As tech investors reassess exposure amid growing tariff uncertainty, cybersecurity names like Palo Alto Networks (NASDAQ:PANW), CrowdStrike (NASDAQ:CRWD), and others could become defensive plays, according to Wedbush Securities.
In a note to clients, analysts said the rotation away from semiconductors and toward software could intensify as market risks rise. Stocks like Zscaler (NASDAQ:ZS), Check Point Software Technologies (NASDAQ:CHKP), and CyberArk Software (NASDAQ:CYBR) were cited as well-positioned for this shift. Wedbush called it a Category 5 storm for broader tech, but said cybersecurity may hold up better than most.
The firm also noted that U.S. and global tariff negotiations may unfold in the weeks ahead, though revenue forecasts across tech could still decline by 5% to 10% if the current policy remains in place. Prolonged uncertainty could deepen those cuts.
Large-cap software firms including IBM (NYSE:IBM), Microsoft (NASDAQ:MSFT), Oracle (NYSE:ORCL), ServiceNow (NYSE:NOW), and Salesforce (NYSE:CRM) are also expected to be more insulated than hardware peers. Still, Wedbush cautioned that enterprise spending delays and deal slippage remain key risks.
Despite the defensive rotation, Nvidia (NASDAQ:NVDA) and Apple (NASDAQ:AAPL) are still viewed as core long-term holdings due to their strong market positions and resilience through tech cycles.
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