J P M O R G A N North America Equity Research 06 August 2026 (1-212) 622-6571 douglas.anmuth@jpmorgan.com Dae K Lee, CFA (1-415) 315-8500 dae.k.lee@jpmorgan.com J.P. Morgan Securities LLC Airbnb AI-Driven Outperformance ABNB posted 2Q upside & raised its 2026 outlook largely due to AI-driven product improvements. N&S booked & GBV growth accelerated in 2Q w/N&S +10% Y/Y to 148M vs our 145M, & GBV +15% FXN to $27.2B (+16% reported). Revenue also came in ahead of the guide & expectations at $3.6B, +13% FXN & + ...