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A flight taking off in 2019. Photo: Jim Watson/AFP via Getty Images

Hotels and airlines are now using artificial intelligence software to re-price tickets and stays, sometimes dozens of times a day, the New York Times reports.

Why it matters: More often than not this is resulting in higher prices for consumers, as great deals are removed from travel websites and replaced by higher prices when the AI software notices increasing demand.

How it works: "Traditionally, hotels and airlines priced their offerings depending on peak demand periods, past sales data and the number of current reservations," per NYT.

  • "Now, changes in travel pricing are being made much more frequently. The practice, called 'hyperdynamic pricing,' is poised for significant growth, Angela Zutavern, a managing director at the technology consulting firm AlixPartners."

Go deeper: Record-setting longest commercial flight arrives in Sydney from NYC

Go deeper

Janet Yellen confirmed as Treasury secretary

Janet Yellen. Photo: Alex Wong/Getty Images

The Senate voted 84-15 to confirm Janet Yellen as Treasury secretary on Monday.

Why it matters: Yellen is the first woman to serve as Treasury secretary, a Cabinet position that will be crucial in helping steer the country out of the pandemic-induced economic crisis.

Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.

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