Key insights
- The author expresses a bullish outlook on Amadeus IT Group (AMADY), highlighting its position as a critical system of record in the travel industry. They argue that Amadeus's entrenched position and ownership of essential data infrastructure will allow it to benefit from the rise of AI, positioning it as a tollbooth operator in the evolving tech landscape. This suggests a potentially positive, though limited, impact on related US-listed SaaS companies.
Look, let's be clear: I own this stock. And it is exactly the kind of vertical SaaS that’s going to rebound aggressively.
Here’s why: the SaaS that acts as the system of record is the only one that wins. It is the ground truth. It’s the unsexy plumbing a business cannot rip out without bleeding out on the operating table.
Everyone is wetting the bed over AI replacing software. Nonsense. AI is going to feed on it. AI models need context and real business data to function, and Amadeus own the vault. All these shiny new AI agents are just going to relentlessly consume APIs. Amadeus own the pipes,
own the lock-in, and dictate the toll.
Amadeus don't just own software. owns the tollbooth.