“The AI Agent Problem No One's Pricing In Yet”
CRWD offering price concessions for module adoption; position trimmed due to high valuation but retained on watchlist due to positive trend.
This is why you have CrowdStrike talking about the Falcon Flex. They're essentially providing price concessions to these customers to adopt more of their modules,
Valuation does still matter, though, so that's why we decided to trim Palo Alto and CrowdStrike. Valuations just look very high, very stretched. But it's not off the watchlist.
They're not out of the portfolio entirely because of this trend.