Dilli Dilli - 5/20/2026 - I'm SecSi & And I SNOW It

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Dilli Dilli - 5/20/2026 - I'm SecSi & And I SNOW It

Enterprise Software

Security Software

May 20, 2026

The Wolfe Byte

Our latest channel check note details the most salient takeaways from

conversations across the Software ecosystem on CRM, SNOW, and WDAY. In this Alex Zukin

edition, we recap checks on the broader cybersecurity space and more specifically azukin@wolferesearch.com

on PANW, CRWD, OKTA, and S. (415) 878-6420 View Alex’s Research

View Comp Table

Key Thoughts. With earnings season winding down, we bring together our latest Joshua Tilton, CFA

channel conversations across the off-cal software and security names. Overall JTilton@wolferesearch.com (415) 878-6430

Security and SNOW is all you need to know right here right now! App software View Joshua’s Research

checks remain mixed with incremental positive tailwinds but a feeling of a long

Patrick O'Neill

journey ahead. S checks point to a quarter ahead of plan with Endpoint solid, poneill@wolferesearch.com

Prompt moving from showing to actually selling (including a win vs. CRWD's AIDR (415) 878-6422

on price), and a potential 9-figure TCV deal that may explain the seasonality

shift management flagged, though partners view Observo as the more strategic

acquisition longer-term and called out CRWD's Flex credit program as an aggressive

but well-executed disruption to watch. PANW checks point to a solid quarter driven

by a strong April refresh that more than made up for a slow calendar 1Q, with

SIEM, SASE, and AI security all building. CRWD checks were similarly strong, with

F1Q better than last year, very strong pipeline build, the platform narrative clearly

resonating, and partners viewing CRWD alongside PANW as one of the two biggest

security beneficiaries of the Mythos leak.