In this episode of Cyber Thoughts, Lucas Nelson is joined by Mike Privette, founder of Return on Security, for a data-driven look at the state of cybersecurity funding and M&A. Mike breaks down why Q3 was such a strong quarter, how mega-deals like Wiz fit into the broader trends, and what his latest analysis reveals about the real role of AI in security. He also shares where he sees the most interesting opportunities emerging and what he’s tracking next in his deep-dive reports.