Chinese AI Models Catching Up, Vulnerabilities Accelerating: Adding TENB to Analyst Focus List, Upgrading QLYS to Neutral, CRWD and PANW Remain Well Positioned for Incremental Demand

研报英文原文证据摘录

Chinese AI Models Catching Up, Vulnerabilities Accelerating: Adding TENB to Analyst Focus List, Upgrading QLYS to Neutral, CRWD and PANW Remain Well Positioned for Incremental Demand

J P M O R G A N North America Equity Research

30 June 2026

Chinese AI Models Catching Up,

Vulnerabilities Accelerating

Adding TENB to Analyst Focus List, Upgrading QLYS to

Neutral, CRWD and PANW Remain Well Positioned for

Incremental Demand

Chinese models are catching up; demand poised to accelerate. In our April note Software - Large Cap / Mid & Small

on Project Glasswing, we walked through Anthropic's frontier-AI vulnerability Cap

discovery launch and concluded the resilience factors across our preferred names Brian Essex, CFA AC

remained intact, with CRWD and PANW best positioned as essential defensive (1-212) 622-5990

layers rather than disruption targets. The picture has moved since. Open-weight brian.essex@jpmchase.com

Chinese AI models are closing the gap with frontier models in vulnerability Alex Isaac

discovery capabilities. Meanwhile, we already see evidence of vulnerability (1-212) 622-9159

acceleration, illustrated by CVEs tracked for the first quarter of the year (Figure 1CVE alex.isaac@jpmorgan.com

QuarterlySeverity). This comes at a time when enterprises are preparing to assess and manage a John Lee

(1-212) 622-6064

‘tsunami of vulnerabilities’ expected across their IT estates, and the progress of the john.h.lee@jpmorgan.com

Chinese models likely accelerates levels of urgency. Accordingly, we are adding J.P. Morgan Securities LLC

TENB to our Analyst Focus List as we view TENB as the best positioned exposure

management vendor to help organizations face this threat. We are also upgrading

QLYS from Underweight to Neutral as we think the company will also benefit