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The prevailing bear case for cybersecurity stocks earlier this year centered on a specific concern: that AI model advances would let enterprises and smaller vendors replicate detection logic cheaply enough to threaten established platforms.
CrowdStrike's most recent quarter has, so far, run counter to that thesis, with AI appearing to function as a demand tailwind rather than a structural threat to the sector.
Where the disintermediation argument breaks down The bear thesis had a coherent logic.
If a large language model can generate detection rules and synthesize threat intelligence at low marginal cost, the proprietary advantages that platforms spent years accumulating look less durable.
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