格隆汇11月20日｜据路透，AMD(AMD.US)、思科(CSCO.US)和沙特阿拉伯人工智能初创公司Humain的 首席执行官表示，三家公司正在成立一家合资企业，在中东建设数据中心，并且已经获得了他们的第一 个客户。据Humain首席执行官Tareq Amin称，这家尚未命名的合资企业将从沙特阿拉伯的一个100兆瓦 数据中心项目开始启动，Humain已签约向生成式视频初创公司LumaAI提供该项目的计算能力。项目的 规模和第一位客户此前尚未被报道。Amin说："他们将是这个集群的第一个客户，"并补充说Luma已签 约购买全部100兆瓦的容量。Amin表示，该合资企业旨在服务一个包括亚洲、欧洲、印度、中东和非洲 在内的市场，总市场规模约为45亿人。计划包括到2030年建设高达1吉瓦的新数据中心以支持该合资企 业。对于最初的100兆瓦建设项目，思科将提供网络设备和其他基础设施，AMD将提供其MI 450 AI芯 片。 ...

Group 1 - Advanced Micro Devices, Cisco Systems, and Saudi Arabian artificial intelligence startup Humain are forming a joint venture to build data centers in the Middle East [1] - The joint venture has secured its first customer, indicating early traction in the market [1]

Core Insights - Advanced Micro Devices (AMD), Cisco Systems, and Saudi Arabian startup Humain are forming a joint venture to establish data centers in the Middle East, with their first customer being generative video startup Luma AI [1][2] Group 1: Joint Venture Details - The joint venture will initiate with a 100-megawatt data center project in Saudi Arabia, with Luma AI contracted to purchase the entire capacity [2] - The collaboration is a result of deals made during U.S. President Donald Trump's visit to Riyadh in May, with further collaboration expected following meetings between Saudi Crown Prince Mohammed bin Salman and Trump [3] - AMD and Cisco will be minority shareholders in the joint venture, with Humain taking the lead in operations [4] Group 2: Market and Future Plans - The joint venture aims to serve a market encompassing Asia, Europe, India, the Middle East, and Africa, totaling approximately 4.5 billion people [5] - Plans include constructing up to one gigawatt of new data centers by 2030 to support the joint venture [5] Group 3: Infrastructure and Construction - For the initial 100-megawatt buildout, Cisco will supply networking equipment, while AMD will provide MI450 AI chips, with construction planned to begin in 2026 using renewable energy [6] - Cisco will leverage its salesforce to assist in selling capacity in the new data centers, drawing on its 25-year history of creating incentives for sales teams [7]

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.Zacks Premium also includes the Zacks Style Scores. ...

Core Insights - Cisco Systems (CSCO) shares have increased by 9.5% over the past 21 trading days, reflecting a surge in demand for AI infrastructure and strong networking outcomes, raising questions about the stock's durability in declining market conditions [1][5] Company Overview - Cisco Systems is valued at $306 billion, with a revenue of $57 billion and a current stock price of $77.37 [3] - The company reported a revenue growth of 5.3% over the last 12 months and has an operating margin of 22.1% [3] - Cisco's liquidity is characterized by a Debt to Equity ratio of 0.09 and a Cash to Assets ratio of 0.13 [3] Valuation Metrics - Cisco's stock is currently traded at a P/E multiple of 30.1 and a P/EBIT multiple of 24.1, indicating moderate operational performance and high valuation, which renders the stock unattractive [4] Downturn Resilience - The analysis of Cisco's stock performance during economic downturns shows that it has underperformed the S&P 500 index, with significant declines and slower recoveries [5] - Historical data indicates that Cisco stock experienced a decline of 38.6% from a high of $63.96 on December 29, 2021, to $39.27 on October 12, 2022, compared to a 25.4% drop for the S&P 500 [8] - The stock also saw a 33.5% decline from a high of $49.93 on February 12, 2020, to $33.20 on March 12, 2020, against a 33.9% decline for the S&P 500 [9] - In previous downturns, Cisco stock dropped 25.0% from a peak of $58.05 on July 15, 2019, to $43.52 on December 5, 2019, while the S&P 500 had a peak-to-trough decline of 19.8% [9] - The most severe decline occurred during the 2008 Global Financial Crisis, where Cisco stock fell 60.0% from a high of $34.08 on November 6, 2007, to $13.62 on March 9, 2009, compared to a 56.8% decline for the S&P 500 [9]

Group 1 - Cisco Systems Inc. (NASDAQ:CSCO) reported earnings that exceeded analyst estimates, showcasing strong revenue and EPS performance [2] - Jim Cramer highlighted Cisco as a "cheap, inexpensive data center play" and praised the company's recent quarter as a "monster quarter" with AI-driven growth [2] - The stock experienced a rally following the earnings report, attributed to double-digit order growth and positive market sentiment [2] Group 2 - Despite the positive outlook for Cisco, there is a belief that certain AI stocks may offer higher returns with limited downside risk [3] - A report is available that identifies an extremely cheap AI stock benefiting from Trump tariffs and onshoring, suggesting alternative investment opportunities [3]

Fine, but it’s easy to forget that it took more than eight years for Amazon’s stock price to return to its March 1999 pre-crash level. And then there’s Cisco Systems Inc., whose journey was even more arduous: Its post-dot-com crash recovery was finally completed on Monday. BloombergThe leading AI chipmaker is expected to post 57% year-on-year revenue growth. Forecasts point to fiscal 2026 revenue hitting a staggering $208 billion. The ramp-up of production for its next-generation of hardware is said to be ...

Summary of Cisco's Earnings Call Company Overview - **Company**: Cisco - **Date**: November 18, 2025 Key Industry Insights - Cisco merged opportunities in Enterprise, Sovereign, and New Cloud sectors, revealing over $200 million in orders to showcase AI-driven growth opportunities and update market information, primarily involving systems and optical products [2][3] - AI revenue is derived mainly from Series A K, Silicon One, and optical products, with systems and optical products each accounting for 50% of the revenue [2][9] - Demand for DCI (Data Center Interconnect) related products has significantly increased, particularly for coherent pluggable optics [2][9] Core Business Strategies - Cisco's deep involvement in the design process with Hyper Scalers and the implementation of a Silicon strategy have reduced reliance on external supply chains, enabling success in the AI sector and effectively addressing supply chain challenges [2][8] - Collaboration with NVIDIA on the N9,200 switch may lower profit margins due to the use of external chips, but the integration of software and enterprise sales channel advantages enhances customer satisfaction and market competitiveness [2][11] Market Position and Competition - Cisco believes that white box switches do not pose a substantial threat to its market position and gross margins, as it possesses silicon technology and operating systems, maintaining close relationships with Hyper Scaler customers to meet complex network demands [2][13] - The company is optimistic about the growth of its security business, targeting a long-term growth rate of 15% to 17% annually, despite recent underperformance due to a transition period between old and new products [4][17] Financial Performance and Projections - Cisco's $2 billion pipeline includes opportunities from Sovereign enterprises and emerging cloud vendors, with the timing of project rollouts dependent on market demand and project progress [5][6] - The company expects that the conversion of orders to revenue typically takes about six months, but it can be quicker, around 90 days, depending on external factors [7] Product Development and Customer Needs - The hybrid work trend has impacted Cisco's collaboration business, which remains stable due to a strong product portfolio and cash flow generation capabilities [4][19] - Cisco's strategy for product updates involves a gradual approach, allowing customers to transition from older products to newer models, ensuring service continuity and security [15][16] Future Outlook - Cisco is optimistic about the future, particularly in AI and security sectors, and is positioned to leverage its dual technology strengths in networking and security [21][22] - The company emphasizes the importance of enhancing remote participant experiences in hybrid work environments and continues to focus on AI advancements as a key growth area [22][23] Additional Considerations - The transition to cloud subscriptions in the Slunk business has altered revenue recognition methods, leading to short-term revenue softness but aligning with long-term strategic goals [18] - Cisco's diverse supply chain strategy, including both proprietary and third-party components, ensures production stability and mitigates risks associated with single supply chain dependencies [11]

Revenue and Income - Total revenue for the first quarter of fiscal 2026 was $14,883 million, an increase of 8% compared to $13,841 million in the same period last year[170]. - Net income for the quarter was $2,860 million, a 5% increase from $2,711 million, with diluted earnings per share rising by 6% to $0.72[170]. - Operating income rose by 43% to $3,363 million in Q1 FY2026, with operating income as a percentage of revenue increasing to 22.6% from 17.0%[239]. Revenue Breakdown - Product revenue increased by 10%, while services revenue grew by 2%, with total software revenue reaching $5.7 billion, up 3%[173]. - Revenue from the Americas increased by $0.7 billion, while EMEA and APJC revenues rose by $0.2 billion and $0.1 billion, respectively[175]. - Product revenue increased by 10% to $11,077 million, while services revenue grew by 2% to $3,806 million[202][204]. - Revenue from the Americas segment was $8,989 million, representing a 9% increase, with product revenue in this segment rising by 12% to $6,706 million[203][208]. - EMEA segment revenue increased by 5% to $3,784 million, with product revenue growing by 6% to $2,846 million[203][209]. - APJC segment revenue rose by 5% to $2,111 million, with product revenue increasing by 7% to $1,525 million[203][210]. Product Performance - Networking product revenue increased by 15% to $7,768 million, driven by growth in Service Provider Routing and AI Infrastructure solutions[212][213]. - Security product revenue decreased by 2% to $1,980 million, impacted by a shift from on-premise deals to cloud subscriptions[212][214]. - Collaboration product revenue declined by 3% to $1,055 million, primarily due to decreases in Devices and Webex Suite offerings[212][215]. Expenses and Margins - Operating income as a percentage of revenue improved by 5.6 percentage points to 22.6% due to lower restructuring charges and revenue growth[174]. - Research and development expenses were $2,400 million, up 5% from $2,286 million, reflecting continued investment in innovation[170]. - The gross margin percentage decreased by 0.4 percentage points to 65.5%, primarily due to product mix and pricing impacts[170]. - Product gross margin decreased to 64.5% in Q1 FY2026 from 65.1% in Q1 FY2025, primarily due to negative impacts from product mix and pricing[221]. - Services gross margin increased by 0.4 percentage points to 68.4% in Q1 FY2026, driven by cost efficiencies[225]. - Total gross margin for the company was 65.5% in Q1 FY2026, down from 65.9% in Q1 FY2025, with total gross margin amounting to $9,745 million compared to $9,121 million[227]. Cash Flow and Investments - Total cash and cash equivalents and investments stood at $15,736 million, a slight decrease from $16,110 million[178]. - Free cash flow for the three months ended October 25, 2025, was $2,889 million, a decrease of approximately 16% from $3,444 million for the same period in 2024[250]. - Cash returned to stockholders included $1.6 billion in dividends and $2.0 billion in stock repurchases, contributing to a net decrease in cash and cash equivalents and investments of $374 million[247]. Tax and Compliance - The effective tax rate for the first quarter of fiscal 2026 was a tax provision of 15.7%, compared to a benefit of 19.6% in the first quarter of fiscal 2025[198]. - The effective tax rate for Q1 FY2026 was 15.7%, up from (19.6)% in Q1 FY2025, primarily due to a prior year tax benefit of $720 million[244]. - The company was in compliance with all debt covenants as of October 25, 2025[266]. Future Outlook and Commitments - The company plans to continue investing in key priority areas to drive long-term profitable growth amid a competitive environment[176]. - The company expects to continue entering into additional purchase commitments in FY2026, increasing supply chain exposure[224]. - The remaining authorized amount for stock repurchases is approximately $12.2 billion, with no termination date[253]. Performance Obligations and Deferred Revenue - Remaining performance obligations totaled $42,873 million, down from $43,533 million[178]. - Total remaining performance obligations as of October 25, 2025, decreased by 2% to $42.873 billion compared to the end of fiscal 2025[270]. - Total deferred revenue decreased by 3% to $27.969 billion, with deferred product revenue down 2% and deferred services revenue down 4%[271].

Core Viewpoint - Cisco's stock has performed well, increasing by 37% over the past year, yet retail investor sentiment has turned negative, with social sentiment dropping to 35/100 despite solid fundamentals and a 2.09% dividend yield [1][6]. Group 1: Investor Sentiment - Mentions of Cisco on Reddit surged in mid-November, with a notable shift from neutral to negative sentiment, as discussions highlighted concerns about historical losses and potential market bubbles [2]. - A specific post on r/investing warned that Cisco's recovery from the dotcom bubble could indicate a potential bubble, resonating with many users [2]. - The decline in sentiment is attributed to profit-taking after a significant annual gain, with the current sentiment at 35/100 [4][6]. Group 2: Valuation Concerns - Cisco's trailing P/E ratio stands at 30, with only 6% year-over-year earnings growth, resulting in a PEG ratio of 5, indicating the stock may be overvalued relative to its growth [3][5]. - The stock's RSI has remained above 70 since November 13, suggesting overbought conditions, which has contributed to the bearish sentiment [4][5]. - Despite strong operational margins (23.6% operating, 17.9% profit) and an 11% monthly gain, concerns about valuation and timing have led investors to lock in profits rather than increase exposure [6].