Key Takeaways CYBR is gaining from AI-driven identity security, with machine identities now outnumbering human ones 80 to 1. CYBR's Secure AI Agents and CORA AI tools strengthen its platform, supported by acquisitions like Venafi. ZS expands via Zero Trust and agentic SecOps but faces margin pressure from rising S&M and R&D expenses.CyberArk Software (CYBR) and Zscaler (ZS) are two key players in the cybersecurity space, serving different areas of the security stack. CyberArk primarily specializes in priv ...

China OSAT halfway through recovery — The OSAT industry is on track to its sixth quarter of YoY growth with inventory well under control. While the current cycle shows only modest growth so far, we expect the growth recovery to continue with demand rising from: 1) industrial/automotive; and 2) advanced packaging (AP) for HPC and power semis. The past OSAT growth cycles since 2001 each lasted 3-7 years. We believe the OSAT industry is still only halfway through the recovery phase. Capacity UTR still improvin ...