The $zs Investor Day last week did not resolve the near-term growth debate (no guidance change), but materially strengthened the platformization thesis. The newer businesses are becoming increasingly measurable: Branch and Cloud reached roughly $250M of ARR, Data Security about $410M, while Security for AI is emerging from a smaller base with strong bookings and pipeline growth. At the same time, Z-Flex is helping convert Zscaler’s broader product portfolio into higher wallet share, deeper multi-product adoption and stronger retention. The strategic direction is therefore becoming clearer: Zscaler is evolving beyond its core ZIA/ZPA franchise into a broader security platform spanning users, workloads, branches, data, AI and SecOps. The key remaining question is whether these newer engines can reaccelerate consolidated ARR growth from ~17% (FY27) back toward 20%+.