《Palo Alto Networks (PANW Stock) 1,400% In 10 Years -- What Comes Next In the AI Era》
PANW估值偏高（接近每股自由现金流70倍），且盈利能力受到稀释/收购的压力；建议耐心等待。
我们将特别讨论Palo Alto Networks。它们是三者中最大的，股票代码为PANW。我们实际上即将持有这只股票十年了。所以，这是对2026财年第四季度财报的回顾，但也可以说是十年后的回顾。
尤其是现在，自3月、4月初以来，股价上涨了超过100%，当时正值云神话时刻，投资者认为网络安全将成为AI的主要受益者，而不是被AI颠覆的软件行业。
We're going to talk about Palo Alto Networks in particular. They are the biggest of the three, ticker symbol PANW. We're coming up actually on a decade of owning this stock. So, this is a bit of an earnings review after Q4 fiscal year 2026, but let's call it like a 10 years later review on this. Especially now, shares are up well over 100% since March, early April, around the time of the cloud mythos moment and investors deciding actually cybersecurity is going to be a major beneficiary of AI, not a top disrupted software industry by AI.