Pershing Square Challenge 2026 finalists pitch Amadeus $AMS | the toll booth on global travel
About this episode
The episode discusses the Pershing Square Challenge finalists' pitch on Amadeus, arguing its value in the face of AI market fears.
Amadeus $AMS is down roughly 25% because the market lumped it in with the SaaS names AI is supposed to gut. Team Amadeus, Pershing Square Challenge finalists, argue it's the opposite: a deterministic, mission-critical monopoly that AI makes more valuable, not less. We dig into the 50-year-old systems that planes literally can't take off without, why the GDS is the wrong job for an LLM, the Sabre and Constellation Software angle, and what the stock is actually worth. Full pitch deck (~75 pages): https://www.dropbox.com/scl/fi/5bwef8mz2kplx2sub598w/PSC_AMS_LONG_vSent.pdf?rlkey=x5g0v7t1qk8hpg00ewix95hn3&st=rq9nzl4h&dl=0 This episode is brought to you by Trata. Trata is two investors who get on an anonymized call and talk through the real issues in a stock, bull-to-bull, bear-to-bear, or just getting up to speed. If you like this podcast, you'll like Trata. Check it out at trata.com Chapters: 00:00 Why Amadeus landed on my radar 01:00 Sponsor: Trata 02:39 Meet Team Amadeus (Pershing Square Challenge finalists) 05:20 What Amadeus actually does: the toll booth on global travel 09:07 The AI fear that broke the stock 11:13 Is it actually cheap? Valuation and stock comp 15:26 Why…
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