CrowdStrike Holdings Thesis

CrowdStrike is a leader in the cloud-native endpoint security market. Its Falcon platform is a lightweight agent that uses AI and threat intelligence to protect against breaches. The company's moat is its vast amount of data, which creates a network effect for its AI models (the more data, the smarter the protection). The growth driver is the expansion of its platform into new security modules (Cloud Security, Identity Protection) and the displacement of legacy, on-premise vendors. The investment thesis is based on the secular trend of cybersecurity spending and CrowdStrike's superior cloud-native architecture.