Akamai (Akam), Yapay Zeka Temsilcileriniz için Fedai Olmak İstiyor

Akamai (AKAM) Wants to Be the Bouncer for Your AI Agents

Mon, September 21, 2026 at 7:25 AM GMT+3 3 min read

• AKAM -2.39%

On September 10, Akamai Technologies (NASDAQ:AKAM) expanded its work with integration platform MuleSoft to help companies spot the hidden APIs and AI agent connections that leave data exposed. Akamai says 87% of surveyed organizations had an API security incident in 2025, so the pitch lands on a raw nerve. The bigger question is whether a good product story can outrun a quarter in which earnings shrank.

Seeing What Others Miss

The integration runs in both directions. MuleSoft's catalog of API blueprints flows into Akamai, which checks it against live traffic and flags endpoints that nobody documented or retired. In return, Akamai sends behavioral analytics and threat risk scores into MuleSoft's management layer. That matters because AI agents multiply the connections a company has to police, and Akamai watches the actual traffic. More than 20 organizations already use the setup. Akamai was set to show it at Dreamforce in San Francisco from September 15 to 17, and plans native MuleSoft onboarding and broader AI protection during the back half of 2026.

The financial engine is running too. On August 6, Akamai reported second-quarter revenue of $1.1 billion, up 5%. Security led the way, up 10% to $604 million, which shows the core defense business is still expanding. Cloud infrastructure services grew 39% to $99 million, and multi-year contracts signed this year topped $2.8 billion. That includes a new customer's commitment of more than $600 million over four years for robotics development, a sign the AI infrastructure push has real buyers. The balance sheet holds $4.616 billion in cash and securities, which cushions the company while profits are under pressure.

Growth With a Profit Squeeze

The trouble is that profit is moving the wrong way. Non-GAAP earnings per share came in at $1.59, down 8% year over year, while the GAAP figure of $0.52 fell 27%. Margins tell the same story. The non-GAAP operating margin slipped five points to 25%, and GAAP operating income dropped 47%. Sales grew, and earnings shrank, so the added revenue is not yet reaching shareholders.

Meanwhile, the legacy delivery and other cloud applications line fell 6% to $396 million, pulling against growth elsewhere. Cloud infrastructure is still a small slice of a $1.100 billion quarter. And the MuleSoft link is a work in progress, since native onboarding and wider AI protection are promised only for later in 2026. Management's own full-year outlook for non-GAAP earnings is $6.40 to $7.05 a share, the yardstick for how the rest of the year plays out.

Cheap Stock, Nervous Crowd

Hedge fund ownership fell to 62 funds from 74 the quarter before, a sign institutions have been trimming their stakes. Short interest stands at 15.56% of the float, which is heavy skepticism. It also means a crowded trade that could jump if news turns. Some of those short positions are hedges rather than outright bets, so the figure is a loose gauge. Meanwhile, the forward P/E is just 13.39, as of September 18, so the price assumes little growth, even with funds leaving and shorts piling in.

Two Stories, One Stock

Akamai's case rests on a simple tension. The MuleSoft tie-up gives its security business a timely story, and the cloud contracts hint at real demand for AI infrastructure, but earnings are heading the other way. Bulls need the API and cloud momentum to start lifting profit, and the joint customer list to grow beyond its early base. Bears are watching whether the shrinking delivery business keeps eating into those gains.

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