CrowdStrike (CRWD) Draws Analyst Support After Saudi Aramco Collaboration

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is one of the 10 AI Stocks Analysts Are Watching. On February 9, Cantor Fitzgerald analyst Jonathan Ruykhaver reiterated an Overweight rating on the stock following a recent signing of memorandum of understanding (MoU) with Aramco.

The proposed collaboration aims to support CrowdStrike’s long-term investments in cybersecurity as Saudi Arabia seeks to secure and scale artificial intelligence initiatives.

“We’re proud to collaborate with Aramco as Saudi Arabia accelerates its secure AI adoption,” said George Kurtz, CEO and founder of CrowdStrike. “I’m thrilled to bring the power of the Crowd to the Kingdom, helping to secure the commerce, creativity, and purpose of one of the world’s fastest growing economies.”

The cyber security firm is planning to establish headquarters in Saudi Arabia, already announcing an in-country regional cloud deployment, a likely prerequisite for scaling the partnership between the two.

The MoU is nonbinding, representing a potential multi-year effort aligned with Saudi Vision 2030 to transform it into a diversified, global investment hub and reduce its oil dependency.

In other news, CRWD has also shared plans to establish new cloud deployments in Saudi Arabia, India, and the United Arab Emirates, thereby enhancing its Global Data Sovereignty initiative.

CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is a leader in AI-driven endpoint and cloud workload protection.

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Disclosure: None. This article is originally published at Insider Monkey.