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The market's reaction was surprisingly sanguine to this. CRWD stock opened 11% lower and stayed that way; almost everyone thought it would be down 30% or more. The Nasdaq was green for the first 2 hours and then went red, which could have been due to anything.
The economy is huge. Even when critical things fail, there is enough stuff that works, plus rapid response to fix the problem, that the damage is not as bad as the hype would suggest. Ironically ,a bigger problem entails a more rapid response to fix it, so it ends up being briefer or not as bad.
Is the implication that the market would properly "punish" them for destroying more value than they've ever created? It could just as easily reward them for extracting rents for "malware defense" while making all of its clients worse off.
The price of any asset is the net present value of all expected future cash flows.
It's not about the stock market punishing a company. It's about the stock market trying to correctly evaluate how much other parties might try to punish the company. If we look at Boeing, we know that increased regulatory scrutiny is very unlikely to increase cash flows, and spectacular reputational damage is unlikely to increase future business. And so cash forecasts are updated accordingly.
sure, but my claim was CrowdStrike has probably caused more economic loss from this one patch than they have ever provided, which is somewhat orthogonal to a statement about their stock price
the fact that their stock price is not zero only indicates that the world's ability to hold them liable for these losses is minimized
(or that they can be held liable and that my estimate of the damage caused is way, way off)
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The cope is that this incident just shows how important CrowdStrike is.
Kinda like Boeing. They can have plane crashes, faulty parts, kill whistleblowers, etc... But we still have to buy Boeing planes – because we don't have a choice!
I'm less sanguine about Crowdstrike. Elon said he is ripping them out of all his companies. While the typical CEO drone probably won't do the same, Crowdstrike won't live this down. Maybe ever.
I predict a slow bleed out in their stock, although there's a good chance that internet morons bid it up higher over the next few weeks.
I think Elon did the right thing.
I have never heard about Crowdstrike. No computer I work with had it installed.
I totally understand that an average user is clueless and we need to protect him from his own actions. And yet, if this is such a necessity, why wouldn't Microsoft implement it directly in the OS?
Crowdstrike might be bleeding edge The need for bleeding edge is always overvalued.
It reminds me all times when everybody was trying to install antivirus software. Instead I always removed it because it only consumed resources and provided very little benefit. The best protection was to limit what user can do – do not install unauthorized software, don't even browse internet for fun, just use your work assigned software and web sites.
I think those who relied on third party antivirus software had worse outcomes because their users were more relaxed and less disciplined. At the same time those antivirus software makers got rich.
Probably the same has happened with Crowdstrike. Gradually Microsoft will implement something similar for no extra cost, everybody will realize that Crowdstrike is pointless. Until new challenges will come along and a new opportunistic company, playing on people's fears will convince to buy another scammy service.
They did. The only thing missing from Windows integrated security is that it lacks the options to spy on users (breaking multiple privacy laws) and doesn't make it as easy to disrupt productive work by locking down the computer way too much. It also doesn't slow everything to crawl. Naturally corporate IT managers can't stand that.
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