Datadog
Updates: Palo Alto Networks -From Platformization To AI-Native Security & Observability (Pt.1)
Summary
* PANW is well positioned for AI but still not treated as an “AI winner,” echoing broader concerns that incumbent SaaS platforms will be disrupted by AI-native challengers.
* 1Q26 shows platformization moving from slogan to reality: bigger, longer, multi-product and cross-platform deals, fatter back-end-loaded RPO,
Investor Guide: Forecasting Terminal FCF Margin Of B2B Software Companies (Pt.3)
Summary
* The report introduces the Terminal Opex & Capex Framework for estimating a software company's terminal opex and capex - part of the overarching Terminal FCF margin Framework.
* The framework takes into account market factors such as market type, revenue model, market concentration, and software criticality, as well as