CrowdStrike and Okta Trade at Big Premiums Despite Unproven AI Payoff

The S&P Kensho cybersecurity index is up 41% in 2026 versus an 11% gain for the S&P 500 as investors bet on demand for defenses against AI-fueled threats. CrowdStrike and Okta have hit valuation highs, but there is limited evidence their revenue growth is getting an AI boost.

• S&P Kensho cybersecurity index up 41% in 2026
• S&P 500 rose 11% over the same period
• CrowdStrike and Okta hit valuation highs
• Little evidence of revenue growth from AI concerns