FIRST ON FOX: Ahead of the Black Friday shopping rush, the House China Committee is demanding Amazon display the country of origin for every product it sells. In a letter to Amazon CEO Andy Jassy obtained by Fox News Digital, chairman John Moolenaar, R-Mich., and ranking member Raja Krishnamoorthi, D-Ill., urged Amazon to clearly identify the origin of its products, including listing what percentage of parts are U.S.-made and whether the seller is a U.S. or foreign entity.The lawmakers called out TP-Link, a ...

Core Insights - Broadcom has launched the Brocade X8 Directors and Brocade G820 switches, marking the introduction of the industry's first 128G Fibre Channel platforms aimed at enhancing mission-critical and AI-driven enterprise workloads [1][8] - The new Brocade Gen 8 portfolio features quantum-safe security with 256-bit encryption and post-quantum cryptography, addressing potential threats in the quantum computing era [1][8] Product Features - The Brocade X8 Director offers scalability with up to 384×128G ports, high bandwidth, and ultra-low latency, making it ideal for large storage environments [2] - The Brocade G820 switch, with 56 ports, delivers 128G performance and robust security for edge and top-of-rack deployments, catering to modern AI-intensive data center workloads [2] Financial Performance - Broadcom's Infrastructure Software business, which includes Brocade Fibre Channel switch products, accounted for 42.5% of net revenues in Q3 of fiscal 2025, with expectations for a 15% year-over-year revenue growth to $6.7 billion in Q4 [3][8] - The Zacks Consensus Estimate for fiscal 2025 earnings is projected at $6.72 per share, indicating a 38% growth from fiscal 2024 [12] Competitive Landscape - Broadcom faces significant competition from Cisco Systems and Marvell Technology, with Cisco reporting $1.3 billion in AI infrastructure orders from hyperscalers in Q1 of fiscal 2026 and projecting $3 billion in revenues for fiscal 2026 [4] - Marvell Technology is gaining traction with co-packaged optics for AI-driven performance optimization, enhancing efficiency in data transmission [5] Stock Performance - Broadcom's stock has appreciated 111.2% over the past year, significantly outperforming the broader Zacks Computer and Technology sector, which returned 25.9% [6][7] - The stock is currently trading at a forward 12-month price/earnings ratio of 37.57X, compared to the sector's 28.09X, indicating a premium valuation [9][10]

Core Insights - Cisco Systems is joining an international consortium to build AI infrastructure, which has positively impacted its stock performance [1][2][5] Group 1: Partnership and Project Details - Cisco is collaborating with AMD and Saudi Arabia-based Humain to deploy AI infrastructure in the Middle East, with operations expected to start in 2026 [2][3] - The joint venture aims to develop 1 gigawatt of AI infrastructure by 2030, utilizing hardware from both Cisco and AMD in Humain's data centers [3] Group 2: Financial and Market Impact - Cisco's market capitalization stands at $306 billion, with a current stock price of $78.39, reflecting a 1.32% increase [4] - The collaboration is anticipated to boost Cisco's revenue in the long term, although specific financial details have not been disclosed [5]

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]

BearFotos / Shutterstock.com Quick Read Cisco (CSCO) trades at a trailing P/E of 30 with only 6% earnings growth for a PEG ratio of 5. Cisco’s RSI has stayed above 70 since November 13 indicating overbought conditions. Reddit sentiment on Cisco dropped to 35/100 as investors lock in profits after a 37% annual gain. If you’re thinking about retiring or know someone who is, there are three quick questions causing many Americans to realize they can retire earlier than expected. take 5 minutes to lear ...

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Summary of Cisco Systems FY Conference Call Company Overview - **Company**: Cisco Systems (NasdaqGS:CSCO) - **Date of Conference**: November 18, 2025 - **Speaker**: Mark Paterson, CFO Key Industry Insights - **Growth Drivers**: Cisco identifies several key growth drivers for the upcoming 12 to 24 months, including: - AI networking and infrastructure - Cybersecurity enhancements, particularly following the acquisition of Splunk - A significant campus refresh opportunity due to aging equipment and increased security needs [11][15][17] Financial Performance - **Recent Earnings**: Cisco reported strong earnings with broad-based order growth across geographies and customer markets, indicating a robust demand for its products [15][12] - **Order Growth**: The company achieved $1.3 billion in new orders from top hyperscalers in Q1, significantly exceeding its previous target of $1 billion [20][26] - **Revenue Projections**: Cisco anticipates over $3 billion in revenue from AI-related orders this fiscal year, up from $1 billion last year [28][26] AI and Hyperscaler Engagement - **AI Infrastructure**: Cisco's role in AI has evolved, with a focus on providing critical technology for hyperscalers and enterprise AI applications. The company aims to double its previous year's order growth, targeting $4 billion in AI-related orders [25][26] - **Web Scalers**: Cisco has seen over 100% growth in orders from four different web scalers, indicating strong demand for its AI infrastructure solutions [43][42] Campus Upgrade Cycle - **Multi-Year Opportunity**: The campus upgrade cycle is expected to be a multi-year, multi-billion dollar opportunity driven by aging equipment, security risks, and the need for AI application deployment [80][81] - **Product Innovations**: Cisco has introduced a comprehensive refresh of its campus switches and security products, integrating AI capabilities to meet evolving customer needs [81][82] Competitive Landscape - **Market Position**: Cisco reported a 13% global order growth, with a 9% growth excluding web scale, indicating strong competitive positioning despite a competitive market [93][96] - **Customer Adoption**: The transition to new platforms in campus networking technologies is happening faster than previous launches, showcasing strong customer adoption [96][95] Silicon One Strategy - **Strategic Asset**: Silicon One is highlighted as a critical asset for Cisco, providing technological advantages and cost savings, which are appealing to hyperscalers [102][108] - **Future Plans**: Cisco plans to have all high-powered systems based on Silicon One by FY2029, enhancing control over its supply chain and gross margins [109][108] Security Business Dynamics - **Revenue Trends**: Cisco's security business is experiencing a transition to cloud offerings, which may temporarily impact revenue recognition but is expected to lead to stronger long-term growth [125][126] - **Customer Adoption**: The company has seen a growing customer base for its new security technologies, with 3,000 new customers added recently [127][126] Supply Chain and Pricing Strategy - **Component Costs**: Cisco is facing memory price increases and supply chain challenges but has managed to maintain stable gross margins [145][146] - **Pricing Adjustments**: The company implemented a price increase at the beginning of the quarter to address rising component costs, which has helped mitigate some margin pressures [154][153] Government Exposure - **Public Sector Growth**: Cisco's public sector business, particularly in defense and intelligence, is performing well, with mid to upper single-digit growth expected [160][161] Capital Return Strategy - **Share Buybacks**: Cisco plans to continue its share buyback program, with a run rate of $1 billion per quarter, while also supporting its dividend [169][170] Investor Insights - **Networking Importance**: The critical role of networking in AI and hyperscale environments is emphasized, highlighting the ongoing demand for Cisco's networking solutions [174][175] - **Market Opportunities**: Even amidst concerns about an AI bubble, Cisco sees significant opportunities in networking spend associated with AI growth projections [177][178]

17 November 2025 | 4:09PM HKT Equity Research +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Exhibit 1: Rising contribution from 800G/ 1.6T switch ports in 2025-27E Port shipment mix for AI data center 68% 20% 1% 57% 32% 4% 40% 46% 8% 79% 9% 0% - 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 100G/ 400G 800G 1.6T 2024 2025E 2026E 2027E (k units) Red text shows AI data center switch ports shipment mix by speed Source: Company data Compared to our last publication in Nov 2025 (repo ...

PresentationCharles ProberPresident, CEO & Director Thank you. All right. We are going to get started. Welcome, and I want to start by thanking everybody for being here, both in person and online. For those of you who are in person, many of you traveled from a long way, and I really appreciate that. We really appreciate that. It's not a trivial time to be doing across the coast trips. So thanks for being here. Today is an awesome milestone for NETGEAR. We've been largely under the radar, transforming the b ...

NETGEAR 2025 Investor Day Summary Company Overview - **Company**: NETGEAR (NasdaqGS:NTGR) - **Event**: 2025 Investor Day held on November 17, 2025 - **Location**: Crestron's Experience Center, New York Key Industry Insights - **Industry Focus**: Transition to IP-based audiovisual (AV) solutions and the growing importance of connectivity in homes and enterprises - **Market Size**: The broader AV market is approximately $332 billion, with the AV signal and routing space valued at $7 billion, and the AV over IP market growing at a 14% CAGR [34][34] Core Points and Arguments 1. **Transformation Goals**: NETGEAR is focused on transforming its business to deliver long-term value to shareholders, similar to successful transitions seen in companies like EA and Logitech [6][6][6] 2. **Three-Phase Transformation Approach**: - **Phase One**: Building foundational capabilities, which is nearing completion - **Phase Two**: Strengthening core businesses, focusing on enterprise and consumer segments - **Phase Three**: Aggressively pursuing growth opportunities, particularly in inorganic growth [8][8][8] 3. **Financial Performance**: NETGEAR has expanded gross margins and profitability while growing cash reserves, despite share repurchases totaling nearly $70 million at under $20 per share [21][22][22] 4. **Enterprise Business Potential**: The enterprise segment is seen as a significant growth opportunity, with a focus on professional services and security solutions for small and medium enterprises (SMEs) [12][12][12] 5. **Consumer Business**: The consumer segment has a $35 million annual recurring revenue (ARR) business growing in double digits, with plans to enhance subscription services [12][12][12] Additional Important Insights - **Leadership Changes**: A significant leadership team reset has occurred, with new executives bringing extensive experience in enterprise networking and consumer technology [16][16][16] - **Organizational Structure**: NETGEAR has elevated its enterprise team to be equal in importance to the consumer team, reflecting a strategic shift in focus [13][13][13] - **AI Integration**: NETGEAR is aggressively adopting AI to improve product performance, customer experience, and operational efficiency [20][20][20] - **AV Solutions**: NETGEAR AV solutions are deployed in high-profile events, including concerts and summits, showcasing the company's leadership in the AV space [27][27][27] - **Partnerships**: NETGEAR has established over 500 partnerships with AV manufacturers, enhancing product compatibility and support [36][36][36] - **Training Initiatives**: The company has trained over 30,000 users and 10,000 installers in AV over IP technologies, positioning itself as a leader in AV training [44][44][44] Conclusion NETGEAR is undergoing a significant transformation aimed at unlocking value in both its enterprise and consumer segments. With a strong focus on AI, operational efficiency, and strategic partnerships, the company is well-positioned to capitalize on growth opportunities in the evolving AV and networking markets.