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Zscaler is one of four cybersecurity names the host explicitly states he owns and is actively adding to. The core thesis is that AI is dramatically expanding the attack surface — from bug exploitation to infinite phishing campaigns — making cybersecurity spending more essential, not less. Despite the CIBR ETF falling 11% on fears that AI will replace these vendors, the host argues the opposite dynamic is playing out and expects earnings reports to catalyze a strong upside bounce.

The host is bullish on Zscaler, arguing its sell-off reflects broad software sector fear rather than fundamental deterioration. The company posts 26% YoY revenue growth, $3.4B in ARR, a 22% operating margin, $6.1B in RPO (up 31%), and a 21% free cash flow margin. At ~$135, the stock carries 29 analyst buy ratings, zero sells, and an average street price target of $229 — implying 69% upside. The host frames Zscaler's zero-trust platform as a direct and growing beneficiary of agentic AI proliferation, which exponentially expands attack surfaces while compressing detection and response windows. Technically, the Fibonacci S3 sits at $106.56 with risk-reward skewed strongly to the upside. He classifies it as a higher-risk, higher-reward position within the cybersecurity theme and notes the sub-$120 level was a clear buying opportunity.

Zscaler is flagged as the hardest-hit stock in the host's cybersecurity portfolio, down 30% from entry and 47% year-to-date. Despite this, the host applies the same contrarian bull thesis — AI will not replace enterprise cybersecurity in the next two to three years, the Anthropic Mythos situation actually boosts demand for these companies, and the selloff has created extreme undervaluation. The deep drawdown is presented as an outsized recovery opportunity, not a reason to sell.

Zscaler is a beaten-down cybersecurity speculative play the host is buying as a small 1–2% position. Down from $336 to $121, it is trading at 5.5x EV/NTM revenue with S3 support around $106 and a psychological test of $100 likely. The host acknowledges it will probably go lower but sees long-term value assuming AI does not eliminate enterprise cybersecurity needs. Not the top cybersecurity pick (that's CrowdStrike), but attractive as a speculative allocation.