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Cisco
CEO Chuck Robbins told CNBC on Thursday that skyrocketing demand for artificial intelligence tools and equipment is powering the industry toward a "networking supercycle."
Shares jumped 14% and headed for their best day in more than two decades after Cisco blew past its AI infrastructure and hyperscaler guidance orders for the fiscal year and lifted its forecast from $5 billion to $9 billion.
The California-based networking equipment maker also said it will cut about 5% of its workforce as it shifts focus toward AI-focused segments, silicon, and optics.
