DISAASTER STRIKES CYBERSECURITY

Summary from the TLDR Founders newsletter

Anthropic announced Claude Code Security on Thursday. By Friday close, the Cyber ETF dropped 5% and Qualys fell 12%. The panic is teaching us more than the product itself. Okta and SailPoint cratered 10-11% despite Anthropic not mentioning "identity" once. Check Point and Fortinet barely flinched. The market is pricing in fear, not facts. If you're building in security, here's the cheat sheet: app-layer testing is about to get steamrolled by the foundation model labs, but categories with real infrastructure moats remain wide open for the next $10B+ cyber company.