The strongest sector tonight is still security SaaS, catalyzed by CRWD and OktaO both delivering better than expected Q2 results today, coupled with the strong performance of FTNT after raising its full year guidance. The market's attention to the AI network security sub track is rapidly heating up. 1. CrowdStrike: Record net new ARR, AI detection business nearly tripled compared to the previous period CRWDQ2 revenue was $1.47 billion (+26%), with adjusted earnings per share of $0.31, both exceeding expectations; Quarterly net increase in ARR (annualized recurring revenue) of 333 million US dollars (+51%), setting a new historical high for the company; The management has simultaneously raised the annual guidance. 2 Okta RPO expands to 48.6 billion US dollars, raising full year guidance twice this year OKTAQ2, the leader in identity security, generated revenue of $805 million (+11%) and adjusted EPS of $1.05, both exceeding market expectations; The remaining performance obligation (RPO) reached $4.86 billion, a year-on-year increase of 17%, reflecting the resilience of long-term subscription contracts. The expected annual revenue target range is $3.216 billion to $3.226 billion (the second upward adjustment in this fiscal year). As we have been discussing since the beginning of the year, the demand for security in the AI era is becoming increasingly strong 1) The attack surface is expanding: the deployment of large-scale models, the launch of AI intelligent agents, and the popularization of AI assisted programming are all synchronously expanding the digital attack surface of enterprises. Currently, about 80-90% of network attacks have AI generated features, and the cost of attacks continues to decrease. The real-time detection and response capabilities of the defense side have become more critical. 2) The incremental market is opening up. As previously mentioned, Da Mo estimates that AI will bring up to approximately $220 billion in incremental security requirements; If the intensity of AI security spending eventually converges with that of IT spending, the size of the AI security market is expected to expand from the current approximately $16 billion to over $45 billion, with a compound annual growth rate of 30% -40%. 3) The trend towards platformization is strengthening. The procurement logic of enterprises is shifting from "stacking dozens of single point tools" to "integrating platforms+selecting the best components". Manufacturers with runtime protection capabilities, proprietary data advantages, and flexible consumer pricing are more likely to consolidate their market share in the AI era. The performance of companies in the cybersecurity arena has exceeded expectations, indicating that in the same direction - enterprise security spending in the AI era - it is shifting from an "optional" to a "mandatory" option.