Ken Gawrelski

Li answered both halves: demand constrained today including the core business, with 2028 planning deliberately kept to land and power.

Zuckerberg answered no unambiguously, then argued full-stack model ownership is a durable advantage Meta will not outsource.

Zuckerberg framed shopping as one element of personal super intelligence, empowering individual goals, and noted no other labs focus on AI for shopping, positioning Meta's consumer approach as differentiated.

Li highlighted the ROI-based budgeting process for ads initiatives as providing good visibility into the investment opportunities ahead, with continued confidence in the growth road map.

Zuckerberg framed frontier-model capability as strategically critical, citing likely API gating by competitors for both competitive and safety reasons.

Susan Li did not address diminishing returns directly and redirected to the 2026 budget process, noting Q1 benefits will moderate later in the year as currency tailwinds fade and EU LPA rollout headwinds begin.

Zuckerberg framed Meta's distribution advantage as a key value-capture moat, expecting multiple winners across hardware, cloud and apps.

Susan Li detailed the business AI pilot scope and customer-funnel tools in development.

Susan Li explicitly deflected on 2026 CapEx, saying it is too early, a conspicuous non-answer given the $7B mid-point raise.

Susan Li flagged GPU supply as a factor but declined to provide specifics, and reiterated it is too early to call long-run capital intensity.

Susan Li confirmed priority-area technical hiring remains the focus but did not quantify 2026-27 headcount envelope.

Chesky likened hotels to Amazon adding categories that lift the whole marketplace and said trip planning will roll out and be tested globally.

Brian outlined four problems with chatbots for travel: too much text, no direct manipulation, poor comparison, and single-player design.

Brian said inventory is currently co-mingled but they are testing carousels and may add more tabs. The ultimate paradigm is deep personalization.

Brian said loyalty testing different benefit tracks before packaging program. Won't do traditional points program, wants something unique. Product releases shifting to continuous shipping instead of holding for biannual releases; May events become marketing showcases. In age of AI, giant launches replaced by consistent iteration.

Brian outlined reacceleration thesis: more supply in top 300 markets drives lower prices which drives more bookings. TAM far larger than current penetration. Open to third-party app integrations case by case but 90% of traffic remains direct/unpaid. Specialization will win in travel.

Brian said AI agents could be interesting for lead generation but Airbnb is not a commodity booking. On hotels: going significantly more aggressively, especially independent/boutiques in Europe.

Brian explained host pricing flexibility vs hotels: supplemental income model means any price is upside. 4 of 5 hosts use pricing tools. Ellie added price elasticity testing shows lower prices more than offset by volume.

Ellie confirmed most tech stack investment is behind them, freeing resources for consumer-facing features. Brian outlined four-pillar urban strategy: usability, reliability, services, affordability.

Sundar: disciplined ROIC framework with strong demand and renewals; dynamics look healthier than a year ago. On Waymo, focused on scaling within Alphabet's bet structure.

Pichai said scale and vertical integration help deepen supply chain partnerships, and that supply chain complexity is factored into all CapEx commentary.

Pichai confirmed that premium AI model access via subscription tiers is already gaining traction, pointing to a robust quarter for AI subscription growth.

Schindler said acceleration from many parts working together. Vertical perspective showed retail finance health driving greatest contribution with nearly every vertical accelerating. AI Overviews and AI Mode driving query growth including commercial queries. Gemini understanding of intent expanded ability to deliver ads on longer complex searches previously difficult to monetize. AI Max unlocking billions of net new queries. Strength with SMB advertisers adopting automation tools. Gemini generating millions of creative assets in Q4.

Pichai said dynamic moment meeting people where they are with AI Overviews and AI Mode providing range of experience. Over time will make experiences simpler like universal search evolution bringing text image and video together. Gemini allows more personal proactive powerful AI assistant. Having two surfaces serves users across breadth of needs. Consistently saying this is expansionary moment with people engaging more and commercial journeys naturally following.

Ashkenazi said working hard to bring more capacity online with more increase towards back end of year. Increasing capacity every quarter as growth rates show. Investment made previously now translating to capacity but not linear quarter to quarter depending on timing of capacity delivery. Pichai on agentic experiences said not just technology play but must solve business models for varying players involved. Savvier players will lean into experiences to grow. Elements of expanding access similar to early web days.

Pichai said Search and Gemini expose very different use cases and will remain distinct. Within Search AI Overviews scales to full user base while AI Mode pushes advanced AI forward. Innovations from AI Mode will flow to AI Overviews over time. User experience is true north. Ashkenazi said gross margin benefiting from TAC mix shift as Search grows and high-TAC network revenue declines. Some headcount efficiency but depreciation headwind increasing.

Pichai said strong Gemini momentum in H2 2024 driven by iOS app launch improved accessibility and 2.0 series models. Gemini Live and Deep Research driving usage. Samsung partnership contributing. Currently focused on free tier and subscriptions for 2025. Have good ideas for native ad concepts but leading with user experience. Will give options over time similar to YouTube model.

Baszucki said discovery now directly measures long-term retention; Chopra said long-term margin potential is intact but AI/training infra costs pressure the near term.

Chopra said engagement/monetization/retention held; the shortfall is top-of-funnel sign-ups from comms friction, with sequential DAU growth expected to return in Q3.

Chopra cited increasing content diversity and freshness outside the top 10 and that Q3/Q4 new users behave like core users as the basis for 2026 conviction.

Baszucki said Discovery optimizes long-term ecosystem health and surfaces new genres/creators via recommendation, sponsored tiles and curated sort.

Baszucki said Rewarded Video is now live with strong pickup but not being sized; Chopra added almost 100 publishers onboarded with more third-party demand to come.

Baszucki called the Shopify/e-commerce integration early but strategically important on the path to 1 billion DAUs and full ad attribution.

Baszucki said AI tools like Assistant are being increasingly adopted and expects creation jobs to grow, not shrink, with AI.

Ravi said redundant tech stack costs mostly 2026, smaller in 2027. Biggest value driver will be feature development velocity. Focus on overall profit dollar production, not incremental margin percentages.

Ravi cited all-time high MAUs, strong order frequency, record subscribers. Both mature and newer cohorts engaging strongly. 2025 grew faster than 2024 at larger scale.

Tony argued scale matters more than relative positioning. Deliveroo has strong leading positions in profitable Western European markets. Proof point from Wolt integration success.

Tony confirmed healthy supply. Different Dashers self-select different delivery types. Maximum flexibility maintained with 90% driving fewer than 10 hours per week.

Tony emphasized balancing advertiser ROI with consumer experience. Challenged assumption about aggressively scaling ads, prioritizing marketplace health.

Ariane Gorin said organic search is stable to slightly up, with AEO among the fastest-growing channels and SEO soft but stabilized after a dedicated team increased testing velocity. Derek Andersen said H2 assumes healthy demand led by the U.S. but tougher comps that decelerate growth, more on bookings than room nights.

Ariane noted B2B was more impacted than consumer due to 2/3 international exposure. Elevated promotional activity from Q4 partners moderated. API remained largest growth contributor with template and TAAP each at mid-teens.

Scott noted B2B investments will weigh on near-term margins but are factored into 2026 guide. Ariane detailed wallet share gains, supply improvements flowing through to B2B, TAP growth, expanded loyalty program, and new assurance product.

Ariane described three-pronged VR strategy: Vrbo as pure play, Brand Expedia integrating VR into lodging flow with measured rollout, and distributing VR through B2B partners. VR owners excited about multi-channel demand.