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Data: Edison Trends; Note: Indexed to 100 = highest weekly spend at Marriott; Chart: Axios Visuals

While Airbnb is surging on the stock market, its fundamental business might not be quite as healthy as I thought back in September, when an Edison Trends report showed consumers spending 86% more money with the company than they did during the same week of 2019.

Why it matters: Edison Trends strips out any transactions over a certain amount — in this case, $30,000. There are still outliers near that amount, however, — very expensive rentals for multiple months, perhaps — that can skew the aggregates. When the company went back to re-run its data with a different cohort of users, the difference between 2019 and 2020 largely disappeared.

By the numbers: Airbnb is still at or above its 2019 sales, per Edison Trends, and is roughly even with Marriott. But Marriott has a lot of upside since it's still 45% below its 2019 levels.

The bottom line: Airbnb has executed an astonishing bounce back from existential crisis to a $106 billion valuation. But a backlash might be brewing.

Subscribe here to my weekly finance newsletter, Axios Capital.

Go deeper

Airbnb blocks D.C. reservations around inauguration

Airbnb said Wednesday it is canceling existing reservations and blocking new ones in the Washington, D.C., area during inauguration week as federal officials remain on alert for potential violence.

The big picture: The home-sharing company joins several tech companies taking action in response to the attack on the Capitol last week.

Updated 56 mins ago - Sports

Olympics dashboard

🚨: China wins 1st gold of Tokyo Olympics

📺: The Olympic events to watch today

🎾: Athlete spotlight - Naomi Osaka looks to snag gold on home soil

👻: How the no-spectator Olympics could affect the athletes

🇺🇸: "What an honor it is to watch you soar," first lady tells U.S. Olympians

🥇: The six new sports at Tokyo 2020

💉 About 100 U.S. Olympic athletes are unvaccinated

Go deeper: Full Axios coverage

1 hour ago - Sports

China wins 1st gold of Tokyo Olympics

Silver medalist Anastasiia Galashina of Russia, gold medalist Yang Qian of China and bronze medalist Nina Christen of Switzerland celebrate on the podium after the 10m air rifle women's final. Photo:

China's Yang Qian won the first gold of the Tokyo Olympics, narrowly beating Anastasiia Galashina of the Russian Olympic Committee in the women's 10-meter air rifle final.

Why it matters: The first medal ceremony of the Games took on extra meaning after a year-long delay and other hurdles brought on by the pandemic. Athletes are required to hang medals around their own necks in an effort to prevent the spread of the coronavirus.

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