CrowdStrike, Palo Alto Hit Record Highs After 5% Rally as Black Hat Flags AI Threats
Updated
Updated · CNBC · Aug 10
CrowdStrike, Palo Alto Hit Record Highs After 5% Rally as Black Hat Flags AI Threats
3 articles · Updated · CNBC · Aug 10
Summary
CrowdStrike and Palo Alto Networks each climbed more than 5% on Monday to record highs as investors chased AI-security names after last week's Black Hat conference in Las Vegas.
BTIG said AI agents have fundamentally worsened the threat landscape while deployment of AI security tools remains in its early stages, driving expectations for a new spending cycle.
The firm raised its Palo Alto price target to $380—about 4% above Friday's close—and lifted CrowdStrike to $237, implying 11% upside, citing benefits to identity, data and endpoint security products.
That demand spread across the sector: Tenable and Rubrik rose more than 7%, while Netskope and Zscaler gained about 5% each as analysts framed AI as both a larger attack surface and a core defense layer.