OneSpan's subscription and recurring-revenue growth add operating evidence for its place among the identity-security picks. Revenue beat expectations at $63.9M, and full-year revenue, ARR and adjusted EBITDA guidance rose. Mitek and Clear Secure also look attractive. Financial institutions in Korea and India reported breaches; CrowdStrike says the Korean attacker used an AI penetration-testing tool. Binance had not confirmed the suspected hot-wallet hack. x.com  x.com 

Cybersecurity stocks have a powerful long-term tailwind because more AI means more complexity, more attack surface and more need for security. CrowdStrike, SentinelOne, Palo Alto Networks, Zscaler, Fortinet, Okta and Rubrik moved up strongly premarket after Anthropic CEO Dario Amodei published an essay arguing the AI industry should slow down, with Anthropic committing to give third-party evaluators permanent access to verify its safety measures. The market may be connecting those dots. x.com 

Anthropic and OpenAI's inevitable move into cybersecurity threatens CrowdStrike and Palo Alto Networks' valuations. They look like the market's biggest bubble stocks right now; CrowdStrike trades at 40x ARR despite 25% growth and negative GAAP EBIT. x.com  x.com 

Zeta Global, ServiceNow, Datadog and CrowdStrike look increasingly attractive among software names as AI disrupts applications: businesses with proprietary data that build on AI and deliver intelligence and measurable outcomes could win. Cybersecurity valuations remain a concern. x.com 

CrowdStrike may distinguish itself from an expensive cybersecurity group by showing more breakneck growth at earnings next month. Fortinet's slowing product revenue exposed how much relentless execution investors had priced into the group's extreme multiples, pulling CrowdStrike down in sympathy. CrowdStrike remains in a higher tier than Fortinet, which itself ranks above SentinelOne. x.com  x.com 

Hyperscaler cloud integration and frontier AI labs could take a fair bit of cybersecurity's economics. Rising AI-token budgets also make higher cyber spending a stretch. Palo Alto Networks, CrowdStrike and Cloudflare have nearly $1 trillion in market cap on less than $20 billion in revenue; even high-quality Palo Alto and Cloudflare look too expensive, while Okta looks indefensibly expensive. The theme has real demand, but these valuations look too high in the short to medium term. x.com 

AI is turning security spending from optional to essential, and beats from CrowdStrike and Okta confirm it. CrowdStrike's Q2 revenue rose 26% with record net new ARR of $333M, up 51%, and raised guidance; Okta's RPO reached $4.86B, up 17%, with a second guidance raise this year, after Fortinet also raised. AI agents and coding widen attack surfaces, Morgan Stanley estimates up to $220B of added security demand, and buyers are consolidating onto platforms. x.com  x.com 

Cybersecurity looks like AI's next major use case, making CrowdStrike, Palo Alto Networks and Okta stocks to own now. Nvidia CEO Jensen Huang said cybersecurity will be a major use case for AI, and that signal from Huang, more than any personal call, is the reason to pay attention to the group. x.com  x.com  x.com 

Cybersecurity is the real bubble right now, because greater importance in the age of AI does not justify paying valuations like 40x sales for names such as Cloudflare, CrowdStrike and Palo Alto Networks. x.com 

Rubrik's high switching costs and emerging AI-security demand underpin growth that looks attractively valued. At 12.9x forward EV/sales, it trades below the cybersecurity peer median relative to expected revenue growth. Subscription ARR grew 32.6% YoY and net dollar retention reached 119%. Agentic AI security adoption remains early; non-GAAP operating margin hit 7.8%, though GAAP net income remains negative partly due to stock-based compensation. x.com