{
  "issue": {
    "id": "2026-w36",
    "weekEnding": "2026-09-06",
    "windowStart": "2026-08-24",
    "published": "2026-09-19",
    "status": "published",
    "read": "Record earnings from CrowdStrike, Zscaler, Palo Alto, Rubrik and NVIDIA meet thin VC and quiet M&A — the infra-to-security lag call holds.",
    "sections": [
      {
        "lane": "formation",
        "items": [
          {
            "id": "2026-w36-formation-1",
            "lane": "formation",
            "headline": "Socure raises $156.0M Series E for digital identity and fraud prevention",
            "why": "Summit Partners led one of the week's larger identity-fraud raises.",
            "date": "2026-08-24",
            "evidenceIds": [
              "W36-01"
            ],
            "vendors": [
              "socure"
            ],
            "domainId": "identity"
          },
          {
            "id": "2026-w36-formation-2",
            "lane": "formation",
            "headline": "KAZIMI raises $2.6M Pre-Seed for mobile anti-bot protection (Germany)",
            "why": "Market One Capital backed the anti-bot platform, a small early-stage formation signal.",
            "date": "2026-08-24",
            "evidenceIds": [
              "W36-02"
            ],
            "vendors": [
              "kazimi"
            ]
          },
          {
            "id": "2026-w36-formation-3",
            "lane": "formation",
            "headline": "CYBERA raises $2.5M Venture round for SD-WAN with built-in network security",
            "why": "The US SD-WAN vendor folds network security into its platform for distributed enterprises.",
            "date": "2026-08-24",
            "evidenceIds": [
              "W36-03"
            ],
            "vendors": [
              "cybera"
            ],
            "domainId": "network-sase"
          },
          {
            "id": "2026-w36-formation-4",
            "lane": "formation",
            "headline": "Opgate raises $60.0K Pre-Seed for AI-agent runtime security and policy enforcement",
            "why": "A very early formation bet on runtime controls for autonomous AI agents.",
            "date": "2026-08-24",
            "evidenceIds": [
              "W36-04"
            ],
            "vendors": [
              "opgate"
            ],
            "domainId": "ai-runtime"
          },
          {
            "id": "2026-w36-formation-5",
            "lane": "formation",
            "headline": "DetectifAI raises undisclosed Seed round for AI deepfake voice detection",
            "why": "Backers include Josh Constine and Manohar Kamath; no round size was disclosed.",
            "date": "2026-08-24",
            "evidenceIds": [
              "W36-05"
            ],
            "vendors": [
              "detectifai"
            ]
          },
          {
            "id": "2026-w36-formation-6",
            "lane": "formation",
            "headline": "HiddenLayer raises $100M Series B for AI runtime security",
            "why": "Delta-v Capital led the round, joined by Booz Allen Ventures, M12, Morgan Stanley and Ten Eleven Ventures.",
            "date": "2026-09-03",
            "evidenceIds": [
              "W36-06"
            ],
            "vendors": [
              "hiddenlayer"
            ],
            "domainId": "ai-runtime"
          },
          {
            "id": "2026-w36-formation-7",
            "lane": "formation",
            "headline": "AIR Security emerges from stealth with $50M for an AI agent firewall",
            "why": "Sequoia Capital and Greenoaks led the round alongside individual industry angels.",
            "date": "2026-09-03",
            "evidenceIds": [
              "W36-07"
            ],
            "vendors": [
              "air-security"
            ],
            "domainId": "ai-runtime"
          }
        ]
      },
      {
        "lane": "absorption",
        "items": [
          {
            "id": "2026-w36-absorption-1",
            "lane": "absorption",
            "headline": "Palo Alto Networks reportedly paid $500M for Console, sources say",
            "why": "TechCrunch reports the AI-agent IT helpdesk startup deal; Palo Alto has not confirmed it.",
            "date": "2026-09-02",
            "evidenceIds": [
              "W36-08"
            ],
            "vendors": [
              "palo-alto-networks",
              "console"
            ]
          },
          {
            "id": "2026-w36-absorption-2",
            "lane": "absorption",
            "headline": "ePlus acquires Daymark Solutions for an undisclosed amount",
            "why": "Adds Daymark to ePlus’s portfolio; deal terms were not disclosed.",
            "date": "2026-08-24",
            "evidenceIds": [
              "W36-09"
            ],
            "vendors": [
              "eplus",
              "daymark-solutions"
            ]
          },
          {
            "id": "2026-w36-absorption-3",
            "lane": "absorption",
            "headline": "Echo acquires container security firm Minimus (formerly Gutsy)",
            "why": "The Israel-based secure-by-design container image company was acquired for an undisclosed amount.",
            "date": "2026-08-24",
            "evidenceIds": [
              "W36-10"
            ],
            "vendors": [
              "echo",
              "minimus"
            ],
            "domainId": "cloud-security"
          },
          {
            "id": "2026-w36-absorption-4",
            "lane": "absorption",
            "headline": "Ampcus acquires smarterd, an IT asset management and risk platform",
            "why": "Terms were undisclosed for the US-based IT asset management and risk-prioritization deal.",
            "date": "2026-08-24",
            "evidenceIds": [
              "W36-11"
            ],
            "vendors": [
              "ampcus",
              "smarterd"
            ]
          },
          {
            "id": "2026-w36-absorption-5",
            "lane": "absorption",
            "headline": "Trace3 acquires Calian's U.S. Commercial IT Business, an MSSP",
            "why": "The managed security services provider was acquired for an undisclosed amount.",
            "date": "2026-08-24",
            "evidenceIds": [
              "W36-12"
            ],
            "vendors": [
              "trace3",
              "calian-s-u-s-commercial-it-business"
            ]
          },
          {
            "id": "2026-w36-absorption-6",
            "lane": "absorption",
            "headline": "Integrity360 acquires CyberIAM, a UK identity and access management consultancy",
            "why": "The IAM professional-services firm was acquired for an undisclosed amount.",
            "date": "2026-08-24",
            "evidenceIds": [
              "W36-13"
            ],
            "vendors": [
              "integrity360",
              "cyberiam"
            ],
            "domainId": "identity"
          }
        ]
      },
      {
        "lane": "prints",
        "items": [
          {
            "id": "2026-w36-prints-1",
            "lane": "prints",
            "headline": "CrowdStrike revenue hits $1.47B, +26% YoY; net new ARR $333M, +51%",
            "why": "Net new ARR accelerated to 51% year-over-year, the strongest reacceleration among this week’s prints.",
            "date": "2026-08-26",
            "evidenceIds": [
              "W36-14"
            ],
            "vendors": [
              "crowdstrike"
            ],
            "domainId": "secops"
          },
          {
            "id": "2026-w36-prints-2",
            "lane": "prints",
            "headline": "Zscaler FY2026 revenue grows to $898.2M, +25% YoY; ARR grows to $3,771M, +25%",
            "why": "Net new ARR added $246M in the quarter, extending Zscaler’s growth at scale.",
            "date": "2026-09-03",
            "evidenceIds": [
              "W36-15"
            ],
            "vendors": [
              "zscaler"
            ],
            "domainId": "network-sase"
          },
          {
            "id": "2026-w36-prints-3",
            "lane": "prints",
            "headline": "SentinelOne revenue grows 21% to $292M; ARR up 22% to $1,218M",
            "why": "SentinelOne’s revenue and ARR growth held steady this quarter, consistent with a platformizing XDR market.",
            "date": "2026-08-27",
            "evidenceIds": [
              "W36-16"
            ],
            "vendors": [
              "sentinelone"
            ],
            "domainId": "secops"
          },
          {
            "id": "2026-w36-prints-4",
            "lane": "prints",
            "headline": "Okta revenue rises 11% to $805M, subscription revenue $793M",
            "why": "Subscription revenue grew 12% year-over-year, Okta’s core identity business still expanding steadily.",
            "date": "2026-08-26",
            "evidenceIds": [
              "W36-17"
            ],
            "vendors": [
              "okta"
            ],
            "domainId": "identity"
          },
          {
            "id": "2026-w36-prints-5",
            "lane": "prints",
            "headline": "Rubrik revenue grows 38% to $427.3M; subscription ARR $1.66B, +33%",
            "why": "Subscription ARR growth accelerated to 33%, reinforcing Rubrik’s place in the data-security landscape.",
            "date": "2026-08-27",
            "evidenceIds": [
              "W36-18"
            ],
            "vendors": [
              "rubrik"
            ],
            "domainId": "data-ai-security"
          },
          {
            "id": "2026-w36-prints-6",
            "lane": "prints",
            "headline": "Palo Alto FY2026 revenue grows 34% to $3.41B; Next-Gen Security ARR $9.10B, +63%",
            "why": "Next-Gen Security ARR growth of 63% is the fastest among this week’s public-issuer prints.",
            "date": "2026-09-01",
            "evidenceIds": [
              "W36-19"
            ],
            "vendors": [
              "palo-alto-networks"
            ]
          },
          {
            "id": "2026-w36-prints-7",
            "lane": "prints",
            "headline": "Broadcom Q3 revenue up 86 percent to $29.6B; AI chip revenue $16.7B, +221%",
            "why": "AI semiconductor revenue grew 221% year-over-year and 54% quarter-over-quarter, per CEO Hock Tan.",
            "date": "2026-09-02",
            "evidenceIds": [
              "W36-20"
            ],
            "vendors": [
              "broadcom"
            ]
          },
          {
            "id": "2026-w36-prints-8",
            "lane": "prints",
            "headline": "Nutanix revenue grows 16% to $757.1M; ARR reaches $2.55B, +16%",
            "why": "Nutanix’s ARR growth held at 16% for a second straight readout, a steady infrastructure-layer print.",
            "date": "2026-08-26",
            "evidenceIds": [
              "W36-21"
            ],
            "vendors": [
              "nutanix"
            ]
          }
        ]
      },
      {
        "lane": "capital",
        "items": [
          {
            "id": "2026-w36-capital-1",
            "lane": "capital",
            "headline": "NVIDIA revenue hits $96.2B, +106% YoY; Data Center revenue $89.0B, +117%",
            "why": "Data Center revenue growth accelerated to 117% year-over-year, the strongest print in this week’s set.",
            "date": "2026-08-26",
            "evidenceIds": [
              "W36-22"
            ],
            "vendors": [
              "nvidia"
            ]
          },
          {
            "id": "2026-w36-capital-2",
            "lane": "capital",
            "headline": "Microsoft guides capex to over $50B, citing a useful-life update",
            "why": "The next-quarter capex guide is a new infrastructure-buildout data point for the standing infra-to-security lag call.",
            "date": "2026-09-02",
            "evidenceIds": [
              "W36-23"
            ],
            "vendors": [
              "microsoft"
            ]
          }
        ]
      }
    ],
    "weThink": {
      "summary": "This week combined eight public-issuer earnings prints — CrowdStrike, Zscaler, SentinelOne, Okta, Rubrik, Palo Alto Networks, Broadcom and Nutanix all reported in-window — with thin early-stage funding and quiet, mostly undisclosed M&A. The pattern is consistent with the standing infrastructure-to-security lag call, not a change to it.",
      "postureDeltas": [],
      "thesis": {
        "thesis": "episode-002",
        "verdict": "holds",
        "basis": "Every prints-lane figure this window is a strong beat with accelerating or steady growth (CrowdStrike net new ARR +51% YoY, Palo Alto Next-Gen Security ARR +63% YoY, Rubrik subscription ARR +33% YoY, NVIDIA Data Center revenue +117% YoY). That is evidence of demand strength at the infrastructure/platform layer, not a change to the standing infrastructure-to-security lag call: the call is about the gap between infrastructure spend and security-market translation, and this week’s prints are consistent with a call already built on strong infrastructure numbers. No M&A or funding item this window is large or structurally unusual enough to move it on its own.",
        "confidence": "medium",
        "evidenceIds": [
          "W36-14",
          "W36-19",
          "W36-18",
          "W36-22"
        ]
      },
      "noCalls": [
        "Stable 0–8-quarter infrastructure-to-security lag: this window adds one mature infrastructure impulse and no comparable registered security response, so the lag stays a no-call rather than a measured number of quarters."
      ],
      "signedBy": "Jesse Pike",
      "signedOn": "2026-09-19"
    },
    "proposed": null,
    "sources": {
      "readable": 21,
      "unreadable": [
        "https://cybersecurityventures.com/cybersecurity-venture-capital-vc-deals/",
        "https://www.securityweek.com/category/mergers-acquisitions/",
        "https://www.paloaltonetworks.com/company/press"
      ]
    }
  },
  "evidence": [
    {
      "id": "W36-01",
      "title": "Socure Series E funding announcement",
      "organization": "Return on Security",
      "publicationDate": "2026-08-24",
      "economicPeriod": "Security, Funded #259 week",
      "canonicalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
      "excerpt": "Socure, a United States-based digital identity verification and fraud prevention platform, raised a $156.0M Series E from Summit Partners.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "A large-dollar identity-fraud round in an otherwise thin funding week.",
      "limitations": "Aggregator-sourced round description; not the company’s own release.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-01",
      "tags": [
        "investment",
        "identity",
        "private"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
        "sha256": "28ceedf3b9fd2795594b02e73401a4177f7d5cb2454eb4f28487ee83ce4dc05b",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "Security, Funded #259 — Product Companies list, Socure entry"
      }
    },
    {
      "id": "W36-02",
      "title": "KAZIMI Pre-Seed funding announcement",
      "organization": "Return on Security",
      "publicationDate": "2026-08-24",
      "economicPeriod": "Security, Funded #259 week",
      "canonicalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
      "excerpt": "KAZIMI, a Germany-based anti-bot platform for mobile applications, raised a $2.6M Pre-Seed from Market One Capital.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "Small early-stage formation in mobile anti-bot protection.",
      "limitations": "Aggregator-sourced round description; not the company’s own release.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-02",
      "tags": [
        "investment",
        "private"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
        "sha256": "28ceedf3b9fd2795594b02e73401a4177f7d5cb2454eb4f28487ee83ce4dc05b",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "Security, Funded #259 — Product Companies list, KAZIMI entry"
      }
    },
    {
      "id": "W36-03",
      "title": "CYBERA Venture Round funding announcement",
      "organization": "Return on Security",
      "publicationDate": "2026-08-24",
      "economicPeriod": "Security, Funded #259 week",
      "canonicalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
      "excerpt": "CYBERA, a United States-based SD-WAN platform with integrated network security for distributed enterprises, raised a $2.5M Venture Round.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "Small-dollar formation bet on network security bundled with SD-WAN.",
      "limitations": "Aggregator-sourced round description; not the company’s own release. Lead investor not disclosed.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-03",
      "tags": [
        "investment",
        "network",
        "private"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
        "sha256": "28ceedf3b9fd2795594b02e73401a4177f7d5cb2454eb4f28487ee83ce4dc05b",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "Security, Funded #259 — Product Companies list, CYBERA entry"
      }
    },
    {
      "id": "W36-04",
      "title": "Opgate Pre-Seed funding announcement",
      "organization": "Return on Security",
      "publicationDate": "2026-08-24",
      "economicPeriod": "Security, Funded #259 week",
      "canonicalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
      "excerpt": "Opgate, a United States-based runtime security and policy enforcement for AI agents, raised a $60.0K Pre-Seed.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "Very small formation-stage capital in AI-agent runtime security.",
      "limitations": "Aggregator-sourced round description; not the company’s own release. Investor not disclosed.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-04",
      "tags": [
        "investment",
        "ai-runtime",
        "private"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
        "sha256": "28ceedf3b9fd2795594b02e73401a4177f7d5cb2454eb4f28487ee83ce4dc05b",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "Security, Funded #259 — Product Companies list, Opgate entry"
      }
    },
    {
      "id": "W36-05",
      "title": "DetectifAI Seed funding announcement",
      "organization": "Return on Security",
      "publicationDate": "2026-08-24",
      "economicPeriod": "Security, Funded #259 week",
      "canonicalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
      "excerpt": "DetectifAI, a United States-based AI deepfake voice detection platform, raised an undisclosed Seed round from Josh Constine and Manohar Kamath.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "Small angel-backed formation round in deepfake voice detection.",
      "limitations": "Aggregator-sourced round description; not the company’s own release. Round size undisclosed.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-05",
      "tags": [
        "investment",
        "private"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
        "sha256": "28ceedf3b9fd2795594b02e73401a4177f7d5cb2454eb4f28487ee83ce4dc05b",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "Security, Funded #259 — Product Companies list, DetectifAI entry"
      }
    },
    {
      "id": "W36-06",
      "title": "HiddenLayer Series B funding announcement",
      "organization": "HiddenLayer",
      "publicationDate": "2026-09-03",
      "economicPeriod": "Series B close",
      "canonicalUrl": "https://www.securityweek.com/hiddenlayer-raises-100-million-for-ai-runtime-security/",
      "excerpt": "AI security company HiddenLayer on Wednesday announced raising $100 million in a Series B funding round that brings the total raised by the company to over $155 million.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "A large, well-syndicated round for AI runtime security, the biggest formation print this window.",
      "limitations": "Reported via SecurityWeek, not the company’s own release page.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-06",
      "tags": [
        "investment",
        "ai-runtime",
        "private"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.securityweek.com/hiddenlayer-raises-100-million-for-ai-runtime-security/",
        "sha256": "438ad41abf3a8f71c3c5926a77f5aa7a0ea9da6fd3a572fbe43d87e73d7634f0",
        "fetchedAt": "2026-09-05T03:14:47Z",
        "locator": "Article body, opening paragraph"
      }
    },
    {
      "id": "W36-07",
      "title": "AIR Security stealth-exit funding announcement",
      "organization": "AIR Security",
      "publicationDate": "2026-09-03",
      "economicPeriod": "Stealth-exit funding close",
      "canonicalUrl": "https://www.securityweek.com/ai-agent-firewall-startup-air-security-emerges-from-stealth-with-50-million/",
      "excerpt": "AIR Security is emerging from stealth with $50 million funding...led by Sequoia Capital and Greenoaks together with...prominent individual industry angels.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "A second large AI-agent-security formation round the same week as HiddenLayer.",
      "limitations": "Reported via SecurityWeek, not the company’s own release page.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-07",
      "tags": [
        "investment",
        "ai-runtime",
        "private"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.securityweek.com/ai-agent-firewall-startup-air-security-emerges-from-stealth-with-50-million/",
        "sha256": "49ba1583879378c9799ea3856cb0e20d375730e24c3890b26ce89f044f845cc7",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "Article body, funding paragraph"
      }
    },
    {
      "id": "W36-08",
      "title": "Palo Alto Networks reported acquisition of Console",
      "organization": "Palo Alto Networks / TechCrunch",
      "publicationDate": "2026-09-02",
      "economicPeriod": "Deal reported, not confirmed by acquirer",
      "canonicalUrl": "https://techcrunch.com/2026/09/02/palo-alto-networks-paid-500m-for-thrive-backed-console-sources-say/",
      "excerpt": "Palo Alto Networks paid $500 million in cash and stock to acquire Console, a two-year-old startup that uses AI agents to automate routine IT help desk tasks.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "The week’s largest reported M&A figure, but sourced only to unnamed people familiar with the deal.",
      "limitations": "Press-sourced and unconfirmed by the acquirer. Palo Alto’s own press page did not surface a matching release; the figure is carried at reported, not confirmed, confidence.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-08",
      "tags": [
        "investment",
        "m-and-a"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://techcrunch.com/2026/09/02/palo-alto-networks-paid-500m-for-thrive-backed-console-sources-say/",
        "sha256": "c7448145fa3a830cae2d434b65b236dc7fe61bd2f8ba54b21062d2faafc54151",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "Article body, opening paragraph"
      }
    },
    {
      "id": "W36-09",
      "title": "ePlus acquisition of Daymark Solutions",
      "organization": "Return on Security",
      "publicationDate": "2026-08-24",
      "economicPeriod": "Security, Funded #259 week",
      "canonicalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
      "excerpt": "Daymark Solutions was acquired by ePlus for an undisclosed amount.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "A quiet, undisclosed-value tuck-in acquisition.",
      "limitations": "Aggregator-sourced description; deal value not disclosed.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-09",
      "tags": [
        "investment",
        "m-and-a"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
        "sha256": "28ceedf3b9fd2795594b02e73401a4177f7d5cb2454eb4f28487ee83ce4dc05b",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "Security, Funded #259 — M&A list, ePlus / Daymark Solutions entry"
      }
    },
    {
      "id": "W36-10",
      "title": "Echo acquisition of Minimus (formerly Gutsy)",
      "organization": "Return on Security",
      "publicationDate": "2026-08-24",
      "economicPeriod": "Security, Funded #259 week",
      "canonicalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
      "excerpt": "Minimus (formerly Gutsy) and there assets thereof, an Israel-based secure-by-design container image company, was acquired by Echo for an undisclosed amount.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "A quiet, undisclosed-value container-security tuck-in.",
      "limitations": "Aggregator-sourced description; deal value not disclosed.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-10",
      "tags": [
        "investment",
        "cloud-security",
        "m-and-a"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
        "sha256": "ec12cebefd1811fd7d105e98083244748680e209bad69180e22bdf3eb69200bd",
        "fetchedAt": "2026-09-05T03:14:47Z",
        "locator": "Security, Funded #259 — M&A list, Echo / Minimus entry"
      }
    },
    {
      "id": "W36-11",
      "title": "Ampcus acquisition of smarterd",
      "organization": "Return on Security",
      "publicationDate": "2026-08-24",
      "economicPeriod": "Security, Funded #259 week",
      "canonicalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
      "excerpt": "smarterd, a United States-based IT asset management and risk prioritization platform, was acquired by Ampcus for an undisclosed amount.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "A quiet, undisclosed-value IT asset management tuck-in.",
      "limitations": "Aggregator-sourced description; deal value not disclosed.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-11",
      "tags": [
        "investment",
        "m-and-a"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
        "sha256": "28ceedf3b9fd2795594b02e73401a4177f7d5cb2454eb4f28487ee83ce4dc05b",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "Security, Funded #259 — M&A list, Ampcus / smarterd entry"
      }
    },
    {
      "id": "W36-12",
      "title": "Trace3 acquisition of Calian's U.S. Commercial IT Business",
      "organization": "Return on Security",
      "publicationDate": "2026-08-24",
      "economicPeriod": "Security, Funded #259 week",
      "canonicalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
      "excerpt": "Calian's U.S. Commercial IT Business, a United States-based managed security services provider (MSSP), was acquired by Trace3 for an undisclosed amount.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "A quiet, undisclosed-value MSSP consolidation.",
      "limitations": "Aggregator-sourced description; deal value not disclosed.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-12",
      "tags": [
        "investment",
        "secops",
        "m-and-a"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
        "sha256": "28ceedf3b9fd2795594b02e73401a4177f7d5cb2454eb4f28487ee83ce4dc05b",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "Security, Funded #259 — M&A list, Trace3 / Calian's U.S. Commercial IT Business entry"
      }
    },
    {
      "id": "W36-13",
      "title": "Integrity360 acquisition of CyberIAM",
      "organization": "Return on Security",
      "publicationDate": "2026-08-24",
      "economicPeriod": "Security, Funded #259 week",
      "canonicalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
      "excerpt": "CyberIAM, a United Kingdom-based professional services firm focused on Identity and Access Management (IAM) consulting, was acquired by Integrity360 for an undisclosed amount.",
      "sourceClass": "INDEPENDENT",
      "interpretation": "A quiet, undisclosed-value IAM consulting consolidation.",
      "limitations": "Aggregator-sourced description; deal value not disclosed.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-13",
      "tags": [
        "investment",
        "identity",
        "m-and-a"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.returnonsecurity.com/p/security-funded-259",
        "sha256": "28ceedf3b9fd2795594b02e73401a4177f7d5cb2454eb4f28487ee83ce4dc05b",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "Security, Funded #259 — M&A list, Integrity360 / CyberIAM entry"
      }
    },
    {
      "id": "W36-14",
      "title": "CrowdStrike Q2 FY2027 Financial Results",
      "organization": "CrowdStrike",
      "publicationDate": "2026-08-26",
      "economicPeriod": "Quarter ended 2026-07-31",
      "canonicalUrl": "https://www.sec.gov/Archives/edgar/data/1535527/000153552726000029/crwd-20260826xex991.htm",
      "excerpt": "Total revenue was $1.47 billion, a 26% increase, compared to $1.17 billion in the second quarter of fiscal 2026. / Delivers record net new ARR of $333 million, accelerates growth to 51% year-over-year",
      "sourceClass": "FILING",
      "interpretation": "A strong beat with accelerating net-new ARR, consistent with the standing infra-to-security lag call.",
      "limitations": "Total-company revenue and ARR; not a single-product or single-domain series.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-14",
      "tags": [
        "security-vendor",
        "secops",
        "public"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.sec.gov/Archives/edgar/data/1535527/000153552726000029/crwd-20260826xex991.htm",
        "sha256": "55bfc3ec3d51b325dcc39a3b1d23a2ef7a56d9b9d216c456a3d39b50083fdfcb",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "EX-99.1, revenue and net-new-ARR paragraph"
      }
    },
    {
      "id": "W36-15",
      "title": "Zscaler Announces Strong Fourth Quarter and Fiscal 2026 Financial Results",
      "organization": "Zscaler",
      "publicationDate": "2026-09-03",
      "economicPeriod": "Quarter ended 2026-07-31",
      "canonicalUrl": "https://www.sec.gov/Archives/edgar/data/1713683/000171368326000156/zs-07312026_991.htm",
      "excerpt": "Revenue: Grew 25% year over year to $898.2 million. / ARR: Grew 25% year over year to $3,771 million, of which $246 million was net new ARR during the fourth quarter of fiscal 2026.",
      "sourceClass": "FILING",
      "interpretation": "Steady growth at scale for the public SSE/SASE bellwether.",
      "limitations": "Total-company revenue and ARR; not a single-product or single-domain series.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-15",
      "tags": [
        "security-vendor",
        "sase",
        "network"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.sec.gov/Archives/edgar/data/1713683/000171368326000156/zs-07312026_991.htm",
        "sha256": "1d2e6e883821e405ca08482d7e381b7f979a9337ecc564cca19e6ab347519173",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "EX-99.1, revenue and ARR bullet points"
      }
    },
    {
      "id": "W36-16",
      "title": "SentinelOne Announces Second Quarter Fiscal Year 2027 Financial Results",
      "organization": "SentinelOne",
      "publicationDate": "2026-08-27",
      "economicPeriod": "Quarter ended 2026-07-31",
      "canonicalUrl": "https://www.sec.gov/Archives/edgar/data/1583708/000158370826000052/sentineloneq227exhibit991.htm",
      "excerpt": "Total revenue grew 21% to $292 million, compared to $242 million. / Annualized recurring revenue (ARR) grew 22% to $1,218 million as of July 31, 2026.",
      "sourceClass": "FILING",
      "interpretation": "Steady growth as SentinelOne’s platform consolidation continues.",
      "limitations": "Total-company revenue and ARR; not a single-product or single-domain series.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-16",
      "tags": [
        "security-vendor",
        "secops",
        "public"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.sec.gov/Archives/edgar/data/1583708/000158370826000052/sentineloneq227exhibit991.htm",
        "sha256": "cf829186ef50df7c177000aabef60335accb235ba439671e93f91ee5292c8293",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "EX-99.1, revenue and ARR paragraph"
      }
    },
    {
      "id": "W36-17",
      "title": "Okta Announces Second Quarter Fiscal Year 2027 Financial Results",
      "organization": "Okta",
      "publicationDate": "2026-08-26",
      "economicPeriod": "Quarter ended 2026-07-31",
      "canonicalUrl": "https://www.sec.gov/Archives/edgar/data/1660134/000166013426000068/okta-7312026_ex991.htm",
      "excerpt": "Revenue: Total revenue was $805 million, an increase of 11% year-over-year. Subscription revenue was $793 million, an increase of 12% year-over-year.",
      "sourceClass": "FILING",
      "interpretation": "Steady, unremarkable growth for the public identity bellwether.",
      "limitations": "Total-company revenue; not a single-product or single-domain series.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-17",
      "tags": [
        "security-vendor",
        "identity",
        "public"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.sec.gov/Archives/edgar/data/1660134/000166013426000068/okta-7312026_ex991.htm",
        "sha256": "5547ef7e7f3aaf24bfa43c8b795b8a9316aea034dd3d9e0af0461e999a6ca067",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "EX-99.1, revenue paragraph"
      }
    },
    {
      "id": "W36-18",
      "title": "Rubrik Reports Second Quarter Fiscal Year 2027 Financial Results",
      "organization": "Rubrik",
      "publicationDate": "2026-08-27",
      "economicPeriod": "Quarter ended 2026-07-31",
      "canonicalUrl": "https://www.sec.gov/Archives/edgar/data/1943896/000194389626000055/rubrikinc-991pressrelease7.htm",
      "excerpt": "Second quarter subscription ARR grew 33% year-over-year to $1.66 billion. / Second quarter revenue grew 38% year-over-year to $427.3 million.",
      "sourceClass": "FILING",
      "interpretation": "Accelerating growth for the public data-security bellwether.",
      "limitations": "Total-company revenue and ARR; not a single-product or single-domain series.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-18",
      "tags": [
        "security-vendor",
        "data-security",
        "public"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.sec.gov/Archives/edgar/data/1943896/000194389626000055/rubrikinc-991pressrelease7.htm",
        "sha256": "dde91722cd830efaee460a4e01ad8a76e5f5d7083fafddbb630895fc4c99c9d6",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "EX-99.1, headline metrics bullets"
      }
    },
    {
      "id": "W36-19",
      "title": "Palo Alto Networks Reports Fiscal Fourth Quarter and Fiscal Year 2026 Financial Results",
      "organization": "Palo Alto Networks",
      "publicationDate": "2026-09-01",
      "economicPeriod": "Quarter ended 2026-07-31",
      "canonicalUrl": "https://www.sec.gov/Archives/edgar/data/1327567/000132756726000019/ex991q426earningsrelease.htm",
      "excerpt": "Total revenue for the fiscal fourth quarter 2026 grew 34% year over year to $3.41 billion. / Next-Generation Security ARR for the fiscal fourth quarter 2026 grew 63% year over year to $9.10 billion.",
      "sourceClass": "FILING",
      "interpretation": "A strong beat with accelerating Next-Gen Security ARR, the fastest growth rate of this window’s prints.",
      "limitations": "Total-company revenue and a company-defined ARR segment; spans multiple domains, not a single-domain series.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-19",
      "tags": [
        "security-vendor",
        "public"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.sec.gov/Archives/edgar/data/1327567/000132756726000019/ex991q426earningsrelease.htm",
        "sha256": "4743aea7568eeff9b80a62b14f8fafb6018a085e876e77bf198642ab8b4c8aed",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "EX-99.1, revenue and Next-Generation Security ARR paragraph"
      }
    },
    {
      "id": "W36-20",
      "title": "Broadcom Inc. Announces Third Quarter Fiscal Year 2026 Financial Results and Quarterly Dividend",
      "organization": "Broadcom",
      "publicationDate": "2026-09-02",
      "economicPeriod": "Quarter ended 2026-08-02",
      "canonicalUrl": "https://www.sec.gov/Archives/edgar/data/1730168/000173016826000076/avgo-08022026x8kxex99.htm",
      "excerpt": "Revenue of $29.6 billion for the third quarter, up 86 percent from the prior year period / Q3 AI semiconductor revenue of $16.7 billion grew 221% year-over-year, and 54% quarter-over-quarter, said Hock Tan.",
      "sourceClass": "FILING",
      "interpretation": "AI-semiconductor demand remains the dominant infrastructure impulse this window.",
      "limitations": "Semiconductor and infrastructure supplier, not a security vendor; total-company revenue.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-20",
      "tags": [
        "infrastructure",
        "supplier",
        "semiconductor"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.sec.gov/Archives/edgar/data/1730168/000173016826000076/avgo-08022026x8kxex99.htm",
        "sha256": "cce08d125724af16210eb7480ea5486a145ffc44ba66f5e25b8311158fa3b07b",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "EX-99, CEO Hock Tan quote paragraph"
      }
    },
    {
      "id": "W36-21",
      "title": "Nutanix Reports Fourth Quarter and Fiscal 2026 Financial Results",
      "organization": "Nutanix",
      "publicationDate": "2026-08-26",
      "economicPeriod": "Quarter ended 2026-07-31",
      "canonicalUrl": "https://www.sec.gov/Archives/edgar/data/1618732/000117184326005752/exh_991.htm",
      "excerpt": "Annual Recurring Revenue (ARR)... $2.55 billion... 16% / Revenue $757.1 million $653.3 million 16%",
      "sourceClass": "FILING",
      "interpretation": "Steady infrastructure-layer growth alongside this window’s security-vendor prints.",
      "limitations": "Infrastructure (HCI) vendor, not a security vendor; total-company revenue.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-21",
      "tags": [
        "infrastructure",
        "supplier",
        "compute"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.sec.gov/Archives/edgar/data/1618732/000117184326005752/exh_991.htm",
        "sha256": "58493df53fa2b319caff903723e73d2146a9cc1455644801bbb48e70e9b607a5",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "EX-99.1, headline metrics table"
      }
    },
    {
      "id": "W36-22",
      "title": "NVIDIA Announces Financial Results for Second Quarter Fiscal 2027",
      "organization": "NVIDIA",
      "publicationDate": "2026-08-26",
      "economicPeriod": "Quarter ended 2026-07-26",
      "canonicalUrl": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000073/q2fy27pr.htm",
      "excerpt": "Revenue of $96.2 billion, up 106% from a year ago / Data Center revenue of $89.0 billion, up 117% from a year ago",
      "sourceClass": "FILING",
      "interpretation": "Compute demand keeps accelerating; the infrastructure impulse this call is measured against.",
      "limitations": "Data Center includes non-GenAI workloads; not a deployed-workload measure.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-22",
      "tags": [
        "infrastructure",
        "supplier",
        "compute"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000073/q2fy27pr.htm",
        "sha256": "1809cb206590dcfeb959f3a1a64157f4e5ee42788ec51289b74f3ea299931eb7",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "EX-99.1, revenue and Data Center revenue bullets"
      }
    },
    {
      "id": "W36-23",
      "title": "FY27 Segments and Investor Metrics — September 2026",
      "organization": "Microsoft",
      "publicationDate": "2026-09-02",
      "economicPeriod": "FY2027 capex outlook",
      "canonicalUrl": "https://www.sec.gov/Archives/edgar/data/789019/000119312526380280/d291965dex991.htm",
      "excerpt": "Capital expenditures Expected to be over $50 billion including the impact of the useful life update",
      "sourceClass": "FILING",
      "interpretation": "A new infrastructure-buildout data point measured against the standing infra-to-security lag call.",
      "limitations": "A single-quarter capex guide, not a security-specific figure.",
      "conflictingEvidenceIds": [],
      "artifactLabel": "SEC-MARKET-ISSUE-001 / W36-23",
      "tags": [
        "infrastructure",
        "supplier",
        "compute"
      ],
      "retrievedAt": "2026-09-03",
      "retrieval": {
        "finalUrl": "https://www.sec.gov/Archives/edgar/data/789019/000119312526380280/d291965dex991.htm",
        "sha256": "557161af7ac2f2eed02c2ad77b8d5e1e21acd35173e46519981ad85d28a15be5",
        "fetchedAt": "2026-09-04T16:31:56Z",
        "locator": "EX-99.1, capital expenditures guidance line"
      }
    }
  ],
  "corrections": [
    {
      "id": "C-2026-09-20-01",
      "date": "2026-09-20",
      "issueId": "2026-w36",
      "approvedBy": "Jesse Pike",
      "text": "Correction, 20 September 2026. In the issue for the week ending 6 September 2026, two headlines gave a quarterly revenue figure as a full-year figure. Zscaler's revenue of $898.2 million and Palo Alto Networks' revenue of $3.41 billion are each for the fiscal fourth quarter ended 31 July 2026, not for fiscal year 2026. The growth rates and the recurring-revenue figures were stated correctly. The same issue described Palo Alto's 63 percent growth in Next-Generation Security recurring revenue as the fastest of the week's results; that figure is a company-defined segment and is not comparable with other companies' total revenue growth, so the comparison is withdrawn. The original text is unchanged in the record. Jesse Pike.",
      "correctedReadings": [
        {
          "itemId": "2026-w36-prints-2",
          "correctedHeadline": "Zscaler fiscal fourth-quarter revenue (quarter ended 31 July 2026) grows to $898.2M, +25% YoY; ARR grows to $3,771M, +25%",
          "evidenceIds": [
            "W36-15"
          ]
        },
        {
          "itemId": "2026-w36-prints-6",
          "correctedHeadline": "Palo Alto fiscal fourth-quarter revenue (quarter ended 31 July 2026) grows 34% to $3.41B; Next-Gen Security ARR $9.10B, +63%",
          "evidenceIds": [
            "W36-19"
          ],
          "note": "The original \"why it matters\" comparison, that this growth was the fastest among this week's public-issuer prints, is withdrawn. Next-Gen Security ARR is a company-defined segment and is not comparable with other companies' total revenue growth."
        }
      ]
    }
  ]
}