Market Narratives

Archived report — the themes moving the market on this date.

As of 2026-09-04

2 running· 6 leaders· 2 laggards

RUNNING Cloud & SaaS Analyst Upgrade Wave

STRENGTH 57

Cloud & SaaS analyst upgrades fuel rotation from leaders to laggards

Mega-cap cloud leaders have already surged on a wave of analyst upgrades, while a key heavyweight laggard has fallen sharply, creating a wide catch-up gap. This sets up a rotation as traders eye the laggards for potential upside, with capital flowing from names that have already run to those that have yet to move.

LEADERS already moved

SNOW

Snowflake Inc.

+46.0%5D +8.7%

Large $106.0B

CRM

Salesforce, Inc.

+40.5%5D +3.3%

Mega $211.5B OVERBOUGHT

MDB

MongoDB, Inc.

+35.7%5D -13.9%

Large $30.2B

MSFT

MICROSOFT CORP

+19.4%5D -0.7%

Mega $3.7T

LAGGARDS room to catch up

DDOG

Datadog, Inc.

-11.8%5D -9.4%

Large $75.1B GAP +49.9%

Datadog down over 3 months despite estimate revisions improving; near bottom of 20-day range

Heavy lift — a large-cap that needs major capital to move.

RUNNING Cybersecurity Sector Rotation

STRENGTH 50

Cybersecurity Rotation Intensifies as Leaders Surge, Laggard Poised for Catch-Up

The cybersecurity sector is in a clear rotation, with leaders like Zscaler and CrowdStrike already rallying strongly over recent months. Meanwhile, a heavyweight laggard has only edged higher, leaving a significant catch-up gap that could close as capital rotates into the name. The sector's momentum is reinforced by a wave of analyst upgrades and estimate revisions.

LEADERS already moved

Zscaler, Inc.

+31.4%5D -3.5%

Large $27.9B

CRWD

CrowdStrike Holdings, Inc.

+19.6%5D -1.6%

Mega $208.3B

LAGGARDS room to catch up

NET

Cloudflare, Inc.

+5.9%5D -5.1%

Large $97.1B GAP +19.6%

Cloudflare up only over 3 months; near bottom of 20-day donchian range; estimate revisions improving

Heavy lift — a large-cap that needs major capital to move.