Alphabet feels it first to me.
Expedia may actually benefit if Muse becomes another distribution channel bringing it bookings. Amazon has more protection because it owns the marketplace, checkout relationship and customer data, and it has already shown that it is willing to block Muse from shopping on its platform.
Alphabet is more exposed at the starting point of the journey. If users increasingly tell Muse “find me a hotel and book it” or “find this product and buy it”, fewer commercial journeys may begin with a Google search, followed by sponsored links and comparison shopping.
That does not mean Google's business is immediately threatened. Muse still needs partners, merchants and payment infrastructure to complete transactions. But the bigger question is whether the AI agent becomes the new front door to the internet.
For me: Expedia gains a channel, Amazon defends its gate, Alphabet has the most important behaviour shift to watch.
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