Fastly (FSLY) is back in focus after its new partnership with Skyfire tied agent identity and payment-backed credentials directly into Fastly’s edge cloud, as investors debate how to price rising AI driven internet traffic. The stock trades at US$18.55, with a 9.1% 1 month share price gain but an 18.6% 3 month share price decline. The 1 year total shareholder return sits at 164.3%, while the 5 year total shareholder return remains down 67.4%. Fastly has a value score of 3, an indicated 20.6% intrinsic discount, and trades about 30% below the average analyst target. The most popular narrative suggests Fastly is 273.2% overvalued at US$18.55, with a fair value of $4.97. However, a DCF model reaches a different result, estimating a fair value of $23.37, indicating a potential undervaluation of about 20.6%. The narrative leans on growth expectations, future margins, and a specific profit multiple, but could crack if AI traffic disappoints or if ongoing losses, with net income at a loss of US$103.053 million, keep pressure on sentiment.