The Tech Infrastructure Quarterly Bible 4Q25

​​​​We publish today our comprehensive quarterly bible: 243 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:

Bible 4Q25 - Enterprise IT: Legacy outlook improving, SaaS growth stab...

The recovery has largely played out in Legacy, but growth rates keep accelerating. With agentic AI driving demand for traditional infrastructure, this could create positive surprises. Public-cloud growth also accelerates on broad-based strength across AI and traditional workloads. SaaS revenue growth remains in the low-teens with no sign of material reacceleration, suggesting that low-teens growth is becoming the new normal.

Cisco Systems Inc: 1 director

A director at Cisco Systems Inc sold 4,892 shares at 77.974USD and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...

Bible 4Q25 - Hyperscale & Cloud: continued capex revisions; visibility...

Today, we are publishing the Hyperscale & Cloud section of our 30th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. AI is increasing capital intensity and productivity. Public cloud growth is approaching 35% YoY, constrained by capacity addition. Similar comments at every step of the supply chain: compute, m...

Cisco Systems, Inc.: Key facts and statistics - LTM January 2026

A summary company profile, detailing Cisco Systems, Inc.’s business operations and financial highlights.

Auto and industrial recovery, Semicap, Arista, Cisco, and more. Tech w...

Cisco 2FQ26: thesis playing out: high single digit growth with AI and...

Cisco reported 2FQ26 (4Q25)

Hyperscalers to nearly double AI capex again in 2026. Implications

All four hyperscalers have now reported. AI capex is set to nearly double for a second consecutive year. Click the link below for a single slide on the implications for XPU spending.

Cisco Systems, Inc. - October 2025 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

The Tech Infrastructure Quarterly Bible 3Q25

We publish today our comprehensive quarterly bible: 242 pages of detailed analysis on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:

Bible 3Q25 – Enterprise IT: Legacy and SaaS growth stable, Cloud servi...

Today, we are publishing the Enterprise IT section of our 29th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Legacy IT spending is stabilizing after a strong 2H24, while public-cloud growth accelerates on broad-based strength across AI and traditional workloads. SaaS revenue growth remains in the low-teens ...

Cisco: AI and campus refresh set to accelerate growth

Cisco’s growth is set to accelerate from low single-digits historically to high-single-digits in the coming years, driven by DCI optics, AI switching, and a likely campus refresh cycle. Please click the link below for more details.

Bible 3Q25 – Hyperscale & Cloud: 2026 capex expectations up another 1...

Today, we are publishing the Hyperscale & Cloud section of our 29th Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. We will publish sections on Telecom Equipment, Industrials, PCs, Enterprise IT, and Foundry later this week. Hyperscale revenues grew 16% YoY, with cloud services up nearly 30%. Capacity constra...

Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of Cisco Systems, Inc. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 13 November 2025 in which we reassessed the appropriateness of the ratings in the conte...

AMD, CoreWeave, Autos & Semicap in 2026, and more, our Weekly wrap-up.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the names we followed last week, follow the link.

Cisco 1FQ26: Potential upside from AI and campus refresh, but we are a...

Cisco reported 1FQ26 (3Q25) last night. Please click the link below for our take on the print.

2026 AI Infra. outlook forming: XPU spending catching up with capex, u...

It has been a busy week with Nvidia’s comments in Washington and three hyperscalers reporting last night. Building on these updates, we have already formed a very insightful perspective on how AI infrastructure deployments are shaping up for next year. Please follow the link for our insight summarized on a single slide.

Cisco Systems, Inc. - July 2025 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Teleste Corp: 1 director

A director at Teleste Corp bought 12,000 shares at 3.974EUR and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly s...

The Tech Infrastructure Quarterly Bible 2Q25

We publish today our comprehensive quarterly bible: 229 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides. Please follow the link below for more details.