CrowdStrike (CRWD) and Palo Alto Networks (PANW) Surge on Enterprise AI Demand

Shares of CrowdStrike (CRWD) and Palo Alto Networks (PANW) surged May 30, 2026, extending a two-day software rally sparked by data showing enterprises are rapidly deploying AI. CRWD hit a 52-week high of $729.23, climbing 60.8% year-to-date, while PANW also gained. The moves followed Snowflake’s record 36% jump on May 28 after its AI customer base soared, and Dell’s May 28 earnings, which revealed AI server revenue up 757% year-over-year to $16.1 billion and a $51.3 billion AI backlog. The combined results undercut the "SaaSpocalypse" narrative that had erased $2 trillion from software valuations since late 2025 on fears AI would make subscriptions obsolete. Instead, they showed cybersecurity is an essential layer of the AI stack. Morgan Stanley highlighted that security budgets remain protected, directly benefiting CrowdStrike. The company also announced a collaboration with insurers Coalition, Liberty Mutual and Lockton to quantify AI cyber risks. Analysts at Benchmark, Wedbush and BTIG recently raised price targets above $700.