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Tap here. Cisco stock is soaring on Thursday after, you guessed it: Announcing job cuts in a broader pivot to AI. The California networking-equipment firm crushed third-quarter expectations on revenue and earnings per share, cut 4,000 jobs or about 5% of its workforce, and nearly doubled its expected orders for the next fiscal year from $5 billion to $9 billion. “Given the speed at which the market is moving, we need to make a rapid reallocation of resources,” CEO Chuck Robbins told CNBC. “By the way, a lot of the people that are potentially impacted will actually go take those jobs.” Shares are up over 15% as of mid-day Thursday, the company’s best trading day in over two decades.
The stock is up over 54% since January 1 as the AI infrastructure boom quickly takes over the entire market. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first.