1. Airbnb's shares surged 14% after earnings, reflecting a fair valuation at 20x forward free cash flow with 12% y/y growth expected in 2025. 2. Heavy investments and over 500 new features aim to enhance the platform, setting Airbnb up for long-term growth beyond 2025. 3. Despite low double-digit revenue growth, Airbnb's strong free cash flow generation and nearly 9% net cash position provide a margin of safety.