Cisco Stock Tops Dot-Com Peak for First Time in 25 Years

Cisco Systems shares closed at $80.25 on December 10, 2025, edging past the split-adjusted record of $80.06 set on March 27, 2000 — the same session that briefly made Cisco the most valuable public company in the world.cnbc The 0.9% gain capped a 36% year-to-date rally for the stock, fueled by surging hyperscaler demand for AI networking gear.cnbc +1 The milestone arrives 25 years after the dot-com crash erased more than 80% of the company's market value, and it is reigniting debate over whether today's AI boom is approaching a similar inflection point.

AI orders are doing the heavy lifting

Cisco's fiscal first-quarter revenue rose 8% year over year to $14.9 billion, with non-GAAP earnings of $1.00 per share beating the company's own guidance.newsroom Networking revenue jumped 15%, and AI infrastructure orders from hyperscaler customers totaled $1.3 billion in the quarter alone — what CEO Chuck Robbins called "a significant acceleration in growth."newsroom Management lifted full-year fiscal 2026 guidance to a range of $60.2 billion to $61.0 billion in revenue, above Wall Street expectations.newsroom JPMorgan, Bank of America, and Wells Fargo have all raised price targets since the November print.chosun

A different company than the one that crashed

The Cisco that just reclaimed its old high is not the hardware pure-play of 2000. Following the bust — which knocked the stock below $20 by 2010 — the company diversified through acquisitions including Scientific-Atlanta, Webex, AppDynamics, Duo, and Splunk, and rebuilt around software subscriptions and recurring revenue.cnbc +1 Its current $317 billion market cap makes it only the 13th most valuable U.S. tech company, dwarfed by Nvidia's roughly $4.5 trillion valuation.cnbc Revenue growth of 7.5% this year is also a far cry from the 66% pace Cisco posted in 2000.cnbc

The "Cisco moment" warning

The symbolism is not lost on bears. Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, has warned of a possible "Cisco moment" within 24 months, citing AI's near-total grip on S&P 500 capex and a tightening web of circular investments among Nvidia, OpenAI, Anthropic, and the hyperscalers.fortune Michael Burry of "Big Short" fame went further in a November Substack post, arguing Nvidia is today's Cisco — "the picks and shovels for all" — after disclosing more than $1 billion in put options against Nvidia and Palantir.fortune Network gear sales historically peak late in infrastructure cycles, which is why Cisco's return to its 2000 high reads, to skeptics, less like vindication than a warning bell.chosun