Palo Alto Networks, Inc.

Sacks support ×2 ▲ on 📈 AI cyber: the one-time hardening upgrade cycle E295 · 2026-10-30 ▶ 56:19

And cyber defense is going to use a lot more tokens than just doing a pen test once a year, right? You're going to need continuous monitoring of agents, attack surfaces, all that kind of thing.

Jason support ×2 ▲ on 📈 AI cyber: the one-time hardening upgrade cycle E294 · 2026-10-23 ▶ 39:54

Yeah. And that's going to have to go up.

Jason, I think 10 days is too long. I think these things are going to happen much faster than every 10 days. I think part of the challenge we're seeing is we've been talking about technology debt that we will have to go pay sooner than later.

Friedberg support ×3 ▲ on 📈 AI cyber: the one-time hardening upgrade cycle E291 · 2026-10-02 ▶ 18:45

And so I think companies like Palo Alto Networks, I think the investment in this space, what I heard in DC this week was some Fortune 50 CEOs are very worried about cyber defense. That means they're going to start to make this their number one priority to address at the board level. That means the budgets for cyber defense are going to go through the roof.

Jason support ×1 ▲ on 📈 AI cyber: the one-time hardening upgrade cycle E290 · 2026-09-26 ▶ 15:48

To build a product, to do continuous cyber defense. And also a friend of the pod, George Kirch, from CrowdStrike. He also released Falcon, his new product, to do cyber defense.

Sacks support ×2 ▲ on 📈 AI cyber: the one-time hardening upgrade cycle E289 · 2026-09-11 ▶ 30:30

the only way to solve AI cyber attacks is with AI-powered cyber defense. We all know that.

Sacks support ×3 ▲ on 📈 AI cyber: the one-time hardening upgrade cycle E288 · 2026-09-04 ▶ 34:11

the answer to AI-powered cyber attacks is AI-powered cyber defense. And what we need to do is get the latest and greatest AI-powered cyber defense into the hands of IT departments and CISOs. And again, we're on a clock here to find all these vulnerabilities and patch them before the hackers do.

Friedberg support ×2 ▲ on 📈 AI cyber: the one-time hardening upgrade cycle E288 · 2026-09-04 ▶ 30:39

the sandbox should be dynamic. It should be agentic. It should be defending itself dynamically ... cyber defense will become stronger than, if not better than, any of these offensive systems that are being created with agents

Chamath support ×2 ▲ on 📈 AI cyber: the one-time hardening upgrade cycle E288 · 2026-09-04 ▶ 21:10

if these models can effectively code perfectly, then there is no exploit that it's not going to find. And we're on a shock clock to replace all the code that's been written in the last 50 or 60 years ... So for the next 10 years, we're going to have security issue after security issue.

Sacks support ×2 ▲ on 📈 AI cyber: the one-time hardening upgrade cycle E271 · 2026-05-01 ▶ 21:48

This leap from pre-AI cyber to post-AI cyber is going to be a big one-time upgrade cycle... you're going to find all these dormant bugs and vulnerabilities... the Chinese models are going to have these capabilities within approximately six months [so the window is now].

Jason support ×2 ▲ on 📈 AI cyber: the one-time hardening upgrade cycle E271 · 2026-05-01 ▶ 21:20

This is an incredible opportunity for the CrowdStrikes and Palo Alto Networks of the world... George [Kurtz] told me there is just a line out the door of people who want this product or service... an incredible revenue stream for everybody.

Cyan Banister support ×2 ▲ on 🤖 Cloud security is the gating constraint on hyperscaler growth E220 · 2025-03-22 ▶ 56:38

When this investment was initially made, there was not a lot of money going into security. There still isn't. It's an under-invested category and with AI and the threat of the types of things that people can build and vibe-coding and everything in between, you're going to need better security. I'm excited to see that maybe this might become an investable category.

Friedberg support ×2 ▲ on 🤖 Cloud security is the gating constraint on hyperscaler growth E220 · 2025-03-22 ▶ 50:24

security has become such a kind of top requirement and product category that it now effectively enables a Beachhead type model to be successful

Sacks support ×2 ▼ on 📈 CrowdStrike's outage does lasting damage to its franchise E189 · 2024-07-26 ▶ 15:52

Similarly, I had my IT department check and make sure that we didn't have it running anywhere and we don't. I'm just gonna be frank, I don't trust this company.

Friedberg support ×3 ▲ on 🤖 Cloud security is the gating constraint on hyperscaler growth E189 · 2024-07-26 ▶ 9:59

if Wiz continues to grow at this rate, it's conceivable they could be in the range of a Palo Alto Network's $100 billion market cap in a couple of years, given this momentum and if you progress it forward.

Chamath support ×2 ▲ on 🤖 Cloud security is the gating constraint on hyperscaler growth E189 · 2024-07-26 ▶ 5:16

I think it just goes to show you how bad security is in the cloud and how needed it is. So it doesn't surprise me that Google wouldn't buy something like this. I think Amazon and Microsoft would probably want something like it as well.

Chamath support ×3 ▲ on 🤖 Cloud security is the gating constraint on hyperscaler growth E188 · 2024-07-19 ▶ 1:08:07

in the absence of cloud security, these cloud vendors are going to be constrained in how fast they can grow. So, what an incredible market.

Friedberg oppose ×3 ▲ on 🤖 Bottoms-up SaaS hits a growth wall — only the scaled platforms escape E113 · 2023-01-27 ▶ 32:14

when it comes to software, if your product is the same as the other guy's product, maybe they deserve to win by bundling. And maybe it's okay for them to offer a discount and beat you on pricing.

Sacks support ×3 ▲ on 🤖 Bottoms-up SaaS hits a growth wall — only the scaled platforms escape E113 · 2023-01-27 ▶ 29:41

I think that this bundling behavior is a form of dumping, where in the short run, it looks like consumers are benefiting because they're getting a Zoom clone for free or a Slack clone for free. But then what happens is once they've hobbled those companies, they raise the price of the bundle.

Jason oppose ×2 ▲ on 🤖 Bottoms-up SaaS hits a growth wall — only the scaled platforms escape E113 · 2023-01-27 ▶ 26:22

So I think the marketplace will compete. And if you look at Slack itself, it's still growing the same percentage growth it did inside of Salesforce that it did as an independent company.

Chamath support ×3 ▲ on 🤖 Bottoms-up SaaS hits a growth wall — only the scaled platforms escape E113 · 2023-01-27 ▶ 23:54

we could build the best product in the world, but if Microsoft gives it away with this other product that is quasi-essential, they'll always beat us. And there's nothing we can do about it.

Sacks oppose ×2 ▲ on 🤖 Bottoms-up SaaS hits a growth wall — only the scaled platforms escape E106 · 2022-12-03 ▶ 1:26:36

And what they've shown is a huge slowdown. Basically, their net new ARR that they just added in the previous quarter dropped two-thirds compared to the previous quarter.

Sacks support ×3 ▲ on 🤖 Bottoms-up SaaS hits a growth wall — only the scaled platforms escape E96 · 2022-09-17 ▶ 19:34

So basically they get you hooked on the bundle, they then use it to systematically kill or undermine a competitor and then they know you're stuck and then they raise the price. They basically have inflation of the price of the whole bundle. I think it's very anti-competitive. Actually, I think it's akin to dumping.

Chamath support ×3 ▲ on 🤖 Bottoms-up SaaS hits a growth wall — only the scaled platforms escape E96 · 2022-09-17 ▶ 17:37

So what's interesting to me is you cannot effectively compete, as it turns out, against Microsoft at any point product. And Slack I think is the best example where, you know, Microsoft Teams was fundamentally cannibalizing this business, which is what drove Slack into the arms of Salesforce.

Chamath support ×2 ▲ on 🤖 Bottoms-up SaaS hits a growth wall — only the scaled platforms escape E85 · 2022-06-30 ▶ 36:55

The easiest SaaS company to start and the one that folks, really talented investors like Sacks will fund overwhelmingly over others, are what's called bottoms up SaaS ... the unfortunate part of that growth curve is that it's pretty terminal within seven to ten years. And after that, you're forced to go to the mid market, and then eventually you're forced to go enterprise. ... Palo Alto Networks is probably the next closest one now.