The buzzy release of Meta's artificial intelligence personal assistant Muse earlier this month has been good for Meta stock, which has surged more than 20% since its announcement. But other stocks are feeling the pain, namely travel companies whose bread and butter is booking flights and places to stay on vacation-something Muse can now do too.

Shares of Expedia, Booking Holdings, TripAdvisor and AirBnb were all falling Tuesday, with Expedia seeing the biggest drop of 5.5% to $265.60 by midday.

A new report from Bloomberg Intelligence lays out the problem for travel companies. Analysts Mandeep Singh and William Tong argue that if agents such as Muse siphon off just 5% to 10% of their business, along with that of ride-sharing and delivery firms, their combined revenue loss could exceed $5 billion. "Marketplaces could face lower direct traffic, new distribution costs and weaker customer ownership, while agent providers and mobile operating system owners gain leverage over discovery and transactions," the analysts added.

Muse isn't the only AI personal agent that could eat into travel sites lunch either. Instinct, a text-based rival from privately-held Spear Street, launched this summer. Paypal and Stripe are also developing agentic payment systems, while Mastercard and Visa have partnered with Alchemy to do so much the same.