TaskUs: Strong AI Growth Amidst Margin Pressures and Strategic Uncertainty - Hold RatingWe remain positive on TaskUs’s positioning as a next- generation digital customer experience (CX) service provider capturing market share in the large and high-growth addressable markets associated with digital CX, trust and safety, and AI operations. However, we acknowledge that digital CX in particular is facing disruption and will transform significantly in the wake of developments in AI. While TaskUs’s pursuit of AI capabilities and investments are encouraging, after the company’s take-private bid failed to garner requisite shareholder support, we are maintaining our Market Perform rating, as investors may need additional quarters of solid execution to shake the AI-bear narrative that has been plaguing valuations in the space. Of the peers, TaskUs performance has been strong in recent quarters.