Fogel explains how AI, like Priceline's agent Penny, transforms travel planning by handling complex itineraries and improving customer service, while cautioning that human support remains important for some users. He details Booking's $700 million investment in AI, which has reduced costs and boosted satisfaction, and its balanced capital allocation strategy of reinvestment, acquisitions, and share buybacks. Fogel argues that scale is a durable asset but not a permanent moat, requiring continuous innovation. He addresses AI's impact on jobs, noting the unprecedented speed of change and the need for upskilling, as government retraining programs have historically been ineffective. He warns against rejecting AI out of fear, especially as other regions embrace it, and highlights the paradox of consumers loving AI tools while fearing job loss. Fogel's personal measure of success is making travel easier to foster global understanding.