By TMF Breakfast News
Publication Date: 2026-05-14 11:30:00
Breakfast News: Cisco Evolves For The New AI Era
May 14, 2026
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1. Cisco Jumps on AI Transition Results
Cisco (CSCO +2.42%) surged 20% higher ahead of the market open as earnings detailed an upbeat outlook based on progress around restructuring the business, with CFO Mark Patterson explaining an overhaul in the product offering.
- “We have a pretty expansive silicon portfolio today actually, but we’re looking to grow it”: Patterson revealed the Hidden Gems recommendation will add more types of its own networking chips, along with securing more AI agents, as it pivots to products designed to serve the growing data center needs.
- “While we are reducing roles in some areas, we are making clear, strategic investments”: CEO Chuck Robbins said close to 4,000 jobs would be cut as it increases the use of AI by its own employees, along with the…
