A non AI generated invested idea

NVIDIA is being celebrated in the stock market as a key beneficiary of artificial intelligence. The stock price is up another 90% y-t-d and up twentyfold over 5 years. On the dark side, the outsourced customer centre operator Teleperformance is being hammered by Mr Market as having a business model broken by artificial intelligence as the humans in call centres would be fully replaced by AI. Its stock price is down 31% since the beginning of the year and 60% over 1 year. For Teleperformance we believe the view of an industry disruptive risk is overly simplistic and we have recently invested in the stock. The stock scores well in our proprietary quality-value framework and trades at 5.8 times forward earnings. Beware: this is a judgement of a human portfolio manager and not a machine.