CRWD

Summary * Following the 2Q24 call, PANW gapped down ~26%. Unlike other gap downs in the past, this was driven by management's radically new strategy as opposed to an earnings miss. * Contrary to what the market has priced-in, the new platformization strategy is very likely to put huge pressure on existing public competitors and smooth out many startups. * It will unlock the potential of various PANW BoB products that have thus far been capped by customer restraints. * Similar to the gap dow