Meta Muse Winners and Losers; Google's Risk; Zeta Global and Adobe $ZETA $ADBE

Meta's Muse agent threatens Expedia/Booking's aggregator model and Google's search economics far more than Amazon's or Uber's core businesses.

• Zeta Global's edge: Aria (12% portfolio position) says Zeta wins vs. The Trade Desk because it proves return-on-ad-spend, while Trade Desk's brand-advertising model gets cut first in downturns; Zeta's 5-yr revenue growth is ~30%.
• Agentic commerce threatens aggregators: Meta's Muse agent (with PayPal/Shopify integrations, Apple Pay-like ~15bps take rate floated) most threatens Expedia and Booking.com, which lack unique inventory, while Airbnb (70% unique listings) and Amazon (blocks Muse entirely) are more insulated.

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