MercadoLibre

NASDAQ-listed Latin American ecommerce and fintech platform with dominant market positions in Argentina, Brazil, and Mexico.

"In general terms, the ecommerce companies (MercardoLibre, SEA [Shopee division], and Coupang, …in particular are well placed to defend against and take advantage of AI, in our view. There are numerous reasons for this: they own crucial proprietary data (that cannot be accessed by AI); are dominant operators in their respective countries, with the most customer and merchant data as well as the strongest brands; generally offer the widest product range at the lowest prices; operate with the lowest cost bases and complicated logistics, integrated payments and returns infrastructure; and, very importantly, remain founder-led with entrepreneurial and technology-savvy management teams."