said the experiences show the difference between recommending a trip and enabling someone to book it seamlessly. Despite positive results from its own AI tools, Booking Holdings continues to see limited traffic from external AI platforms; referrals from large language models have accelerated in recent weeks but still account for significantly less than 1% of Booking.com's room nights, Steenbergen said, noting organic referrals increased following the release of the latest ChatGPT models and paid referrals are growing through its OpenAI partnership. Steenbergen also reported early engagement with Vayo, a recently launched AI travel assistant, with users connecting email accounts and showing strong conversational engagement. Booking Holdings launched Vayo and Lola, a membership-based AI assistant, as standalone startups. Fogel raised questions about how regulation could affect adoption of personal AI agents, particularly in Europe. Booking Holdings reported a 1% decline in Q3 revenue to $8.9 billion, reflecting a $900 million revenue reduction related to a Federal Trade Commission investigation involving Priceline and a B2B affiliate partner; the company recorded a $100 million accrued loss related to the matter and said no settlement has been reached. Excluding the FTC-related adjustment, revenue