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🛡️StreetAccount Cybersecurity Check-in: From AI Casualty to Beneficiary (5-Nov) ‣ Focus Points • High-profile events have driven volatility, but AI-enabled attacks are broadly bolstering cybersecurity demand. • Broad platforms seen as best positioned to capitalize, while Endpoint, Network, Cloud Security all have identifiable tailwinds. • Vulnerability Management considered most exposed to AI disruption as frontier models increasingly replicate core capabilities. • Underperformers struggling with AI monetization, ARR declines, decelerating growth. • AI monetization is early but real, with recent earnings calls highlighting link to bookings, revenue. ‣ The Context • Cybersecurity stocks have experienced significant volatility this year as markets weigh net impact of growing AI adoption and agentic AI advancements. +ANT's Claude Code Security rocked the segment in Feb, which then dipped again in March on leak of Mythos' cybersecurity capabilities; Project Glasswing partners, including CRWD and PANW, later rallied on model's official release. Rogue agents, cyber-attacks and warnings from AI CEOs have since bolstered sentiment. ‣ The Winners • Perceived winners include Endpoint Security (CRWD, S) - analysts point to AI agents greatly expanding number of endpoints that need protection; Network Security/Firewall (PANW, FTNT, CHKP) - seen as retaining moat that is difficult for competitors or AI to meaningfully replace; and Cloud Security/SASE (ZS, NET, NTSK) - set to benefit from integration of AI to eliminate blind spots, anticipate zero-day attacks and detect unusual traffic. Analyst consensus suggests safest bets are broad platforms, considered best positioned to benefit from vendor consolidation (CRWD, PANW). Identity & Access Management (OKTA) also considered to be a beneficiary, with agents likely requiring identities, permissions and access controls similar to employees, though this is not yet a proven revenue driver. ‣ The Losers • Vulnerability Management (RPD, TENB, QLYS) broadly seen as segment most at risk of AI disruption due to growing capabilities of frontier models to scan and detect exploits within code and networks. The recent high-profile exposure of PHP vulnerabilities, discovered through the use of tools including OpenAI's GPT-5.6 Sol, further intensified scrutiny of these names. ‣ YTD Underperformers • CHKP -21% has faced a slower-than-expected turnaround, failing to convert AI-related demand into headline growth, ceding ground to cloud-native rivals CRWD and PANW. • RPD -1% has suffered from declining ARR and aggressive competition in vulnerability management. • ZS -0% has struggled with decelerating growth forecasts, exec departures, and high AI-related capex. • DT +8% has underperformed on disappointing profit outlook, while its acquisition of Arize, an AI observability and evaluation platform, is expected to dilute margins through FY27. % price moves are year-to-date as of market close 4-Nov. ‣ Earnings Takeaways • Recent earnings calls suggest AI infrastructure growth is translating into concrete product bookings and new security demand across the group, with companies tying AI directly to revenue or platform expansion. FFIV said direct AI use case bookings more than doubled from H1 and sized its AI addressable market by 2030 at roughly $11B. CHKP highlighted strong demand for AI security, though AI data center security revenue expected to be incremental only starting 2027. DT has begun monetizing its AI capabilities and says AI is increasing telemetry volume and complexity, lifting platform consumption and making unified observability more important. $CRWD $PANW $FTNT $CHKP $ZS $NET $OKTA $RPD $TENB $QLYS $DT $FFIV $S $NTSK $ANT #Anthropic# #Cybersecurity# #AI# #AgenticAI# #AIMonetization# #EndpointSecurity# #CloudSecurity# #NetworkSecurity# #VulnerabilityManagement# #VendorConsolidation# #FinTwit# #TechStocks# #Earnings# #Tech# Gain immediate access to earnings insights with #StreetAccount#:

Premarket movers: Nvidia and Alphabet lead gains among the Mag 7 as tech stocks are set to rebound: Nvidia (NVDA) +1.0%, Alphabet (GOOGL) +0.7%, after opening the books on a seven-part offering spanning maturities from two to 19 years (Amazon +0.3%, Tesla +0.7%, Microsoft +0.4%, Meta Platforms (META) -0.6%, Apple (AAPL) -0.1%). Check Point Software (CHKP) drops 6% after the company reported revenue for the third quarter that missed the average analyst estimate. Crowdstrike (CRWD) rises 3% after Deutsche Bank upgraded the security software company to buy, seeing tailwinds related to AI. Estee Lauder (EL) gains 3% after reporting better—than-expected earnings and raising its outlook, the latest sign the beauty conglomerate’s turnaround effort is winning over consumers. Floor & Decor (FND) slips 1.6% after Goldman Sachs cut the recommendation to sell. The downgrade came after the flooring products supplier said comparable sales are down to start the fourth quarter. Geo Group (GEO) gains 3% after securing a contract from US Immigration and Customs Enforcement to provide support services at the 2,329-bed Big Spring Complex in Texas. Idexx Labs (IDXX) rises 6% after the animal health firm boosted its revenue guidance for the full year, following results for the third quarter that beat the average analyst estimate. Inovio Pharmaceuticals (INO) rallies 50% after the biotech got accelerated FDA approval for Voceryq, an immunotherapy to treat adults with recurrent respiratory papillomatosis. Kosmos Energy (KOS) falls 7% after the oil and gas company reported third-quarter adjusted earnings per share that missed the average analyst estimate as weather weighed on results. Marvell Technology (MRVL) climbs 1% after reaching a deal to buy Lumentum at an enterprise value $115 billion in a race to capitalize on the artificial intelligence boom. Lumentum (LITE) slips 1%. Okta (OKTA) rises 2% as the stock will replace Kenvue Inc. in the S&P 500 effective Wednesday. Once Upon a Farm (OFRM) falls 12% after the children’s nutritional food company said it will host a business update conference call/webcast at 8:30am NY time to discuss the company’s voluntary recall of its Tractor Wheels soft-baked bars due to potential choking hazard that was issued on Oct. 30.

Research|Cybersecurity: When AI Becomes the Hacker; Anthropic and OpenAI's Call to Slow Down Favors Security Platforms and Identity Vendors AI safety gap: Dario Amodei’s September 12 essay and Sam Altman’s public agreement signal that AI model capability is moving faster than lab safety engineering. The July 2026 OpenAI-Hugging Face incident involved roughly 1,200 agents, more than 70,000 messages and files, 8–9 zero-days, and about one-third of Hugging Face infrastructure needing rebuild. Security demand shift: The report highlights five urgent needs: runtime monitoring, non-human identity governance, layered isolation, software supply chain and vulnerability management, and tamper-resistant logs. Anthropic’s own review of 141,006 evaluation runs found real-world spillover incidents, including a malicious PyPI package downloaded by 15 real systems within an hour and a model scanning roughly 9,000 online targets. Public market beneficiaries: Security platforms PANW, CRWD, and S are best positioned because AI-speed attacks require correlation across endpoint, cloud, identity, network, and logs. Identity vendors OKTA and SAIL benefit from agent identity governance, while NET, AKAM, and FSLY gain from demand for WAF, bot management, and API security. Investment implications: CrowdStrike reported record net new ARR of $333m in FY27Q2 and raised the midpoint of full-year net new ARR growth guidance to 34%, with CEO George Kurtz linking demand to Mythos and the OpenAI incident. Potential pressure points include FROG after Artifactory was named in the attack chain, free or bundled security tools, and standalone AI security startups facing platform consolidation. Detailed Report

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Premarket movers: Magnificent Seven stocks (check payers) are mostly lower even as Nvidia jumps 7.2% after the leader in AI chips gave an outlook for revenue growth that was stronger than expected. Others are mostly in the red: Alphabet -0.4%, Amazon -0.3%, Apple -1.1%, Meta Platforms -0.3%, Microsoft -1%, Tesla +0.4%. AI infrastructure stocks broadly gain after Nvidia’s outlook. CrowdStrike (CRWD) rises 8.9% after the security software company raised its full-year forecast on key metrics. Okta (OKTA) gains 21% after the software company boosted its full-year forecast on key metrics, including adjusted earnings and revenue. Salesforce (CRM) is up 12% after the software company raised its full-year forecast and announced an expanded partnership with Anthropic. Wendy’s Co. (WEN) plunges 12% after Reuters reported that Nelson Peltz’s Trian Fund Management has no plans to make a bid at this time to take the fast-food chain private.

Weekly|AI4S, Gemini 4, TSM & ASML, MRVL and OCS, Muse, CRWV AI for science and a new training cycle, with capacity and optical interconnects in focus Google is back in the frontier race, and we think a new training cycle is beginning. As we argue in this week’s column, Gemini 4 is evidence that scaling still works; the next test is how much post-training improves coding and long tasks in Gemini 4.1. With OpenAI, Anthropic, Google, Meta and xAI all investing to defend or improve their positions, we remain bullish on the networking and optical interconnects needed to keep larger clusters productive. AI for science gives us another reason to be optimistic about where that compute can go. OpenAI’s latest mathematics release still needs independent scrutiny, but progress in problems with verifiable answers could help AI take on more research and engineering work. Drug discovery, materials and energy research offer much broader potential benefits. Physical experiments and clinical trials will still take time; our optimism is about expanding the ideas scientists can test and the connections they can make across disciplines. The supply chain is preparing for that investment. We see TSMC’s growth increasingly governed by how quickly capacity comes online, and have raised our ASML EUV shipment forecasts again. Marvell’s Investor Day targets are moving closer to our forecasts, backed by longer-term supplier planning. OCS adds another source of optical demand as content per accelerator rises, although deployment beyond Google remains an important assumption in our longer-term model. On the application side, we are watching retention and cost together. Muse’s improving retention gives Meta a reason to expand acquisition once the economics support it, while computer use opens a much larger pool of work to automation. Our expert interviews also underline the obstacles: high token consumption can limit enterprise adoption, and physical capacity still depends on manufacturing yields, equipment and power. Better models and more infrastructure need to translate into reliable, affordable work. This Week’s Reports Going the Way of Go: stronger models make the next training cycle worth watching. Our new column connects AI’s progress in mathematics and programming with Google’s return to the frontier, and explains why we remain optimistic about AI for science and optical interconnect demand. TSM & ASML: capacity expansion sets the pace. We expect TSMC’s advanced-node expansion to support further growth and now forecast ASML total EUV shipments of 100/125 units in 2027/28, as both logic and memory customers need more equipment. MRVL & OCS: more optical content as AI clusters grow. Marvell’s new targets move closer to our forecasts, while our OCS work points to more than $20b of annual demand by 2030, conditional on broader adoption that includes Nvidia from late 2028. META: Muse’s retention is improving before the next growth push. We expect adoption to advance in steps as Meta improves retention and balances user acquisition against the substantial compute cost of serving a personal agent. Computer use: a much larger market for AI providers. Our long-term framework points to roughly $1tn of additional annual revenue and automatable work equivalent to about 180mn full-time roles, an estimate of task hours rather than a forecast of layoffs. Premium Report Snapshot A portion of our research is reserved for Premium subscribers and is not distributed via Substack. Below is a snapshot of what Premium subscribers received this week beyond the Substack feed. Research | Personal Agents: Muse Becomes a Daily Assistant, but Shopping Faces Platform Restrictions Deep | CRWV: Capacity Expansion and Further Upside to Revenue per GW Deep | TWLO: How Much Can Twilio Earn When Agents Make Calls? Weekly Expert Interviews Summary A snapshot of the expert interviews we conducted during the past week is below; full transcripts and takeaways are available on the FUNDA platform. Anthropic: Computer-Use Economics and Enterprise Strategy Executive, Leading AI research & deployment company The expert sees high token consumption as a constraint on enterprise computer-use adoption and discusses whether protocol-based automation can improve the economics. FTAI Power: Execution Risks Behind the Expansion Target (FTAI) Manager, Leading Aviation Services Provider The expert questions the feasibility of 100 sets in 2027, citing Montreal space, dedicated staffing and supply-chain constraints that could push delivery into 2029–30. Memory: Supply Constraints and Customer Negotiations Former Procurement Manager, Global Cloud Technology Company The expert sees tight HBM and server DRAM supply supporting pricing, with phased negotiations and long-term agreements moderating increases rather than eliminating them. HVLP Copper Foil: High-End Capacity Remains Hard to Add Executive, Regional China Copper Foil Manufacturer The expert highlights finishing-equipment constraints and yield losses at higher grades and thinner gauges, leaving high-end supply tight even as lower-end HVLP faces potential oversupply. Trainium: Manufacturing Yields and Capacity Diversification (AMZN) Executive, a major hyperscaler The expert reports liquid-cooled rack first-pass yields of roughly 50% in Mexico, with alternative capacity also facing equipment lead times, licensing and power constraints. Enterprise AI: Spending Shifts Toward Core Platforms (OKTA, MSFT, CRM, NOW, MDB, SNOW) Strategy Executive, Top US telecom provider The expert sees AI spending favoring core security, cloud, database and workflow platforms while reducing overlapping point tools, with additional infrastructure spending following model adoption. Diagnostics: AI Security and Data Modernization (PANW, OKTA, CRWD, SNOW, TEAM) AI Executive, Mid-sized diagnostics firm The expert describes a sharp rise in AI security spending from a small base, alongside platform consolidation and Snowflake investment tied to data modernization and agent workloads. Detailed Report