The last time Booking Holdings Inc. (NASDAQ:BKNG) saw this kind of pressure, the world was shutting down.

This time, planes are full. Hotels are busy. Earnings are beating. Yet the stock is on track to log its worst month in 16 years.

Shares of Booking Holdings have tumbled sharply, dragging peers Expedia Group (NASDAQ:EXPE) and Tripadvisor Inc. (NASDAQ:TRIP) lower as well.

The trigger this time isn't a pandemic or an energy shock, it's artificial intelligence.

A Brutal Month For Online Travel Stocks

Booking Holdings has plunged 24% month-to-date, eyeing its worst monthly performance since May 2010.

Expedia has dropped roughly 27%, while Tripadvisor is down about 22% over the same period.

Notably, the selloff comes despite fundamentally strong earnings prints from the major players, suggesting the pressure is being driven by forward-looking concerns rather than deteriorating current demand.

Investors have been repricing the online travel space on fears that generative AI platforms, from chat-based assistants to emerging "agentic" booking tools, could disintermediate traditional online travel agencies (OTAs).