Mar. 27 at 6:22 PM
PickAlpha Midday:
Cybersecurity stocks are getting hit again after Fortune reported Anthropic accidentally exposed details of a still-unreleased model that the company itself says could pose significant cybersecurity risks. The Global X Cybersecurity ETF was indicated down in premarket, with names like CrowdStrike and Palo Alto also lower, as the market re-runs the same AI-disruption script that already hit cyber stocks after Anthropic’s earlier security-tool launch in February. 
Tickers:
$BUG $CRWD $PANW
Our view is the market is no longer treating AI as just a demand tailwind for cybersecurity — it is starting to price AI as a possible substitute for parts of the stack. That may end up being another panic trade, but for now every new Anthropic capability is bad for cyber multiples first and debated later. Be honest: did any of you short this one ahead of the leak?