CRWD的叙事正转向AI基础设施受益者，高估值与高预期是主要矛盾点。

Okay let's talk a little bit about the data you got on Crowd Strike. It's had a massive run recently strong results recently. but you know when you think about the um data that you've scraped with regard to a crowd strike what is the conversation about is it about identity protection what stands out

few things stand out to me so I analyzed on this one about 600,000 posts that mention crowd strike this year so once again I come back to the same story which is that first AI is becoming a central and the central demand story for crowdstrike. So investors are no longer discussing crowdstrike simply as the endpoint security company. They're increasingly seeing it as part of the same infrastructure required to deploy AI safely in the social data.

You investors are also connecting that directly to a greater demand for identity protection for you know cloud security threat detection among others. So again, cloud crowd strike is being positioned within the broader um AI ecosystem and importantly the conversation is really moving beyond the general AI excitement because investors are discussing enterprise security needs including protecting your AI agents and securing employee identities in cloud environments.

But that's that's actually that's interesting. But here's the more interesting part. The valuation story is what I see in the data and the tension that I see in the data is actually around the valuation. So investors are increasingly viewing pride strike as a major beneficiary of the AI buildout. Um but expectations are definitely high and I see that on the long term for them as well.

Okay. So there are some worries about where it sits in terms of you know price now given the run that it's had. Um and and then how do you see it in terms of the competitive landscape? I'm sure there's been some data points that have come out about Crowd Strike versus others.

Yes, actually another very interesting point is that Crowd Strike is not really compared to the Palo Alto networks. There are some contextual mentions about it, but it's actually viewed more in that AI space and actually Google was one of the names that came the most in the conversations when investors were covering crowd strike, which again is very interesting.

What I see looking ahead um in the print in the upcoming quarters for them is that that social conversation right now is very constructive for them uh just because it's being increasingly discussed again as an essential AI platform and infrastructure rather than your traditional cyber security and the signal to watch here will be whether basically the conversation continues moving towards that real world AI implication and basically applications and adoption.

And if it does, it it really will strengthen the case for them um as one of the core security companies and it's definitely going to move them away into um from traditional security to basically the AI infrastructure security.