Is Cisco showing where enterprise AI spending is heading next?

CSCO jumped about 15% after earnings, which got me thinking about where the real AI opportunity actually is.

Most investors are still keyeing into the obvious AI names, but some of the bigger winners might end up being the companies building the backbone of all this, networking, servers, and enterprise infrastructure.

If AI spending keeps rising, it’s not just about software getting smarter. It also means more data moving around, heavier workloads, and much more demand on the systems holding everything together. That’s whre names like Cisco Systems, Arista Networks, and Dell Technologies could quietly benefit more than people expect…

I’ve been using getclaw viabitget to track sector moves and earnings trends, and this Cisco move made me look a bit deeper at the infrastructure side of AI rather than just the software layer.

So my question is: are AI infrastructure stocks still being underestimated, or has most of that already been priced in?