The Ledger, every show

“I think we're gonna have more people at Palo Alto on the technology side than we've ever had before, because I think AI is causing everything to ask for a transformation.”

“There are two or three companies in the world which have distribution of the billions, and whether it's Facebook with all their properties, whether it's Apple with their properties, Google with their properties, so they have the distribution.”

“I think before we go back to that stable world where these business models have transformed, we're going to go through a very disruptive phase where a lot of these apps will be rewritten.”

“In the enterprise world, there is not that tolerance for an inaccurate outcome, especially if you get into the agentic world.”

“So eventually, if these apps have to live in the long term, they have to marry the capabilities of AI with the fact that it becomes an enterprise system of record, right? A model is not going to become my system of record.”

“My caution to my team is don't try and build them. Somebody's going to build them for all of us. We're much cheaper to rent them by some, perhaps, metric of work.”

“89% of the attacks happen because of credential theft.”

“If you look at a enterprise company less than a billion dollars in revenue, 50 to 65% of cost is cost of sales, marketing, and customer support, which leaves no room for margin. If you look at the largest enterprise companies, that number goes to 30%.”

“I actually expanded my staff meeting from eight to 25 after I read that.”

“The problem is I can't get one person to agree with the other person's definition of an agent.”

“Over time, I think applications will become applications for one instead of generic applications.”

“I have bought 20 companies in the last seven years about all of a sudden. For the most part, they've been startups, and I'd say more than 50% of them have been from Israel.”

“When he became CEO of Google, he said, I'm going to have 10 direct reports. There's going to be one CFO. One lawyer, and one business person, and seven product people.”

“If you look historically 35% of the S&P is made of technology companies. 30 years ago, it was none, right?”

“Masa is one of those people whose risk appetite grew as he grew older.”

“There's about two billion dollars that's been paid in the last 12 months on ransomware.”

“I think about 20 to 30% of most companies have employees, the younger side who are using AI apps To try and get their job done faster and easier.”

“Conviction starts to not result in outcomes that you want when a lot of different people get involved and you have to rely on other people for part of your outcomes that need to happen.”

“It's always been a yo-yo between content and distribution.”

“I think in enterprise, there's definitely brute force and distribution does matter.”

“There'll be tens of millions of AI apps in the consumer space. Everybody's gonna be fighting for mindshare.”

“In the consumer space, I think to your point, That possibly is even a shorter window than two to three years.”

“Very rarely is it that your first incarnation of your product has perfect product market fit. That's very rare. You really, you know, if you look at the largest companies today, they were all created for a different reason and they ended up getting product mar…”

“The enterprise customers have slightly different standards and expectations because they're highly unlikely to last too long on an experimental set of products.”

“He levered everything and bought You know, soft bank, mobile business from Vodafone, and turn that billion dollar investment into forty billion dollars.”

“He was insisting, he said, said to me, I've been wanting to buy that, that business for 18 years. This time I'm gonna buy it.”

“So yes, the hardest part is going to the learning process in full public display. And then getting those people to do things which you think makes sense, or you might have just said a whole bunch of stupid things right before that.”

“Why is it that the largest player has one percent market share? That is not the industry structure of any other industry.”

“The stars of 10 years ago are no longer the stars of today. So that's kind of very unique in cybersecurity.”

“You have to see two to three years out and see where the wind is blowing, because most of the stuff that you can impact is going to create great outcomes two to three years, so not in the next six to 12 months.”

“At Palo Alto, you know, I was very, very And thrilled by the idea of doing consumer cybersecurity. And we actually spent a few years trying to build a product. And then we realized that was a bad idea, but we invested resources. But then, like I said, you know…”

“Adopting the internet is one thing. Being able to accelerate your business and use that as a competitive advantage is another thing. Every brick and mortar business by now has adopted the internet. But none of them used it to become Amazon.”

“The fact that I have better operating margins because I was able to deploy AI internally is not going to make me a better competitor to somebody else unless, you know, maybe I'm using cash generated from it as a better competitor.”

“So you've got to make sure you don't overcorrect because I've seen situations where, you know, people are constantly reminding their kids when I was your age, I didn't have this, I didn't have that.”

“Stock prices are about keeping score. They're not about making some amount of money.”

“If you found a vulnerability, a zero-day vulnerability, the average time to fix those 55 days in the industry.”

“So, twice a week, I run this meeting called AIAIO. It's like the old McDonald had a form. It's just not EIA, it's like AIAIO, ok? We get the top 24 technical people on a call every two days for two hours in the morning. And they walk through what they're worki…”

“Our general counsel I hired off of LinkedIn.”

“So I sat back on a week and I wrote down something called my belief document, which basically describes why I do certain things a certain way, what I believe.”

“The average time to detect and respond is four days.”

“The only problem is I only have 1200 customers who bought and deployed it. I need to get the rest of the world to go buy it and deploy it.”

“I'm talking about the context needed to train the ecosystem, which means I've got every customer case that ever happened at Palo Alto getting transcribed.”

“I literally had Gemini produce an investment memorandum for something I was looking at. I looked at it looked pretty accurate, give or take, I'd tweak a few things, but it seems passable.”

“Now we have a hundred and fifty million sensors in the world where we stand at the gate protecting our customers.”

“So it's got to find a way of transforming 20,000 people over the next two years in that direction.”

“When I came to the United States, I was a security guard. I took notes to the disabled. I flipped burgers at Burger King. I had 200 dollars. I had to find a way of paying my tuition.”

“I think we spend half our time before we look at any of these packaged AIS apps, talking to them, understanding the security, right? I don't want my source code to be training somebody else's coding app. So to that extent, there's a whole bunch of conversation…”

“If you think about it, there is something to the tune of north of ten billion dollars that is either extorted or ransomware or taken from individuals in some sort of Ponzi schemes, which is based on digital sort of hacking.”