In short: Owns it; a tough four-or-five quarters and "we've been wrong in the shorter term." A hold "for sure — in fact we'd probably be buyers, closer to being buyers than sellers." Not in the SaaS-apocalypse camp: the numbers are still intact after a big derating.
CGI is a large Montreal-based IT consulting and outsourcing firm — it builds and runs technology systems for governments and big companies. It has been caught in what the market calls the "SaaS apocalypse": the fear that AI will let clients do this work themselves, gutting the business.
Aitken owns it and admits he's been wrong on it for four or five quarters. But he is "really not in that camp" on AI disruption — while honestly conceding nobody has a crystal ball on the next five to ten years. So far the actual numbers are "still very much intact," with only minor cyclical pressure from its US government work, even as the shares have been sharply de-rated.
His stance: a hold "for sure — in fact we'd probably be buyers, closer to being buyers than sellers." He also cautions that management's reassurance alone isn't evidence: "management teams will be the last to know when the bad news finally arrives."
19:12— Okay. So you still like it. Here we've got a question on CGI Group. CGI: buy, sell, or hold? This one coming from Vinnie. This is such a fascinating one because it's caught up in the — what's it called? — the SaaS apocalypse, right? Fears on AI disruption. — And what do they do to get out from under that? — Well, we own CGI and it's been a tough go definitely in the last four or five quarters.
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