6/30/26 - $panw - TopPalo Alto Networks, Inc.NASDAQ:PANWVROCKSTAR6/30/26 :: VROCKSTAR :: PANW Top - this is just cross dressing into quarter close - a bit grotesque, but hey... what's new - nothing growing 20% a year trades at 20x sales in today's tape - the market had this thing right at $150-$200/shr for two years, nothing's changed - the "news" that enterprises will get privileged access to the latest models is just narrative (remember that follows price). reminds me of when TEAM was doing some sort of funky dunky deal with open AI in that whole #metoo movement last year - could it go higher? sure. - but it's a good short here - i still like BUG exposure to hedge the book, 35% vol on something that's up 65% from it's mar/apr lows is... momentum. careful, but once it starts to crack you'll see -15-25% pretty quickly. V