91% of all cyber attacks start with a phishing e-mail, according to Deloitte. $NET e-mail security biz is under-appreciated and a segue into the rest of @Cloudflare cyber products…

@jaminball Not a good day for this report

Link to our primer which is now a bit dated. Stay tuned for an update:

Generally when you grow a new businesses it becomes margin dilutive. Not for $PANW. 2Q GMs were up 320bps YoY to 76.1%. Mgmt now expects FY23 OM to be ~23.1% vs. 21.7% previously.

How is this possible? Key is distribution. The company has a large installed base of 61,000+ network security customers that can tap into to upsell on "next gen" solutions.

The story is pretty simple...$PANW how has over $2.57B in "next gen" ARR growing 60%+. This "next gen" business is now bigger than $ZS, and on par with $CRWD (ARR of $2.73B), growing faster!

We highlighted $PANW in our Cybersecurity Primer as a top pick in 2021. But the company execution has far exceeded our expectations.

$PANW has been the best-risk reward in our coverage universe. Outperformed $NVDA since 2021! 😲

More on the set up for cloud in 2H below👇 Thank you @nasdaq for highlighting my article:

Here is an article I wrote about it few weeks ago: @Nasdaq

Last week was the first time we noticed flows away from semis and into cloud... $SNOW $NET $DDOG $CFLT vs. $NVDA $AMD $MRVL

@jaminball Very interesting how many companies now trading >10x NTM revenues are expected to grow <20% NTM Not sure how that math works. These NTM numbers better be conservative or there will be some damage…

Speaking to the company tonight - will report back if there is anything incremental.

Cyber Sale Day 2 today in Endpoint post $S results: Investors didn't like that even after adjusting for the "reporting inaccuracies" the company still missed. My notes from the call below 👇

@InvestiAnalyst @BluSuitDillon The call was pretty bad … they couldn’t explain how to bridge to the guide down. But if u step back they have a good product and decent growth… maybe game over for them being an independent company

Cyber sale today driven by $OKTA results. Pick your favorite cyber stocks! $OKTA keeps throwing "macro" under the bus, but there is more than weak macro in these results. Key customer metrics going the wrong way. Below are my notes from the call👇

$CRWD run a bit too much into earnings post $PANW result & $ZS pre-announce. Lack of upside revision driving move lower. Notes from the call 👇

@jaminball $OKTA my sense is that they got a boost from OpenAI last Q masking underlying problems …macro is def tough, but something still off here

I’ll be on @BNNBloomberg tomorrow talking about $AI vs. $NVDA

You don’t have to chase hyped-up stocks to benefit from Artificial Intelligence (AI): My favorite quote this earnings season was from @PaloAltoNtwks CEO, @nikesharora “AI is a data problem and cybersecurity is a data problem”. Tune into BNN Bloomberg for our thoughts 👇…

$NVDA ...not even firing on all cylinders. Data Center capex cycle is just about to turn. Notes from the call 👇 Full thesis:

@KobeissiLetter Spot on, but this was not overnight. Here is the background and thesis: