Cisco’s Networking Business Is Firing on All Cylinders With Campus Refreshes and Soaring AI Demand

We view Cisco Systems as the dominant force in enterprise networking and expect it to retain strong positioning in legacy and future networks. Cisco holds high market shares across switching, routing, and wireless access, with strong complementary positions in security and collaboration. We believe Cisco’s portfolio is appropriately positioned to benefit from trends toward hybrid work and hybrid cloud environments. It offers the most comprehensive suite of capabilities across converging networking and security markets, and we deem its intertwined products as sticky and worthy of a wide economic moat.