Core Viewpoint - The analysis of CrowdStrike (CRWD) indicates that the primary concern is not the quality of the business but rather the valuations, which are seen as a limiting factor for investment decisions [1] Group 1: Business Quality and Valuation - The analyst expresses confidence in the business quality of CrowdStrike but is hesitant about the current valuations, suggesting that multi-year strong execution assumptions are embedded in the stock price [1] Group 2: Analyst Background - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, with a focus on equity valuation, market trends, and portfolio optimization [1] - Previous experience includes a role as Vice President at Barclays, leading teams in model validation, stress testing, and regulatory finance, which contributes to a deep expertise in both fundamental and technical analysis [1] - The analyst collaborates with a research partner to provide high-quality, data-driven insights, emphasizing a blend of rigorous risk management and a long-term perspective on value creation [1]

Vi e w p o i n t | 09 Feb 2026 19:49:16 ET │ 9 pages North America Systems Software Frontier AI Coming for Cyber? Headlines Hitting Last Bastions of Defense CITI'S TAKE In the last 2 weeks, the crescendo of headlines/social media posts from frontier AI companies on their express desires and preparedness to tackle cybersecurity use cases has punctured the "hermetic seal" of cyber ISVs' perceived defensiveness and taller business/technical/valuation moats. Cybersecurity is effectively an adoption tax at worst ...

Core Viewpoint - Qualys is a prominent provider of cloud-based cybersecurity and compliance solutions, with significant revenue and market capitalization, leveraging a subscription-driven SaaS model to deliver essential security tools across various industries [1]. Company Overview - Qualys reported a trailing twelve months (TTM) revenue of $669.125 million and a market capitalization of $4 billion as of February 4, 2026 [1]. - The company serves a diverse customer base, including enterprises, government entities, and small to medium-sized businesses (SMBs) across sectors such as financial services, healthcare, manufacturing, and technology [2]. Product Offerings - Qualys offers a comprehensive suite of cloud-based IT, security, and compliance solutions, including vulnerability management, threat protection, patch management, and asset inventory tools [3]. Recent Transactions - CFO Joo Mi Kim sold 6,799 shares for approximately $873,369.30 on February 4, 2026, which was part of a Rule 10b5-1 trading plan adopted in August 2025 [5][7]. - The sale accounted for 7.14% of direct holdings, significantly higher than the recent median of 1.05%, indicating a reduction in available shares [4]. Market Reaction - Following the stock sale, Qualys announced its fourth quarter and full-year results for 2025, leading to a decline in stock price to a 52-week low of $107.17 on February 9, 2026, due to Wall Street's disappointment over the 2026 revenue guidance [8][9]. - The company projected 2026 sales between $717 million and $725 million, reflecting a growth rate of 7% to 8% over 2025, which is lower than the 10% growth experienced in 2025 [9]. Valuation Insights - Qualys shares are currently trading at a price-to-earnings ratio of 20, marking a low point in recent years, which may present a potential buying opportunity for investors [10].

Core Insights - Current market conditions present a potential opportunity for investment in cybersecurity stocks, as major ETFs in this sector have seen declines between 3% and 24% over the past year, while the overall market has increased by 14% [1] - Despite the market's lack of interest, companies like SentinelOne, CrowdStrike, and Palo Alto Networks continue to demonstrate strong double-digit revenue growth [2] Group 1: SentinelOne - SentinelOne has achieved a trailing revenue growth of 24%, making it the fastest-growing company among its peers, yet it has the lowest revenue multiple [3] - The company's market cap stands at $4.5 billion, with an enterprise value of $3.9 billion, allowing for a purchase at an enterprise value of just 4 times trailing revenue, compared to CrowdStrike and Palo Alto Networks at 21 and 11 times, respectively [3] - SentinelOne is recognized for its early integration of AI into its operations, utilizing its Singularity platform to enhance cybersecurity measures [4] - Despite its growth, SentinelOne has a history of losses and the weakest margins among the three companies, but its significant share price drop positions it as a potential turnaround candidate [5] Group 2: CrowdStrike - CrowdStrike was previously a favored stock until a major outage in the summer of 2024 negatively impacted its reputation, affecting numerous critical services [6]

Core Insights - Criminal IP has integrated its AI-powered threat intelligence platform with IBM QRadar SIEM and QRadar SOAR, enhancing security teams' ability to identify and respond to malicious activities more effectively [2][11]. Integration Benefits - The integration allows external, IP-based threat intelligence to be embedded directly into IBM QRadar's detection, investigation, and response workflows, streamlining security operations [3][11]. - Security teams can analyze firewall traffic logs and assess risks associated with communicating IP addresses through the Criminal IP API within the QRadar interface [4][5]. Risk Assessment - Observed IP addresses are classified into High, Medium, or Low risk levels, enabling SOC teams to prioritize response actions such as access blocking [5][11]. - The integration supports fast, in-context investigations, allowing analysts to access detailed Criminal IP reports directly from QRadar Log Activity [8][9]. Automated Incident Response - Criminal IP is integrated with QRadar SOAR to facilitate automated threat enrichment during incident response, reducing the need for manual lookups [10][11]. - Pre-built playbooks allow for the application of Criminal IP intelligence to IP addresses and URL artifacts, enhancing incident response efficiency [10]. Enhanced Detection and Response - The integration improves detection accuracy, shortens investigation cycles, and enhances response prioritization across SOC operations by combining QRadar's capabilities with external threat intelligence [11][12]. - As alert volumes increase, Criminal IP aids QRadar users in making faster, more informed decisions without adding operational complexity [12][13]. Company Overview - Criminal IP is a flagship cyber threat intelligence platform developed by AI SPERA, utilized in over 150 countries, providing actionable threat intelligence for proactive threat identification and response [15][16].

Core Insights - CrowdStrike is recognized as the only vendor named a Customers' Choice in the 2025 Gartner Peer Insights™ 'Voice of the Customer' for External Attack Surface Management (EASM) report [1] - This distinction marks CrowdStrike as the only company to achieve this recognition in both years since the report's inception [1] Company Overview - The recognition is part of the unified CrowdStrike Falcon® platform, which includes Falcon® Exposure Management [1] - Falcon® Exposure Management assists security teams in reducing risk by identifying both known and unknown vulnerabilities [1]

Core Viewpoint - Reliance Global Group, Inc. is set to acquire a controlling interest in Enquantum Ltd., a company specializing in post-quantum cryptography, as the demand for quantum-resilient cybersecurity solutions accelerates due to advancements in quantum computing [1][2]. Company Overview - Reliance Global Group, Inc. operates in the InsurTech sector, leveraging AI and cloud technologies to enhance efficiencies in the insurance industry [8]. - The company has launched the Scale51 operating model, focusing on acquiring majority stakes in high-growth technology companies to expand market reach and create long-term shareholder value [9]. Acquisition Details - Reliance will acquire a 51% controlling ownership in Enquantum through its subsidiary, EZRA International Group, with a total purchase price of $2,125,000, structured in milestone payments over approximately 10 months [3]. - The initial closing will grant Reliance an 8% ownership position, with plans to increase this to 51% through additional share issuances tied to performance milestones [3]. Strategic Importance - The acquisition aligns with Reliance's Scale51 model, emphasizing majority ownership and active support in governance and market expansion [4]. - Enquantum is developing hardware-accelerated cryptographic solutions that meet NIST standards, addressing performance issues in existing cybersecurity measures [4]. Market Context - The shift towards post-quantum security is becoming urgent as quantum computing poses risks to current encryption methods, impacting sectors such as financial services, cloud infrastructure, and public-sector systems [2][6]. - Reliance views the post-quantum cybersecurity market as a significant opportunity, particularly in infrastructure-intensive environments where performance and compliance are critical [6].

Core Insights - HUB Cyber Security Ltd. has launched SecureRide™, a trust infrastructure aimed at enhancing safety and compliance for Transportation Network Companies (TNCs) in partnership with Fare Co-op [1][2] Industry Overview - The TNC market generated over $260 billion in revenue in 2025 and is expected to exceed $400 billion by 2030, driven by urbanization, gig-based labor models, and advancements in smart-city and autonomous transportation systems [3] - Current safety and compliance frameworks in the TNC industry are episodic and reactive, which is inadequate given the increasing transaction volumes [3] Company Developments - SecureRide™ introduces continuous, real-time verification of drivers and riders, replacing traditional static safety checks [2][5] - The system employs Perpetual Know Your Driver (KYD) and Perpetual Know Your Customer (KYC) protocols to validate participants throughout the ride lifecycle [5] - SecureRide™ aims to mitigate risks before incidents occur, addressing the limitations of existing snapshot-based safety frameworks [6] Technological Innovations - SecureRide™ integrates various live data sources, including criminal registries and motor vehicle records, to create a continuously verified trust perimeter around each ride [7] - The platform is designed to reduce insurance friction, lower claims exposure, and improve unit economics, making premium safety standards accessible to the mass market [8] Strategic Impact - SecureRide™ exemplifies how perpetual verification can function at scale within one of the largest consumer-facing markets, positioning HUB as a key player in the future of global mobility infrastructure [9]

Core Viewpoint - WISeKey and GMA are organizing the Art&DeepTech Convergence event in Venice in September 2026, aiming to merge art with advanced technologies and space, marking a new creative era [3][14]. Technological Infrastructure - The event will utilize a next-generation technological infrastructure that includes generative AI, cognitive robotics, advanced blockchain, certified tokenization, post-quantum cybersecurity, and satellite connectivity, enhancing artistic expression and protecting artworks [4][6]. Art Protection and Authenticity - Both digital and physical artworks will be registered through certified digital identity systems, ensuring authenticity, traceability, copyright protection, and continuity over time [5]. Art in Space Initiative - The Art in Space program will leverage WISeKey's WISeSat satellite constellation to create a cultural archive of 21st-century art associated with space missions, transforming space into a new cultural narrative [6][7]. Human-Centric AI Integration - WISeRobots will serve as intelligent cultural mediators, engaging visitors through conversational AI, enhancing the exhibition experience by adapting to context and collecting real-time feedback [8][9]. Digital Immersion Experience - The exhibition will feature AI-generated environments that provide a multisensory experience, allowing visitors to interact dynamically with evolving artistic universes [10][11]. Cultural Finance Innovations - The event will launch the Renaissance Coin and the Artech Fund, introducing new models of transparent cultural finance to support high-tech artistic projects and enable global resource access for artists [12]. Global Artist Collaboration - Thousands of artists on the WISe.ART platform will showcase works that integrate AI, data, robotics, and immersive media, establishing Venice as a hub for global creative collaboration [13]. Vision for the Future of Art - The Art&DeepTech Convergence event symbolizes a new Renaissance, emphasizing that the future of art is intertwined with technology while remaining fundamentally human [14].

Core Viewpoint - WISeKey International Holding Ltd and its subsidiary WISe.Art are organizing the Art&DeepTech Convergence event in Venice, Italy, in September 2026, focusing on the intersection of art, advanced technologies, and space [2] Group 1: Event Overview - The Art&DeepTech Convergence will serve as a milestone in merging art with advanced technologies, showcasing how technological innovation can enhance artistic expression and human values [2] - The event will feature a next-generation technological infrastructure that includes generative AI, cognitive robotics, advanced blockchain, certified tokenization, post-quantum cybersecurity, and satellite connectivity [3] Group 2: Art Protection and Registration - Both digital and physical artworks will be registered and protected through certified digital identity systems, ensuring authenticity, traceability, copyright protection, and continuity over time [4] Group 3: Space and Art Integration - A key feature of the event will be the Art in Space program, utilizing WISeKey's WISeSat satellite constellation to create a cultural archive of 21st-century art associated with space missions [5][6] Group 4: AI and Visitor Interaction - WISeRobots will act as intelligent cultural mediators, engaging visitors through conversational AI, adapting language to context, and collecting real-time feedback to enhance the visitor experience [7] - The AI will follow a human-centric and ethical approach, promoting cultural diversity, creativity, and critical thinking [8] Group 5: Digital Immersion and Exhibition Paradigm - The exhibition will include advanced digital immersion environments generated by AI, allowing visitors to interact with evolving artistic universes [9][10] Group 6: Cultural Finance Initiatives - The event will launch the Renaissance Coin and the Artech Fund, introducing new models of transparent cultural finance to support high-tech artistic projects [11] Group 7: Global Artist Participation - Thousands of artists on the WISe.ART platform will present works that integrate AI, data, robotics, and immersive media, establishing Venice as a hub for a global creative network [12] Group 8: Vision for the Future - The Art&DeepTech Convergence aims to symbolize a new Renaissance, where technology and creativity converge to foster a more open, secure, and universal cultural future [13]