On May 14, 2023, Cisco Systems' shares surged 17.2% to a record high of $119.36 following the announcement of strong third-quarter results and an upward revision of its annual revenue forecast. The company reported quarterly revenue of $15.8 billion, marking a 12% increase year-over-year, and net income rose to $3.37 billion, up from $2.49 billion a year earlier. Cisco's robust performance is attributed to a significant rise in orders from hyperscalers, with the company securing $5.3 billion in AI infrastructure orders and raising its full-year expectations for such orders to $9 billion. This reflects a growing trend as major tech firms like Meta Platforms, Amazon, Google, and Microsoft invest heavily in AI infrastructure. Despite announcing plans to cut nearly 4,000 jobs, which is less than 5% of its workforce, investor confidence remains high due to the strong demand for AI-related products. CEO Chuck Robbins emphasized the company's strategy to focus on areas with the strongest demand, further boosting investor optimism.