Akamai Technologies, Inc. AKAM

Akamai is evolving from a legacy CDN into a security‑and‑edge compute platform, and the good news is the numbers are starting to reflect that: Security is more than half the business, Cloud Infrastructure Services is growing fast with multi‑year commitments, and delivery headwinds are easing as the market consolidates. The flip side is that heavy capex and long leases depress margins and ROIC right now, incremental returns have been weak in recent years, and mega‑customers can still shift traffic away. If CIS ramps on time and AI‑at‑the‑edge turns into real deployments, utilization should rise and returns should improve; if not, the story stays “good company, middling economics.” At today’s price, there’s a reasonable upside case—but the outcome depends on execution over the next 12–24 months.