Partnership Overview - American Express is partnering with restaurant management software company Toast to enhance personalized dining experiences using Toast's technology along with the guestbook capabilities of Resy and Tock, both owned by American Express [2][3] - The collaboration aims to provide restaurants, wineries, cafes, and bars with greater visibility by integrating their listings from Resy and Tock into the Local by Toast app and those using Toast Tables [3] Strategic Goals - The partnership is designed to help restaurants deliver smarter service and foster meaningful connections with guests, ultimately driving loyalty and growth [3] - American Express's acquisition of Tock and Roaam, which provide reservation and mobile payment technologies, supports this initiative by enhancing the technological capabilities available to restaurant partners [4] Market Insights - Research indicates that while 83% of consumers are open to personalized offers, only 44% find them very relevant, highlighting a gap in the effectiveness of personalization strategies [5] - The evolution of AI systems is expected to improve personalization efforts by moving beyond basic segmentation to real-time learning and contextual awareness, addressing previous shortcomings in delivering tailored experiences [6][7]

Group 1: Carnival - Carnival's shares have surged 18% year to date, outperforming the S&P 500's 8% return, indicating strong demand for travel [3][4] - The company has achieved eight consecutive quarters of record revenue, with a projected revenue of $25 billion for 2025 and adjusted earnings per share of $2.00 [4][6] - The cruise industry has shown resilience post-pandemic, with 82% of previous cruisers planning to cruise again, supporting Carnival's growth [5] - Management has noted strong demand for bookings extending into 2026, which is driving higher ticket prices and boosting margins [6][7] - Analysts forecast Carnival's earnings to grow at an annualized rate of 21%, supported by a conservative forward price-to-earnings multiple of 15 [7] Group 2: Toast - Toast has seen a 33% increase in stock price year to date, capitalizing on the digital transformation in the restaurant industry [8] - The company added over 6,000 net locations in Q1, resulting in a 25% year-over-year increase and a 31% rise in annualized recurring revenue [10] - Strong revenue growth is improving margins, particularly in high-margin areas like subscriptions and payment solutions, with recurring gross profit growing 37% year over year in Q1 [10] - ToastIQ, an AI feature, is enhancing the platform's capabilities by pulling insights from millions of transactions, creating a competitive advantage through network effects [11] - The stock is being recognized as a sustainable, high-growth software company, targeting a large addressable market of approximately 875,000 restaurants in the U.S. [12]