Non-human identity became the industry's hottest acquisition target this month — Okta bought Permiso Security (~$200m) and Cyera bought Oasis Security ($1b) within days of each other, while Onyx Security closed a $113m Series B of its own. Regulators moved just as fast: China stood up the world's first dedicated AI-agent regulatory category, and US lawmakers introduced a bill requiring a "kill switch" for the most powerful AI systems.