Cisco J.P. Morgan TMC Conference Takeaways

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Cisco J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Cisco Overweight

CSCO, CSCO US

J.P. Morgan TMC Conference Takeaways Price (18 May 26):$118.88

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

Marc Vitenzon

(1-212) 622-3342

We hosted a keynote session with Chuck Robbins, Chief Executive Officer, at our marc.vitenzon@jpmchase.com

54th annual J.P. Morgan Global TMC Conference. Our key takeaways include: Joseph Cardoso

• Supply chain and Silicon One have emerged as key differentiators. Mr. (1-212)joseph.cardoso@jpmchase.com622-9036

Robbins cited Cisco’s balance sheet, scale, and Silicon One as collectively

Manmohanpreet Singh

providing the company with a much greater degree of control over its supply (1-212) 622-4527

chain. Furthermore, Mr. Robbins described hyperscalers as deriving strong manmohanpreet.singh@jpmchase.com

value from both software and silicon, highlighting for example the ~$9 bn Akanksh Chauhan

hyperscaler AI order target as primarily driven by the differentiation enabled (1-212) 622-0045

by Silicon One. Lastly, Mr. Robbins reaffirmed Cisco’s FY29 target to have all akanksh.chauhan@jpmorgan.com

high-end systems across the portfolio powered by Silicon One. J.P. Morgan Securities LLC

• Scale-across highlighted as a key hyperscaler market share opportunity.

Cisco highlighted the proof points in relation to the three recent hyperscaler

scale-across wins, enabled by Cisco’s P200 silicon specifically designed for

scale-across. Mr. Robbins emphasized that scale-across will be a key growth

vertical given model sizes exceeding single data center capabilities against a

backdrop of energy bottlenecks and national sentiment limiting data center co-