Cisco shares plunged 12% Thursday after the company issued lukewarm guidance as memory prices weigh on profit margins
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Cisco Systems
shares plunged as much as 12% Thursday as rising memory prices put pressure on the networking company’s margins. It’s the stock’s worst day since 2022.
Strong demand for artificial intelligence chips from Nvidia
has caused a global shortage of memory, which has caused costs to skyrocket for the component. Large orders for data center memory have limited production capacity for other devices, including smartphones.
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