Hari Ramachandra makes a bullish case for Meta, arguing its advertising dominance, network effects, and data advantages position it as a leading AI-powered platform, despite risks from massive AI infrastructure spending and uncertain returns. Tobias Carlisle pitches Booking Holdings, suggesting that AI fears have depressed its price, but its specialized travel ecosystem and capital-light model could actually benefit from AI integration, though the risk of disintermediation by AI assistants remains. Stig Brodersen analyzes Adobe, emphasizing its high switching costs and subscription revenue as durable moats against AI disruption from tools like Canva and LLMs, while acknowledging the risk that new users may bypass its ecosystem entirely. The conversation explores each company's competitive advantages, valuation, and the potential for AI to either strengthen or undermine their market positions.