Rubrik Deserves a Palo Alto Networks–Like Premium

Cybersecurity stocks CrowdStrike and Palo Alto Networks have risen 50% or more this year based on the perception that an AI-driven increase in cyberthreats will make their services all the more important. Yet Rubrik, which also stands to benefit from that trend, is up only 1% so far this year.

That lag likely results from investors’ narrow view of what constitutes a cybersecurity firm, and partly because its AI business is still nascent. Investors are missing out.