William Blair downgraded Qualys, Tenable and Rapid7 to Market Perform, citing AI‑driven uncertainty despite stable cybersecurity demand.
CrowdStrike named top pick, while Okta, Cloudflare and Akamai received positive commentary for AI‑enabled security solutions.
Cybersecurity budgets remain steady with modest growth, but AI may automate vulnerability management, pressuring traditional software spend.
Deal pipeline stays robust in 2026, though market volatility is expected as AI advances reshape the sector.