Pershing Square Challenge 2026 finalists pitch Amadeus $AMS | the toll booth on global travel

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=0This 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.comChapters:00:00 Why Amadeus landed on my radar01:00 Sponsor: Trata02:39 Meet Team Amadeus (Pershing Square Challenge finalists)05:20 What Amadeus actually does: the toll booth on global travel09:07 The AI fear that broke the stock11:13 Is it actually cheap? Valuation and stock comp15:26 Why Amadeus tops the AI-risk matrix16:32 Air IT Solutions: the SAP of airlines22:59 The Microsoft AI director who bet against AI eating this24:15 Tech-debt pushback and the JFK field trip29:09 Sabre, Constellation Software, and the monopoly complaint33:16 How Amadeus won share during COVID34:21 The air-distribution network effect35:22 Why LLMs are the wrong tool for the GDS39:50 The $1B biometrics acquisition43:03 Google, Gemini, and the uptime math45:47 Fair value and the bull case nobody's pricing49:01 Amadeus as an AI beneficiary51:02 Closing thoughtsLinks:Yet Another Value Blog - https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerProduction and editing by The Podcast Consultant - https://thepodcastconsultant.com/