Cyber Download - Budget Improvement in 2Q

研报英文原文证据摘录

Cyber Download - Budget Improvement in 2Q

USA | Software EquityJulyResearch16, 2026

We hosted a field CISO at a cyber consulting firm, with takeaways positive for

2Q cyber performance (modestly improving qoq), as CISOs (and now CTOs)

increasingly brace for AI proliferation. SIEM growth was cited as durable;

Identity is still seen as AI beneficiary; and VM showed improvement in demand

qoq. Firewall demand continues to outpace supply, w/ constraints likely

persisting NT (may alleviate 4Q) and PANW best placed to navigate inventory

challenges.

2Q Demand Environment. Our expert, James Chatwani, cited a modest uptick in cyber demand in

2Q versus 1Q, which he expects to continue. He has seen cyber rise as a spending priority (upticking

interest in app security, threat intel, and data security mgmt), with AI expanding the aperture of

cyber applications and broadening discussions beyond CISOs/CIOs to CTOs. He believes greater

C-suite focus on cyber is helping compress sales cycles from the typical ~9-month timeline. That

said, he still expects spending to grow gradually as AI adoption and the threat landscape evolve.

Memory Impact. Inventory constraints have affected the procurement of next-gen firewall

hardware, with lead times extending. Higher prices have not materially affected customer demand,

which remains extremely strong. Our expert believes the hardware bottleneck may worsen in the

very near term before easing around 4Q. While he has seen some pull fwd activity, some larger

hardware purchases have had to be pushed out, given supply constraints. Among vendors, he cited

PANW as managing supply chain challenges most effectively, resulting in the shortest lead times,

while FTNT has experienced some inventory constraints.

Identity.