Fatima Boolani, director co-head software equity research at Citi, joins BNN Bloomberg to share her Hot Picks in Software.

The rapid expansion of artificial intelligence continues to redefine the technology sector, but some software names may be better insulated from disruption. Analysts say infrastructure and cybersecurity firms are positioned to benefit from rising demand for secure, data-driven systems.

BNN Bloomberg spoke with Fatima Boolani, director and co-head of software equity research at Citi, about her top software picks, including Rubrik, Palo Alto Networks and Atlassian, and why she sees durable growth opportunities in each.

Key TakeawaysInfrastructure software remains a safer play as AI reshapes the tech industry.Rubrik is gaining traction with enterprise clients focused on secure data management.Palo Alto Networks is well positioned as AI adoption expands the need for cybersecurity.Atlassian trades at a discount to peers despite its profitability and cloud transition.Analysts see long-term growth potential in software that enables secure, intelligent operations.Fatima Boolani, director and co-head of software equity research at Citi Fatima Boolani, director and co-head of software equity research at Citi

Read the full transcript below:

ANDREW: On Hot Picks today, we’re focusing on the software sector, and we’re joined by Fatima Boolani, director and co-head of software equity research at Citi. Thanks very much for joining us, Fatima.

FATIMA: Happy to be here. Thank you, Andrew.

ANDREW: Tell us about your first idea, Rubrik. What kind of software do they sell?

FATIMA: I’ll take a step back to set the stage. There’s been an absolute frenzy in technology investing around artificial intelligence. The names we’re discussing today are all in software, specifically on the infrastructure side. From our perspective, these companies are more insulated from some of the disruption we’re seeing from fast-growing private firms.

With that backdrop, Rubrik is an interesting story. It’s not necessarily a household name, but it plays an important role in helping organizations manage, store and secure their data. It’s a backup and recovery software platform used by large enterprises, but the company has recently expanded its cybersecurity capabilities — particularly in data protection and hygiene.

That’s critical, because when organizations build AI-powered applications, their results are only as strong as their underlying data. Rubrik helps ensure that data is accurate, resilient and secure. We think that’s a meaningful and durable opportunity.

ANDREW: There’s been concern that AI could upend the software business. What’s your take, and how does that affect a company like Rubrik?

FATIMA: It’s a great question. There’s a clear split between the application layer of software — what users see — and the infrastructure layer, which provides the underlying systems. We think infrastructure software is where investors want to be, because those investments are long-term and harder to replace.

For investors looking to play the AI theme, infrastructure software offers lower disruption risk than application-based firms, many of which have seen their valuations hit. That’s why we’re constructive on this area.

ANDREW: Let’s move to Palo Alto Networks. What draws you to that name?

FATIMA: This is a high-quality franchise with a diversified product portfolio and strong profitability. The company is also preparing to complete its acquisition of CyberArk, which we think is a great strategic fit.

Palo Alto Networks has underperformed lately, but the fundamentals remain strong. From a thematic standpoint, as organizations adopt AI more broadly, their attack surfaces expand, creating new security vulnerabilities. That amplifies the need for robust cybersecurity solutions. So we think Palo Alto remains well positioned as AI adoption grows.

ANDREW: We’re short on time, but can you tell us quickly what attracts you to Atlassian?

FATIMA: From a tactical perspective, Atlassian is trading near a five-year low. There’s been speculation about Datadog potentially acquiring GitLab at a valuation of roughly nine times revenue. GitLab is one of Atlassian’s key competitors, yet Atlassian trades at around five times sales — despite being larger and more profitable.

That valuation gap is notable. More broadly, Atlassian’s business is about enabling teams — technical and non-technical — to collaborate more effectively. As companies deploy more AI-driven tools, Atlassian’s products help them work smarter and faster.

ANDREW: Fatima, thank you very much for joining us. We appreciate your time.

FATIMA: Thank you, Andrew.

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This BNN Bloomberg summary and transcript of the Oct. 17, 2025 interview with Fatima Boolani are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.