Cisco Shares Nears Dot-Com Highs
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This is Bloomberg Tech. Coming up, Cisco shares gain after boosting its 2026 forecast, showing progress in its effort to capture more AI spending. We're going to discuss with the CEO. Plus, shares of Disney, they're falling today as the company invests in its content slate and stream bundling. Our conversation with the Disney CFO, Hugh Johnston. And Tencent strikes a deal with Apple, under which the iPhone maker takes a 15% cut for purchases in WeChat minigames and apps. But first, we check in on these markets and maybe a little bit of chop as we try to discern when we get the government data and what that will show the Federal Reserve can indeed do or do not when it comes to cutting in the future.
The market a little bit uncertain at the moment. It seems as though that lifting of a government shutdown had been priced in. We're currently off by 1.4%. We're dragged down by the key names in Magnificent Seven. But Ed, you're looking at the company that's adding the most in points upside. Yeah, one of the big movers to the upside is Cisco. Shares currently up around 4%. They'd opened much higher than that. The key bit is they're trading at their highest level since the year 2000, after the company raised its outlook and showed progress on capturing more of the global AI spend. Let's get the details with Cisco CEO, Chuck Robbins. Chuck, in the year 2000, Cisco was one of the original four horsemen of technology.
Based on the numbers you gave and what you said on the call, do you feel like customers, the new ones, and investors now understand Cisco's place in this new AI era?
But first of all, thanks for having me. And, you know, I'm super proud of what the teams have accomplished. We had a record quarter and set ourselves up for what's likely going to be the best year we've ever had. So it was just a great performance. And I've been asked a lot over the last 24 hours to reflect back on 2000, and it's kind of an interesting comparison. But I think that, look, the hyperscalers are some of the most – advanced customers in the world. They do the deepest analysis of the technology before they make decisions. And I think that their decisions to continue spending more with us speaks volumes about the innovation and the technology that our teams are building right now. So I'm really proud of them.
And I think it'll just extend into the enterprise over time.
Chuck, who are some of those new customers that you've been able to sign in the area context?
Well, we're just talking about the major hyperscalers, primarily in the United States. But we've also announced these sovereign deals in the Middle East with G42 in the Emirates, as well as Humane in Saudi. There's a lot of work going on in the neocloud space. We're seeing sovereign players start popping up now in parts of Europe, as well as Southeast Asia and India. So, it's a broad swath of customers.
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