Why Fortinet Stock Slumped on Wednesday

Fortinet stock fell 2.9% on Wednesday following reports that OpenAI is in preliminary talks to acquire Trail of Bits, a cybersecurity and security research company. The news sparked investor concerns that OpenAI may be entering the cybersecurity market as a potential competitor. However, analysts note investors may be getting ahead of themselves, drawing parallels to previous SaaS stock concerns that proved overblown.