$NET is my largest position.

In Q4 revenue growth is accelerated, Leading indicators: RPO +47.9%, net new ARR +76%, and accelerating cRPO +33.1%. Customer expansion is real, with NDR at 120% and a record number of large customers added.

Pool-of-funds deals already represent 20% of ACV, increasing contract duration and cross-sell. Zero Trust is scaling, supported by rising AI-driven security demand. At the same time, Workers and AI-related products expand the monetization layer.

The most important piece is Act 4. AI agents are increasing internet traffic structurally, and Cloudflare sits in the middle of it. With 20%+ of the web on its network and agent traffic already doubling, Cloudflare is positioning itself as the control layer for both human and AI interactions.

Valuation is elevated, but new AI-driven revenue streams make the risk/reward compelling relative to peers.