Matt Frankel

There's your hidden gem for the day.

Yeah, I wanted to lean into something John just mentioned and emphasize the word orders.

So product orders to hyperscalers are growing at a triple digit rate.

AI infrastructure orders from hyperscalers were $1.9 billion in the third fiscal quarter.

That's up from $600 million a year ago, so more than tripling.

Overall, Cisco's orders...

were up by 35%.

John mentioned the top line only grew by 12% in the quarter, but overall product orders, which are very indicative of future revenue, were up 35%.

Even excluding hyperscalers were up 19%.

So we're seeing really strong demand across the business.

Networking orders were up 50% year over year.

As John mentioned, that was the strongest segment.

And hyperscalers are the real story here.

And just to kind of put this in perspective, John correctly mentioned that now Cisco expects $9 billion

in orders this fiscal year for AI infrastructure.

And that's compared to just $4 billion, just $4 billion in expected recognized AI revenue.

So more than double what they're recognizing in AI infrastructure revenue, they're expecting for future revenue because they're getting these orders in.

So this is really just a long way to say

that the reaction to Cisco's quarter isn't necessarily about revenue.

No one's that excited about 12% year over year top line growth or the earnings that they just reported on a per share basis.