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Major IT outage affecting banks, airlines, media outlets across the world (www.abc.net.au)

submitted 4 months ago* (last edited 4 months ago) by rxxrc@lemmy.ml to c/technology@lemmy.world

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All our servers and company laptops went down at pretty much the same time. Laptops have been bootlooping to blue screen of death. It's all very exciting, personally, as someone not responsible for fixing it.

Apparently caused by a bad CrowdStrike update.

Edit: now being told we (who almost all generally work from home) need to come into the office Monday as they can only apply the fix in-person. We'll see if that changes over the weekend...

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[–] huginn@feddit.it 21 points 4 months ago* (last edited 4 months ago) (1 children)

This outage is probably costing a significant portion of Crowd strike's market cap. They're an 80 billion dollar company but this is a multibillion outage.

Someone's getting fired for this. Massive process failures like this means that it should be some high level managers or the CTO going out.

[–] TheBat@lemmy.world 3 points 4 months ago (1 children)

Puts on Crowdstrike?

[–] sugar_in_your_tea@sh.itjust.works 9 points 4 months ago* (last edited 4 months ago) (2 children)

They're already down ~9% today:

https://finance.yahoo.com/quote/CRWD/

So I think you're late to the party for puts. Smart money IMO is on a call for a rebound at this point. Perhaps smarter money is looking through companies that may have been overlooked that would be CrowdStrike customers and putting puts on them. The obvious players are airlines, but there could be a ton of smaller cap stocks that outsource their IT to them, like regional trains and whatnot.

Regardless, I don't gamble w/ options, so I'm staying out. I could probably find a deal, but I have a day job to get to with nearly 100% odds of getting paid.

[–] TheBat@lemmy.world 2 points 4 months ago (1 children)

You're going to love this: https://old.reddit.com/r/wallstreetbets/comments/1e6ms9z/crowdstrike_is_not_worth_83_billion_dollars/?sort=old

[–] sugar_in_your_tea@sh.itjust.works 2 points 4 months ago* (last edited 4 months ago)

Nice. The first comment is basically saying, "they're best in class, so they're worth the premium." And then the general, "you'll probably do better by doing the opposite of /r/wallstreetbets" wisdom.

So yeah, if I wanted to gamble, I'd be buying calls for a week or so out when everyone realizes that the recovery was relatively quick and CrowdStrike is still best in class and retained its customers. I think that's the most likely result here. Switching is expensive for companies like this, and the alternatives aren't nearly as good.

[–] Oderus@lemmy.world 1 points 4 months ago (1 children)

~20% down in the last month

[–] sugar_in_your_tea@sh.itjust.works 2 points 4 months ago* (last edited 4 months ago)

52 Week Range 140.52 - 398.33

They're about where they were back in early June. If they weather this, I don't see a reason why they wouldn't jump back to their all-time high in late June. This isn't a fundamental problem with the solution, it's a hiccup that, if they can recover quickly, will be just a blip like there was in early June.

I think it'll get hammered a little more today, and if the response looks good over the weekend, we could see a bump next week. It all depends on how they handle this fiasco this weekend.