Akamai Remains an AI Beneficiary With a Strong Non-AI Security Business

Akamai has shifted from primarily a content delivery network to a security and cloud computing business anchored by its 4,400 points of presence. Through two deals with Anthropic totaling $13.3 billion, the firm has solidly committed itself to enabling artificial intelligence inference. A continued focus on security offerings seems prudent given ongoing headwinds in content delivery and the rise in AI-related security breaches. We still believe that content delivery will remain profitable, but we increasingly view the delivery network as largely an accessory to the security business.