Overview

• Stephanie Link said AI remains unsafe, pushing enterprises to boost cybersecurity budgets and keeping the industry in its early innings.
• Link forecast major consolidation from roughly 4,000 cybersecurity vendors as customers seek fewer providers and expect ongoing acquisitions.
• She highlighted valuation by calling Palo Alto "cheaper at 14 times" and suggested investors consider a basket of cybersecurity names.
• Sands Capital’s Q2 2025 letter described Palo Alto as a leading platform with strong positions in SASE, SIEM, and cloud security and cited Next‑Generation Security revenue above a $5 billion annual run rate.
• The letter argued AI will make adversaries more effective and expand the attack surface, reinforcing demand for advanced defenses, while some articles paired these views with promotional pitches for other AI stocks.