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Whether AI can run security operations on its own comes down to one question: when an automated action is wrong, who is accountable for finding out what happened and fixing it? Our note borrows two levels from self-driving cars. At L2 the driver answers for mistakes. At L4 the car drives itself, so accountability shifts to the company behind the system. 1. At L2, a third-party AI agent mostly assists. It connects to a security platform over MCP, the protocol that lets an outside AI model pull data from a vendor's platform. It suggests next steps and drafts investigations, while the human and the security platform still hold the wheel. 2. At L4 or L5, the system acts with no human in the loop in the security operations centre. It quarantines a machine, kills a process, revokes access or blocks traffic. Any of those can be wrong. When one is, the customer needs a clear accountable party that will investigate and fix the problem. In our view $PANW can be that party. It is already inside the customer's systems, keeps audit trails, and its own products take those hard-to-reverse actions. AI model labs are poorly placed for that role. On our reading, their terms usually limit what they answer for, so when an outside agent acts wrongly, the customer is left to investigate and fix the problem alone. Outside agents compete most easily for the analyst's workspace, which is L2 work. That makes $PANW better placed than model labs to sell autonomy.

Investor Letters

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Constellation: Stars Aligning?

Constellation Brands trades near $127 at roughly 11x next-twelve-month EV/EBIT, with recent business results offsetting concerns over…

STZ $22B
TSOH Investment Research 27 clicks

Lennar, Part One: The Story

Lennar grew from a Miami builder into one of America’s two largest homebuilders, controlling land largely through options and land banks…

LEN $17B
Latticework by MOI Global 15 clicks

Lennar, Part Two: The Deep Dive

Lennar’s second audio program examines the homebuilder’s business for professional investors and housing analysts.

LEN $17B
Latticework by MOI Global 13 clicks

Insider activity September 2026

Asian insider buying rose 19% to US$2.4 billion across 930 September transactions, led by Grab CEO Anthony Tan’s US$30 million purchase…

GRAB $12B
Asian Century Stocks 7 clicks
WDC · long

Western Digital CORP

Western Digital, a hard-disk manufacturer, is pitched as a long after significant share-price moves deter investors.

WDC $124B
Value Investors Club 5 clicks

Expert Call | Corning

Corning’s NVIDIA-backed 10x fiber expansion, enterprise connector demand and carrier capacity plans frame its optical communications…

GLW $115B
P Equity Research 38 clicks

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