FTNT - Fortinet Inc.

Christophe holds a 20% position, his largest. He bought the dip repeatedly over 10 months and the stock is up over 80% year-to-date. He sees cybersecurity demand booming due to AI risks and believes the sector is at an inflection point with reaccelerating growth.

Christoph mentions Fortinet is 20% of his portfolio and he is 'extremely bullish.' He previously bought the dip when China banned their cybersecurity services, noting China represents less than 3% of revenue. The stock has since skyrocketing due to booming demand.

Largest portfolio position at 19%. Described as a clear AI beneficiary with almost no capex. One of his two strongest convictions for 2026. Stock has recently 'gone to the sky.'

The speaker mentions he invested in Fortinet, made a fortune, and is up 15%. He cites it as an example of a cybersecurity company that was left for dead but is now performing well, and still sees opportunities in this space.

Bought as his largest portfolio position (~15%) when the stock was beaten down due to AI disruption fears. Stock rallied 60% after strong earnings and LLM partnerships. He believes cybersecurity is essential and cannot be replaced by AI due to hallucination risks and legal accountability.

Spectacular earnings with revenue reaccelerating from 15% to 20%, billings up to 30%, product revenue doubling to 40% growth. Stock is no longer cheap after 50% rally. Not buying more but not trimming the 20% position.

This is the host's biggest conviction and largest portfolio position. He bought Fortinet in August 2025 when the stock was down 30%, doubled down in November, and tripled down in February 2026 during the 'Claude/Mythos' selloff. His thesis: AI empowers hackers, which drives increased cybersecurity spending. Fortinet reported 40% product revenue growth and 70% infrastructure growth YoY, with record free cash flow and margins. The stock is up 50% since his purchases. He expects the cybersecurity industry to grow 15%+ annually.

Christophe accumulated Fortinet as his largest holding over 8-9 months while the stock was flat, based on multiple bullish signals: unearned revenue reaccelerating, billings growth picking up, management commentary confirming a new AI-driven refresh cycle, and competitor CEOs defending the sector. After the stock jumped 25% on earnings, he remains extremely bullish and plans to hold, believing the valuation is still reasonable and guidance is too low.

Christophe reveals Fortinet as his biggest conviction and largest position. He bought it when it dropped to $75 last August, doubled and tripled down, and it recently jumped 25% to all-time highs on its best quarterly earnings ever. He describes it as a clear AI beneficiary without speculation, with earnings growing at 15-20% per year, skyrocketing free cash flow, and massive buybacks.

Fortinet has a cybersecurity moat with custom ASIC chips making firewalls faster and cheaper. AI is making cyber threats more dangerous, driving doubling cybersecurity budgets. Recurring subscription revenue, profitable, and Felix believes the move is just getting started even after a 30% run from his first mention. Buying at all-time highs is presented as lower risk after a recovery from a 35% drawdown.