<p>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&#39;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&#39;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.</p><p>Full pitch deck (~75 pages): https://www.dropbox.com/scl/fi/5bwef8mz2kplx2sub598w/PSC_AMS_LONG_vSent.pdf?rlkey=x5g0v7t1qk8hpg00ewix95hn3&amp;st=rq9nzl4h&amp;dl=0</p><p>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&#39;ll like Trata. Check it out at trata.com</p><p>Chapters:</p><p>00:00 Why Amadeus landed on my radar</p><p>01:00 Sponsor: Trata</p><p>02:39 Meet Team Amadeus (Pershing Square Challenge finalists)</p><p>05:20 What Amadeus actually does: the toll booth on global travel</p><p>09:07 The AI fear that broke the stock</p><p>11:13 Is it actually cheap? Valuation and stock comp</p><p>15:26 Why Amadeus tops the AI-risk matrix</p><p>16:32 Air IT Solutions: the SAP of airlines</p><p>22:59 The Microsoft AI director who bet against AI eating this</p><p>24:15 Tech-debt pushback and the JFK field trip</p><p>29:09 Sabre, Constellation Software, and the monopoly complaint</p><p>33:16 How Amadeus won share during COVID</p><p>34:21 The air-distribution network effect</p><p>35:22 Why LLMs are the wrong tool for the GDS</p><p>39:50 The $1B biometrics acquisition</p><p>43:03 Google, Gemini, and the uptime math</p><p>45:47 Fair value and the bull case nobody&#39;s pricing</p><p>49:01 Amadeus as an AI beneficiary</p><p>51:02 Closing thoughts</p><p>Links:</p><p>Yet Another Value Blog - https://www.yetanothervalueblog.com</p><p>See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer</p><p>Production and editing by The Podcast Consultant - https://thepodcastconsultant.com/</p>