17世纪，世界上第一家股份制公司诞生。伴随着工业革命以及全球化的进程，公司在各行各业的地位与日俱增。它们占据着资本、技术、人才，如同一个 个帝国盘踞在历史舞台上，上演着兴盛和衰败的传说。 今年7月，《财富》世界500强出炉。通信设备商只有两家上榜，分别是华为和思科。通信行业也曾是"天下英雄，如过江之鲫"，如今却低调了很多。历史 是有记忆的，本文以时间为切片，以五年为跨度，梳理从2000年至今，各大通信设备商在500强的座次变化，从一个侧面展现行业的兴衰更替。 具体排名如下图： 2000年——千禧的繁荣 20世纪90年代，电信行业刚经历完一段爆炸式的增长。以爱立信为例，它一度占据了2G(GSM)领域40%的市场份额。诺基亚的手机市场份额全球第一，远 比其网络设备业务光鲜靓丽。 2000年共有7家设备商进入500强。其中，两家已消失多年的公司赫然在目：美国朗讯（Lucent）排第74位，营收383亿美元；加拿大北电（Nortel）排第 194位，营收212亿美元。在当时的国内就业市场上，朗讯和北电绝对是优质雇主。此外，摩托罗拉排第109位，爱立信排第140位，阿尔卡特排第163位， 诺基亚排第196位，而思科默默 ...

Key Takeaways Cisco topped $2B in AI orders for fiscal 2025, doubling its initial $1B target.AI demand drives adoption of Cisco's Ethernet, Silicon One and NVIDIA partnerships.Software and subscriptions now form 54% of Cisco's revenues, improving margins.Cisco Systems (CSCO) is riding high on the AI infrastructure boom, with AI-related orders crossing $2 billion in fiscal 2025 — twice its initial $1 billion target. In the fourth quarter alone, orders topped $800 million, up from $600 million in the prior qu ...

Cisco Systems (CSCO) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The power of a changing ...

Key Takeaways Cisco beat Q4 estimates with strong ARR, RPO and subscription revenue growth.FY26 revenue outlook is $59 - $60B with EPS guided at $4.00 - $4.06.Expanded AI, security offerings and NVIDIA partnership drive new enterprise demand.The global IP-based networking giant, Cisco Systems Inc. (CSCO) , reported solid fourth-quarter fiscal 2025 earnings results surpassing the consensus estimates on several counts. CSCO has been integrating AI into its product portfolios across networking, security, coll ...

The Zacks Computer - Networking industry is expected to get a boost from momentum in cloud computing, network security, big data and cloud storage and next-gen connectivity amid the rapid use cases of AI technology. Explosive demand for AI workloads and hyperscale data centers is fueling investments in high-speed interconnects, optical networking, and Ethernet switches. Players in this space are focused on capitalizing on the multi-billion-dollar AI infrastructure opportunity. The accelerated deployment of ...

Core Viewpoint - Cisco Systems has reported strong earnings and a confident outlook for fiscal year 2026, driven by three distinct growth engines that are reshaping the company's future [1][2]. Group 1: Financial Performance and Projections - Management anticipates revenue between $59 billion and $60 billion for fiscal year 2026, with non-GAAP earnings per share projected to be between $4.00 and $4.06 [2]. - Cisco's stock price forecast is $74.53, indicating an 11.20% upside based on 24 analyst ratings, with a current price of $67.02 [7]. Group 2: AI Infrastructure Growth - Cisco secured over $2 billion in AI-related orders in fiscal year 2025, doubling its original target of $1 billion, highlighting its success in the AI infrastructure market [3]. - The company's product orders in the Service Provider and Cloud customer segment surged 49% year-over-year in the fourth quarter, reflecting strong demand [4]. Group 3: Business Model Transformation - Cisco's shift towards high-margin software and services is supporting its AI-driven growth, with total subscription revenue now accounting for 54% of its total revenue [8]. - The integration of the acquisition of Splunk has led to a 14% year-over-year increase in new logos, expanding Cisco's market reach in cybersecurity and observability [9]. Group 4: Core Business and Upgrade Cycle - A major multi-year upgrade cycle is underway in enterprise and campus networking, driven by the launch of Cisco's Catalyst 9000 "smart switches" [11]. - The need for network modernization is being fueled by the deployment of AI applications, requiring more power, speed, and security [12]. Group 5: Investment Profile - Cisco offers a reliable 2.45% dividend yield with a payout ratio of 43.2% of cash flow, indicating strong sustainability and room for future increases [21]. - The company's P/E ratio is approximately 25.56, providing a reasonable entry point compared to many high-valuation AI stocks [21].

Group 1 - Cisco will participate in the 2025 Deutsche Bank Technology Conference on August 28, 2025, with no new financial information to be discussed [1] - The conference will include a Fireside Chat featuring Cisco's EVP & Chief Financial Officer Mark Patterson and President & Chief Product Officer Jeetu Patel [1] - Cisco management and Investor Relations will also engage in Investor Meetings on the same day [1] Group 2 - Cisco is recognized as a worldwide technology leader, focusing on revolutionizing organizational connectivity and protection in the AI era [2] - The company has over 40 years of experience in securely connecting the world and offers industry-leading AI-powered solutions and services [2] - Cisco is committed to fostering a more connected and inclusive future, emphasizing innovation, productivity enhancement, and digital resilience [2]

本文第一作者杨昱威，来自澳大利亚国立大学，合作者包括章泽宇（澳大利亚国立大学）、侯云钟（澳大利亚国立大学）、李卓婉（约翰霍普金斯大学）、 Gaowen Liu（思科）、Ali Payani（思科）、丁源森（俄亥俄州立大学）以及郑良（澳大利亚国立大学）。 背景与动机 在科研、新闻报道、数据分析等领域，图表是信息传递的核心载体。要让多模态大语言模型（MLLMs）真正服务于科学研究，必须具备以下两个能力： 1. 精准识别与理解图表元素（如坐标轴、图例、数据点、标题等）； 2. 对图表数据进行深度推理（如计算差值、比较趋势、跨子图推理等）； 然而，即便是最先进的开源多模态大语言模型（MLLMs），在高难度科学图表理解基准测试上准确率依旧徘徊在 30%–50%。尽管合成数据集易于生成，但它们通 常存在以下问题： 风格单一：缺乏视觉和内容多样性； 缺乏真实性：与真实图表的分布差异较大； 数据模式受限：生成的图表数据过于简单，无法模拟复杂场景； 数据集亮点 论文标题：Effective Training Data Synthesis for Improving MLLM Chart Understanding 论文地址：h ...

Core Points - Cisco Systems and Oracle America are initiating layoffs that will collectively eliminate over 300 jobs in the Bay Area, as disclosed in WARN notices sent to the state's labor agency [1][4]. Group 1: Cisco Systems - Cisco is set to cut 221 jobs, with 157 layoffs in Milpitas and 64 in San Francisco, effective October 13 [5]. - The company has previously laid off approximately 2,870 jobs in the Bay Area from 2022 through August 2025 [3]. - The latest layoffs are permanent, and affected employees are not represented by a union and do not have bumping rights [2]. Group 2: Oracle America - Oracle will cut 101 positions in Santa Clara, with layoffs also taking effect on October 13 [5]. - Including previous cuts disclosed in 2022, Oracle has announced a total of 490 job reductions [4]. - Prior to the current announcement, Oracle had already decided to cut 188 jobs, with 143 in Redwood City and 45 in Pleasanton [5].

Core Insights - Cisco Systems (CSCO) shares have declined 6% following the fiscal Q4 2025 results, primarily due to slowing momentum in networking revenues, which grew 12% year over year to $7.63 billion [1][8] - The decline in stock price presents a potential buying opportunity for investors, especially considering Cisco's strong momentum in AI [1] Financial Performance - In fiscal Q4 2025, AI Infrastructure orders from webscale customers exceeded $800 million, leading to total revenues of $2 billion for fiscal 2025, which is double the management's original expectations [2] - Annual Recurring Revenues (ARR) reached $31.1 billion, up 5%, with product ARR growing by 8%. Total subscription revenues increased 3% year over year to $7.9 billion, accounting for 54% of total revenues [3] - Total Remaining Performance Obligations (RPO) increased 6% year over year to $43.5 billion, with product RPO growing 8% [3] Market Position and Comparisons - Year to date, CSCO shares have appreciated 11.8%, underperforming the broader Zacks Computer & Technology sector, which has appreciated 13.7%, and peers Broadcom (AVGO) and Arista Networks (ANET), which have appreciated 32.1% and 24.2%, respectively [4] - Cisco's shares are trading at a premium with a forward 12-month price/sales ratio of 4.65X, compared to the industry average of 4.14X, but are trading at a discount compared to Arista Networks and Broadcom [15][18] Future Guidance - For fiscal 2026, Cisco expects revenues between $59 billion and $60 billion, an increase from $56.7 billion in fiscal 2025, with projected non-GAAP earnings per share between $4 and $4.06 [8][13] - The Zacks Consensus Estimate for fiscal 2026 revenues is $56.58 billion, indicating a year-over-year growth of 5.2%, while the consensus for earnings is $4.02 per share, reflecting a growth of 5.5% [14] Strategic Initiatives - Cisco's aggressive push into AI and its growing security business are significant growth drivers, with strong demand for products like Cisco Secure Access and XDR [9][11] - The partnership with NVIDIA is expected to enhance Cisco's AI capabilities, offering solutions for AI-ready data center networks [12] Investment Outlook - An expanding portfolio positions Cisco for sustained growth in the evolving tech landscape, particularly in AI and security [21] - Cisco currently holds a Zacks Rank 2 (Buy), indicating a favorable investment opportunity for accumulation [21]