Edge security + CDN + a distributed GPU inference cloud — web/API protection, content delivery, and now capital-funded edge compute
AI exposure 10% — derived from reported segment revenue, not asserted.
Software Stack → Cybersecurity · figures rebased to Q2 2026, reported 2026-08-06
Web app/API protection (WAF, DDoS, bot, Zero Trust/Guardicore segmentation, LayerX browser security) is 55% of revenue and the largest business on the map, which is what Cybersecurity holds. The rest is tagged separately: Data & Infrastructure Software at 45%.
Also tagged: secondary in Software Stack → Data & Infrastructure Software.
Akamai (~$4.4-4.5B FY2026 guide) — edge security + delivery + a newly capital-intensive cloud. Reported Q2 2026 mix: Security $604M = 55% (+10% YoY, largest = primary B5 Cyber) + Delivery and other cloud applications $396M = 36% (-6% YoY, the decaying heritage) + Cloud Infrastructure Services $99M = 9% (+39%, the GPU/inference build). Note the reporting lines changed: the old ~20% 'Compute' bucket has been split, with the non-CIS cloud applications folded into Delivery and only the true infrastructure business reported as CIS — which is why Compute reads 20% -> 9%, not a collapse. Primary B5…
Moat. Two decades of edge footprint — 4,400+ locations, peering and deployment relationships — carrying a ~$2.4B-run-rate enterprise security installed base that is now 55% of revenue and still winning competitive displacements (CrowdStrike moved its web security and delivery to Akamai this quarter). That footprint is the moat. The 2026 addition — distributed GPU inference capacity — is a capital bet layered on top of it, not an extension of it: the differentiation is placement and latency, not technology, because the NVIDIA Blackwell hardware is available to anyone who will fund it.
Bottleneck / pricing power. Weaker than the old read implied, and on every leg. Delivery is commoditising and shrank 6% YoY; security growth decelerated to +10% from the ~14% the transformation thesis was built on; and the inference offer is pitched on price (up to 86% cheaper than hyperscaler inference). The pivot is still the value driver, but it is now funded rather than free: capex went to 32% of revenue from 21%, GAAP operating margin halved to 7%, non-GAAP EPS fell 8% YoY and the Q3 guide of $1.60-1.80 implies no recovery.
Role in the AI stack. The distributed edge — security and delivery across 4,400+ locations, now buying GPUs to sell inference close to the user.
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