The Globe and Mail reports in its Saturday edition that when Constellation Software stumbled in previous years, investors bought the dip and congratulated themselves after the rebound took hold -- but not this year. The Globe's David Berman writes that investors are now pondering the potential threat of artificial intelligence on the company's holdings. The stock trailed the blue-chip S&P/TSX 60 Index by 50 percentage points this year. The fear is that AI could lower barriers, paving the way for rival start-ups, or so the theory goes. The thing about AI is that the possibilities seem limitless right now, and the market is on the lookout for potential casualties in what some observers believe is the next industrial revolution. Constellation's diversified stable of companies, which number in the hundreds, and its heavy weighting toward the public sector, might offer some protection. "We see opportunities for Constellation to use AI internally to improve efficiency to add AI capabilities to its offerings using a pragmatic, customer-focused approach," said CIBC analyst Stephanie Price in a note. If that is the case, then Constellation is simply cheap at less than 15 times its estimated operating earnings for next year.