Downloaded by Neil.Wang@troweprice.com Not for redistribution without written consent of Morgan Stanley October 15, 2025 04:00 AM GMT Internet | Europe ChatGPT: the New Middleman in Classifieds? The launch of ChatGPT Apps builds on themes from our prior note, showing AI's role as an enabler rather than a disruptor for Classifieds. For now, it changes how users start searches, not where they end them, but longer term it raises new questions on traffic, data, and brand visibility. In our note last week, "Clas ...