Welcome back. Five short items this week.

1. Procurement is the leading indicator

If your procurement team has not yet processed an agent-vendor onboarding, you have a small window of time before they do. Lila Chen has the numbers.

2. The careers page is the new attack surface

Marcus Bell on why the most successful credential-stuffing campaigns of the last six months started, oddly, at the public jobs URL. Read it here.

3. The capex isn't where you think

Theo Park's market note explains the divergence between public AI-infrastructure stocks and underlying usage. Read it here.

4. From the field

"We turned on session-level pointer telemetry and immediately found a tier-2 partner sending us 40% of our 'human' traffic from a screen-recorder farm." — Reader, anonymised on request.

5. Your move

Reply to this email with what you wish we covered next. The best three suggestions show up in next week's briefing.