Lone Pine’s Non-AI Strategy Falters: 5 Non-AI Stocks Weighing Down Stephen Mandel’s 2026 Returns

In this article, we will list the 5 non-AI stocks weighing down Stephen Mandel’s 2026 returns. Please visit Lone Pine’s Non-AI Strategy Falters: 10 Non-AI Stocks Weighing Down Stephen Mandel’s 2026 Returns if you would like to see the extended list and the methodology behind it.

Stephen Mandel of Lone Pine Capital

5. Booking Holdings Inc. (NASDAQ:BKNG)

Lone Pine Capital’s Stake: $25 Million

YTD Decline in Share Price: 17%

Booking Holdings Inc. (NASDAQ:BKNG) has been a long-term holding of Lone Pine Capital. The fund first disclosed a stake in the company back in the first quarter of 2018. This position comprised 12.7 million shares. The fund sold off this holding before the end of that year. A new position was then opened in late 2018 and was sold off by late 2019. The latest stake was bought in the second quarter of 2025. It comprised 1.5 million shares. In the next quarter, the fund trimmed this holding by 48%, reducing ownership to around 770,000 shares. Filings for the fourth quarter of 2025 show that the fund owned over 115,000 shares in the company, down 85% compared to filings for the previous quarter.

The biggest weight on Booking Holdings Inc. (NASDAQ:BKNG) this year has been investor anxiety over how generative AI will reshape travel discovery. In March, Bernstein highlighted that a core concern was that advanced AI agents could bypass traditional online travel agencies by allowing users to book directly through platforms like OpenAI or Google, reducing the role of a middleman. After the record-breaking surges of 2024 and 2025, the global travel industry is entering a period of measured normalization. While international travel remains a growth engine, the US market has shown signs of stagnation.