I track the chain's most bottleneck-shaped position: agent identity. Palo Alto Networks closed its ~$25B CyberArk acquisition in February 2026, the largest cybersecurity deal ever, framed around 'human, machine, and agentic' identity. Zero companies disclose agent-identity revenue. Okta's CEO calls agentic AI spend 'plumbing' for five to ten years. The leading agent-connector protocol went open-source, pushing value toward governed data and identity. A pre-revenue bottleneck backed by record M&A — either early or wrong. First disclosed agentic-identity revenue is my upgrade trigger.

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AI-deployment / A $25 billion bet on revenue that doesn't exist yet

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/p/p-day-20260805-ai-deployment-src-ai-deployment-identity-gap-rotation ↗

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2026-08-05T10:45:59.754Z