Booking Holdings CFO Ewout Steenbergen stated at Fortune’s AIQ Summit in New York that hyperscalers investing hundreds of billions in artificial intelligence lack clear visibility on their return on investment. JPMorgan estimates AI capex will reach $800 billion in 2026 and $1.1 trillion in 2027, consuming 93% of hyperscalers’ operating cash flow compared to 33% in 2023. Morningstar forecasts a payback period of three to five years for AI infrastructure. Booking Holdings takes a differentiated approach, focusing on targeted applications for travel discovery and customer support rather than model building, allowing the company to tie spending to concrete business results.
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