Goldman Sachs reveals online travel's second quarter rebound exceeded expectations, but US market shows stark divergence. Booking benefits from non-US exposure with "Neutral" rating, price target raised to $5,270. Expedia gets "Buy" rating at $195 despite US headwinds. Key metrics: Alternative accommodations +12%, US inbound travel -30%, foreign exchange turns tailwind. Investors must watch forward investment curves impacting margins and artificial intelligence competition threats.