🟥▼面临沦为 AI 包装器和定价压缩的风险（哑管道风险） · 网络安全/定价权 客户未来倾向买便宜模块而非付 10 倍溢价给 CRWD/PANW，安全软件面临沦为 AI 包装器和定价压缩的风险
🟥▼pricedin 认为安全软件已沦为 AI 包装器（哑管道），但市场尚未意识到 · 网络安全/商品化 agree re market not seeing security as basically now wrapped by AI..its worse than Apps, your completely beholden to two companies now and you ARE the dumb pipe lol
🟥▼pricedin 认为安全软件的倍数已死，因为沦为哑管道，但这一认知尚未冲击该板块 · 网络安全/估值 Sure, but same as erp, .. its an even bigger cover your ass software and no one's replacing it… but the multiple is dead…. Because "dumb pipe now"..That realization hasn't hit security yet.
🟥▲Ummera 认为 ZS 是网络安全领域的巨大滞涨优质股，Mythos 需求未被计入指引 · 网络安全/需求 Just met ZS - they sound pretty good - enormous laggard in Cybersec factor for its quality - Redcanary attrition captured in F27 guide, already replaced one sales departure & probably the most clearly
🟥▲Ben Pouladian 认为 Nemotron 在 NVDA 估值中为零，美国开源权重执行层至少值一个 OpenAI · 估值/开源模型 Nemotron is carried at zero inside NVDA's multiple. An American open weight executor tier, standardizing inside enterprises that cannot run Chinese weights, is worth at least one OpenAI on its own
🟥▲Akh 在 sub 1500 价位买入，认为要么跌 75% 要么继续上涨 · 仓位/NAND I just did sub 1500 for SNDK...been trimming for several weeks, but slapped in a bid...either the party is over and this falls 75% peak to bottom or the drinking starts back up and the party goes to t
🟥◆认为没人会在本财报季直接削减 capex，风险在于软性评论 · 资本开支/财报季 nobody is going to outright cut capex this earnings season - to me the risk is some soft commentary that will spook people
Russ Hanneman · 1 atoms
🟥▼提出 AI 芯片需求峰值可能出现在 2027/2028，市场给增量业务低倍数合理 · 周期/估值 Peak might be 2027 or 2028 but the multiple on the additional business is very low, and arguably lower the higher growth is because it will just be further down from there.
🟥▼认为资金从科技动量股轮动至金融/医疗等板块是中期持续主题 · 资金流向/板块轮动 significant rotation from tech momentum to other areas of the market, fins healthcare etc. not a coincidence it occurring post Q2 opex. wouldnt dismiss this. think this is a lasting theme for the i