证券日报网讯麦格米特9月16日在互动平台回答投资者提问时表示，公司信息披露范围为合并报表范围 内主体公司有关情况，思科是公司重要客户之一，关于公司客户的经营情况可通过其他渠道查询。 （文章来源：证券日报） ...

Group 1 - Cisco is hosting its annual AI Collaboration and Customer Experience event, WebexOne, from September 28 to October 1, 2025, in San Diego, featuring luminary customers and partners [1][2] - The event will focus on trending topics such as generative AI, customer experience, and conferencing technology, showcasing Cisco's latest innovations and strategies [2][5] - Attendees will have access to over 200 hours of learning through 82 classes and labs, along with 100+ breakout sessions featuring top customers and Cisco speakers [3] Group 2 - More than 50 Webex customers and partners, including Conagra Brands and Kennedy Space Center, will discuss their collaboration with Cisco to enhance customer experiences using AI [5] - Notable speakers include Ryan Reynolds, who will deliver the closing keynote on creative leadership and innovation, and Deepu Talla from NVIDIA, who will discuss the future of AI [5] - Cisco executives will present the company's vision for AI and customer experience, highlighting the integration of new technologies with Cisco's product portfolio [5]

Core Viewpoint - Goldman Sachs significantly raised growth expectations for AI servers and AI data center switches, indicating that data center hardware driven by AI is the strongest theme in the US tech sector, while traditional equipment demand remains weak [2][3]. AI Server and Data Center Switch Growth - AI data center switches are projected to reach a market size of $26 billion by 2029, with a CAGR of 36%, a substantial increase from the previous forecast of $2 billion, primarily due to concentrated demand release in 2028-2029 [3]. - Traditional servers are expected to decline at a CAGR of -2% from 2024 to 2029, while traditional data center switches will grow at a mere 5%, highlighting a stark contrast with the AI sector [3]. Key Players in AI Server Market - Dell has emerged as the largest winner in the AI server market, with significant market share gains [4]. - The growth of AI servers is highly concentrated in the secondary cloud service provider segment, which is expected to achieve a CAGR of 66% over five years, reaching a size of $239.298 billion by 2029 [5]. Market Share Dynamics - In the secondary cloud service provider market, Dell's market share surged by 22 percentage points to 46%, while competitors like NVIDIA, Supermicro, and white-box manufacturers saw declines [6]. - In the enterprise market, Dell's share increased by 13 percentage points to 30%, while NVIDIA's share dropped by 6 percentage points to 16% [6]. AI Data Center Switches - Ethernet technology dominates the growth in the switch market, particularly in backend products, which are expected to grow at a CAGR of 50% from 2024 to 2029, reaching $14 billion [7]. - Frontend Ethernet switches are projected to grow at a CAGR of 46%, reaching $10 billion by 2029, while InfiniBand switches are expected to decline at a CAGR of -1% [7]. Customer Demand for AI Switches - Enterprise customers show the most urgent demand for AI switches, with a projected CAGR of 64% over five years [9]. - Secondary cloud service providers and super-scale enterprises are also expected to see significant growth, with CAGRs of 55% and 41%, respectively [9]. Company Ratings and Outlook - Arista Networks (ANET) is rated "Buy" with a target price of $155, benefiting from strong revenue from major cloud giants [10]. - Dell Technologies (DELL) is rated "Buy" with a target price of $150, supported by trends in AI server demand and IT spending recovery [11]. - Cisco Systems (CSCO) is rated "Neutral" with a target price of $37, facing market share challenges but with a solid backlog [13]. - Hewlett Packard Enterprise (HPE) is rated "Neutral" with a target price of $25, with concerns over profitability in its server and hybrid cloud segments [15]. - Supermicro (SMCI) is rated "Sell" with a target price of $27, facing challenges from commoditization in the AI server market [17].

Group 1: AI Server Demand and Market Dynamics - The demand for AI servers in the hardware sector is showing a differentiated trend, with Dell Technologies (DELL.US) capturing high-end market share from Super Micro Computer (SMCI.US) and HPE (Hewlett Packard Enterprise) achieving growth through cost control [1] - The traditional enterprise server market is under short-term pressure as companies prioritize investment in AI infrastructure [1] - Goldman Sachs predicts that by 2027, mature cloud service providers will gradually shift towards ODM custom or semi-custom server designs, while Dell and HPE may see a decline in x86 unit sales but can maintain stable revenue through high average prices and profit margins [1] Group 2: Backend Network Market and Future Projections - The backend scale-out network market is expected to reach a total size of $23 billion by 2029, with the Ethernet scale-out incremental market projected to be around $8 billion to $10 billion [1] - NVLink currently dominates the scale-out backend network, but Ethernet is expected to become a strong competitive alternative in the future, while UALink and PCIe will maintain niche market positions [1] Group 3: Software Technology and AI Network Competitiveness - In the software technology sector, AI networks remain competitive across hyperscale, secondary cloud/new cloud, enterprise, and sovereign customer verticals [2] - Hyperscale enterprises are driven by strong demand for AI economic transformation, with brand suppliers continuing to dominate [2] - The secondary cloud sector shows that Spectrum-X bundled network/computing solutions are the most adaptable, while OEMs like Dell, HPE, and Cisco (CSCO.US) hold advantages in the enterprise market due to their extensive customer base and distribution capabilities [2] Group 4: Communication Technology and Market Trends - Companies like Cisco, HPE, and Juniper are actively participating in the AI network market, while market share data from Arista Networks (ANET.US) and Tianhong Technology (CLS.US) indicates that there is no trend of brand suppliers shifting towards white-box switches in the scale-out field [2]

Core Viewpoint - Palantir Technologies Inc has achieved a market capitalization of $396 billion with $3.3 billion in recurring revenue, showcasing a high 93x ARR multiple, which is significantly higher than peers like Salesforce and Adobe [1][4]. Group 1: Market Valuation and Comparisons - Palantir's market cap of $396 billion is juxtaposed with its $3.3 billion in recurring revenue, leading to a striking 93x ARR multiple [1]. - This valuation is compared to Cisco Systems during the dot-com boom, which had a valuation of $546 billion at a 131x forward earnings multiple, highlighting the potential for a similar fate [2][3]. - Palantir's multiples are significantly higher than those of Adobe (17.6x) and Salesforce (7.1x), positioning it as one of the most expensive stocks in the tech sector [4]. Group 2: Growth and Performance - Palantir has reported a year-over-year growth rate of 48%, bolstered by lucrative government contracts and the success of its AI platform, AIP [5]. - The current market enthusiasm for Palantir is contrasted with historical cautionary tales, suggesting that while the company may be positioned as a leader in AI software, any slowdown could lead to a significant selloff [5]. Group 3: Historical Context and Risks - The narrative surrounding Palantir echoes the past experiences of Cisco, which, despite surviving the dot-com crash, never fully regained its previous valuation [3][5]. - The article suggests that while Palantir may be at the forefront of software innovation, the historical patterns in market behavior indicate that such valuations can be precarious [6].

Group 1 - Oracle's recent performance has contributed to a rally in AI-related stocks, indicating strong market interest in AI technologies [1] - Cisco reported fiscal Q4 earnings and sales that exceeded expectations, with AI product orders reaching $800 million, showcasing the growing demand for AI solutions [4] - The stock market is experiencing fluctuations as investors await key economic data, including CPI inflation reports, which could impact market sentiment [4] Group 2 - The Dow Jones futures indicate potential rotation in the stock market, with notable stocks like Cisco and Alphabet entering new buy zones [4] - The upcoming week in the stock market is expected to focus on significant events, including Ford's new product launch and developments in China and aerospace sectors [4] - Cisco's stock has shown resilience and strength ahead of earnings reports, reflecting investor confidence in its growth prospects [4]

Core Viewpoint - The article discusses the emergence and significance of Ultra Ethernet (UE) in high-performance computing (HPC) and artificial intelligence (AI) sectors, highlighting its advantages over traditional InfiniBand networks, particularly in large-scale deployments [1][27]. Group 1: Ultra Ethernet Overview - Ultra Ethernet Consortium (UEC) was established in July 2023, comprising major companies like AMD, Intel, and Microsoft, aiming to develop an open standard for high-performance Ethernet [2]. - The UE specification 1.0 is set to be released in June 2025, with over 100 member companies expected by the end of 2024 [2]. Group 2: Compatibility and Scalability - UE is designed to be compatible with existing Ethernet infrastructures, allowing for easy deployment without the need to dismantle current systems [3]. - It supports massive scalability, accommodating millions of network endpoints, which is essential for future AI systems [3]. Group 3: Performance Features - High performance is achieved through efficient protocols designed for large-scale deployments, enabling point-to-point reliability without added latency [4]. - UE introduces features like packet spraying to enhance load balancing and reduce congestion issues [16]. Group 4: Network Types and Applications - UE distinguishes between three network types: local networks, backend networks, and frontend networks, with a primary focus on backend networks for high bandwidth applications [6][8]. - The specification supports various configurations tailored for HPC and AI workloads, allowing for flexibility in implementation [15]. Group 5: Loss Detection and Recovery - UE defines advanced loss detection mechanisms to improve response times for lost packets, including packet trimming and out-of-order counting [19][20]. - The framework allows for efficient handling of packet loss scenarios, reducing unnecessary retransmissions and optimizing bandwidth usage [19]. Group 6: Future Outlook - The anticipated hardware for UE is expected to launch in Fall 2025, with initial products already being developed by various suppliers [24][25]. - As UE gains traction, it may emerge as a competitor to InfiniBand, particularly in AI-driven data center networks, while still leveraging the strengths of existing Ethernet technologies [27].

Core Insights - Cisco Systems (CSCO) shares are currently trading at a premium with a Value Score of D, reflecting a forward 12-month price/sales ratio of 4.45X, which is higher than the Zacks Computer Networks industry's 4.16X but lower than Arista Networks (18.19X) and Broadcom (21.43X) [1][4][18] Stock Performance - Year-to-date (YTD), CSCO shares have appreciated by 13.8%, underperforming the broader Zacks Computer & Technology sector (15.9%) and peers Broadcom (46.1%) and Arista Networks (28.4%) [4][7] - Since the fourth-quarter fiscal 2025 results were reported on August 13, CSCO shares have dropped by 4.4%, attributed to slowing momentum in networking revenues, which grew by 12% year-over-year to $7.63 billion [5][6] Growth Drivers - AI Infrastructure orders from webscale customers reached $2 billion in fiscal 2025, doubling management's forecast, with over $800 million in orders reported in the fourth quarter [7][9] - Cisco's partnership with NVIDIA is expected to enhance AI capabilities, integrating Cisco Nexus switches with NVIDIA's Spectrum-X architecture for improved networking solutions [11][12] - Networking product orders have shown double-digit growth for four consecutive quarters, driven by demand in webscale infrastructure, switching, enterprise routing, and industrial IoT [13] Security Business - Cisco's security business is experiencing strong demand, with mid-single-digit growth in orders for Cisco Secure Access, Hypershield, and XDR, and a reported 14% year-over-year growth in new logos for Splunk [14] Financial Guidance - For fiscal 2026, Cisco expects revenues between $59 billion and $60 billion, up from $56.7 billion in fiscal 2025, with non-GAAP earnings projected between $4.00 and $4.06 per share [16] - The Zacks Consensus Estimate for fiscal 2026 revenues is $56.58 billion, indicating a year-over-year growth of 5.2%, while earnings are expected to grow by 6% to $4.04 per share [17] Market Position - Cisco's expanding portfolio and focus on AI and security position the company for sustained growth in a changing tech landscape, despite facing challenges from stretched valuations and competitive pressures [18][19]

Core Insights - Cisco Systems, Inc. is recognized as a leading cybersecurity stock, particularly following its recent expansion of the Secure AI Factory in collaboration with Nvidia [1][2] - The new solution aims to enhance data extraction and retrieval for agentic AI workloads, integrating VAST Data's InsightEngine with Cisco AI PODs [2] - Cisco's advancements are positioned to meet the increasing demand for AI application performance enhancement, significantly reducing RAG pipeline latency and enabling real-time AI responses [3] Company Overview - Cisco provides a wide range of cybersecurity solutions through its Cisco Security Cloud platform, focusing on network, cloud, endpoint, and email security [4]

Core Insights - The article discusses the significant shift in AI technology, moving from basic chatbots to more advanced agents capable of conducting tasks autonomously, which is seen as a transformative phase in AI development [2][3] Infrastructure and Constraints - Three major constraints limiting AI growth are identified: insufficient infrastructure (compute, networking, bandwidth), a trust deficit in AI systems, and a data gap, particularly in machine data [3][16] Role of Splunk - Splunk is positioned as a key player in addressing these constraints, particularly in utilizing machine data to enhance AI model training and insights [4][11] - Recent announcements at a user conference highlighted innovations in machine data handling and an open-source model for time series data [7][17] Cisco and Splunk Integration - The integration of Cisco's technology with Splunk is expected to provide significant value, particularly in correlating data from various sources, enhancing security, and offering economic benefits to customers [10][12][11] - Cisco's telemetry data is being utilized in Splunk, which allows for better insights and operational efficiencies [11][12] Future Outlook - The company aims to support massive data center buildouts and ensure the security of AI systems, addressing the growing importance of machine data in AI applications [14][15][16] - The combination of Cisco and Splunk technologies is seen as a unique offering in the market, with a strong emphasis on innovation and customer-centric solutions [17]