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.