$Datadog(DDOG.US) and $CloudFlare(NET.US) both saw slight gains, while $Palo Alto Networks(PANW.US) actually dipped slightly. Observability and edge networks are moving along with the software wave, but cybersecurity has fallen behind. The procurement cycle for security budgets is inherently longer than SaaS subscriptions, leading to slower demand confirmation. Also categorized under enterprise software, the security segment lags by half a beat in every valuation rotation. Is this determined by industry attributes, or did capital simply not intend to grant a cybersecurity premium this round? It looks more like the former—security spending tends to be rigid, with naturally lower elasticity.