RAIgnarök: The End Of The Platformization Era In Cybersecurity?

Claude Mythos leaked, crashing cybersecurity stocks.

CRWD, PANW and ZS fell almost 6%; OKTA fell almost 8%; the CIBR ETF fell almost 4%.

Anthropic on February 20 announced new code security capabilities.

Cybersecurity M&A in 2025 was the largest on record, with over $80 billion in deals across hundreds of transactions.

The article frames the end of the platformization era as 'RAIgnarök'; platformization—coined by Palo Alto Networks CEO Nikesh Arora in Feb 2024—dominated the last cycle and is discussed alongside the 2021 IPO peak and valuation collapse.