{"slug":"cisco","name":"Cisco","name_en":"Cisco","ticker":"CSCO","updated_at":"2026-07-12T05:39:12.212637+00:00","canonical":"https://valuechain.wiki/cisco","same_as":["https://finance.yahoo.com/quote/CSCO","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=858877"],"citable":"밸류체인 그래프 기준 Cisco의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 36곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Cisco is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 36 companies within two hops; the links are backed by 5 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · AI 데이터센터 이더넷 · 자체 Silicon One","kicker_en":"NASDAQ · AI datacenter Ethernet · in-house Silicon One","lead":"자체 설계 스위치 실리콘 Silicon One(G300 102.4Tbps)으로 기가와트급 AI 클러스터의 이더넷 네트워킹을 담당하는 네트워킹 대기업이다. AI 학습 클러스터가 커질수록 GPU를 잇는 고대역 스위치 수요가 폭증하는데, 데이터센터 이더넷 스위치 시장은 2025년 3분기 전년比 62% 성장했고 시스코는 하이퍼스케일러를 넘어 엔터프라이즈·네오클라우드·소버린 클라우드까지 겨냥한다. 다만 스위치 칩은 TSMC에 위탁생산하고 광모듈은 Fabrinet에 맡겨, 공급망을 파운드리·광부품에 의존한다.","lead_en":"A networking major that handles Ethernet networking for gigawatt-scale AI clusters with its in-house Silicon One switch silicon (G300, 102.4Tbps). As AI training clusters grow, demand for the high-bandwidth switches linking GPUs explodes — the datacenter Ethernet switch market grew 62% YoY in Q3 2025 — and Cisco targets enterprises, neoclouds and sovereign clouds beyond hyperscalers. But it outsources switch-chip fabrication to TSMC and optical modules to Fabrinet, depending on foundry and optics supply.","segments":{"parts":[{"desc":"자체 설계 Silicon One(G300 102.4Tbps)으로 기가와트급 AI 클러스터 이더넷 — DC 이더넷 시장 +62% YoY(2025 3Q).","name":"AI 네트워킹(Silicon One)"},{"desc":"엔터프라이즈·통신 네트워킹 본체 — 안정적 설치 기반.","name":"스위치·라우터"},{"desc":"보안·소프트웨어 구독 — 반복 매출 축.","name":"보안·SW"}],"total":"데이터센터 이더넷 +62% YoY(2025 3Q)","concentration":"기가와트급 AI 클러스터 이더넷."},"segments_en":{"parts":[{"desc":"In-house Silicon One (G300, 102.4Tbps) for gigawatt-scale AI-cluster Ethernet — DC Ethernet market +62% YoY (Q3 2025).","name":"AI networking (Silicon One)"},{"desc":"The enterprise/telecom networking core — a stable installed base.","name":"Switches/routers"},{"desc":"Security and software subscriptions — a recurring-revenue axis.","name":"Security/SW"}],"total":"Datacenter Ethernet +62% YoY (Q3 2025)","concentration":"Ethernet for gigawatt-scale AI 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Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"carl-zeiss-smt","name":"Carl Zeiss SMT","name_en":"Carl Zeiss SMT","tier":3,"returns_yearly":null},{"slug":"trumpf","name":"TRUMPF","name_en":"TRUMPF","tier":3,"returns_yearly":null}],"analysis":"자체 스위치 실리콘 Silicon One으로 기가와트급 AI 클러스터의 이더넷 네트워킹을 담당하는, AI 데이터센터의 '연결' 축이다. GPU 클러스터가 커질수록 이를 잇는 고대역 스위치 수요가 폭증하는 구조로, 데이터센터 이더넷 스위치 시장이 2025년 3분기 +62% 성장한 것이 성장 서사의 근거이고 엔터프라이즈·네오클라우드·소버린으로 고객을 넓히고 있다. 리스크는 스위치 칩을 TSMC에, 광모듈을 Fabrinet에 위탁하는 공급망 의존과 하이퍼스케일러의 자체설계·화이트박스 경쟁이다. 그래프상 상류는 TSMC(칩)·Fabrinet(광모듈), 하류는 AI 클러스터를 짓는 클라우드·엔터프라이즈 수요다.","analysis_en":"The 'connectivity' axis of the AI data center, handling gigawatt-scale AI-cluster Ethernet networking with its in-house Silicon One switch silicon. As GPU clusters grow, demand for the high-bandwidth switches linking them explodes — the datacenter Ethernet switch market's +62% YoY in Q3 2025 anchors the growth story — and it is widening customers into enterprises, neoclouds and sovereigns. Risks are supply-chain dependence (switch chips to TSMC, optical modules to Fabrinet) and hyperscalers' in-house designs and white-box competition. Upstream on the graph are TSMC (chips) and Fabrinet (optics); downstream is the cloud and enterprise demand building AI clusters.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"하이퍼스케일러·엔터프라이즈 (AI 네트워킹)","counterparty_slug":null,"confidence":"high","metric":{"type":"share","unit":"%","basis":"데이터센터 이더넷 스위치 시장 성장(2025 3Q YoY)","value":62,"period":"2025","basis_en":"datacenter Ethernet switch market growth (Q3 2025 YoY)","qualifier":"approx"},"note":"기가와트급 AI 클러스터에 이더넷 스위치·라우터 공급 — DC 이더넷 시장 +62% YoY 성장의 직접 수혜.","note_en":"Supplies Ethernet switches/routers for gigawatt-scale AI clusters — a direct beneficiary of the DC Ethernet market's +62% YoY growth.","sources":[{"stance":"confirms","publisher":"위키백과","publisher_en":"Wikipedia","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://ko.wikipedia.org/wiki/시스코_시스템즈","title":"시스코 시스템즈(AI 네트워킹)","title_en":"Cisco Systems (AI networking)","excerpt":"Silicon One G300 102.4T로 AI 클러스터 네트워킹.","excerpt_en":"Silicon One G300 (102.4T) networks AI clusters."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-09-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CSCO&type=10-K","title":"Cisco 연차보고서(10-K, SEC)","title_en":"Cisco annual report (10-K, SEC)","excerpt":"데이터센터 이더넷 스위치 시장 2025 3Q 전년比 62% 성장.","excerpt_en":"Datacenter Ethernet switch market grew 62% YoY in Q3 2025."}]},{"direction":"cost","counterparty":"Fabrinet","counterparty_slug":"fabrinet","confidence":"mid","metric":null,"note":"광모듈·트랜시버 제조를 Fabrinet에 위탁 — AI 네트워킹 광부품의 핵심 상류 의존.","note_en":"Outsources optical-module and transceiver manufacturing to Fabrinet — a key upstream dependence for AI-networking optics.","sources":[{"stance":"confirms","publisher":"MatrixBCG","publisher_en":"MatrixBCG","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://matrixbcg.com/blogs/how-it-works/fabrinet","title":"Fabrinet, NVIDIA·Cisco·AWS·Lumentum 광모듈 위탁생산","title_en":"Fabrinet contract-manufactures optics for NVIDIA, Cisco, AWS, Lumentum","excerpt":"광모듈·트랜시버 제조를 Fabrinet에 위탁.","excerpt_en":"Outsources optical-module manufacturing to Fabrinet."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-18","url":"https://www.sec.gov/Archives/edgar/data/0001408710/000140871025000036/fn-2025818xex991q425.htm","title":"Fabrinet FY2025 실적(8-K)","title_en":"Fabrinet FY2025 results (8-K)","excerpt":"광모듈·트랜시버 제조를 Fabrinet에 위탁.","excerpt_en":"Outsources optical-module manufacturing to Fabrinet."}]},{"direction":"revenue","counterparty":"네오클라우드·소버린·통신 (네트워킹)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"네오클라우드·소버린 클라우드·통신사 네트워킹.","note_en":"Networking for neoclouds, sovereign clouds and telecoms.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-09-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CSCO&type=10-K","title":"Cisco 연차보고서(10-K, SEC)","title_en":"Cisco annual report (10-K, SEC)","excerpt":"하이퍼스케일러 너머 엔터프라이즈·네오클라우드 겨냥.","excerpt_en":"Targets enterprise/neocloud beyond hyperscalers."}]},{"direction":"cost","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"mid","metric":null,"note":"자체 설계 Silicon One 스위치 칩을 TSMC에 위탁생산 — 파운드리 캐파·첨단 노드에 종속.","note_en":"Outsources in-house Silicon One switch chips to TSMC — dependent on foundry capacity and advanced nodes.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-09-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CSCO&type=10-K","title":"Cisco 연차보고서(10-K, SEC)","title_en":"Cisco annual report (10-K, SEC)","excerpt":"Silicon One은 시스코 설계, 첨단 파운드리 생산.","excerpt_en":"Silicon One is Cisco-designed, fabbed at an advanced foundry."},{"stance":"confirms","publisher":"시스코","publisher_en":"Cisco","kind":"filing","lang":"en","published_at":"2025-01-01","url":"https://www.cisco.com/site/us/en/products/networking/silicon-one/index.html","title":"시스코 Silicon One(자체 설계 네트워킹 실리콘, 외부 파운드리 위탁생산)","title_en":"Cisco Silicon One (self-designed networking silicon, fabbed at external foundry)","excerpt":"시스코 Silicon One을 TSMC 첨단 공정에서 위탁생산(시스코 10-K상 팹리스 설계).","excerpt_en":"Cisco fabs Silicon One at TSMC's advanced nodes (fabless design per Cisco 10-K)."}]},{"direction":"cost","counterparty":"광부품·부품 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"광트랜시버·부품 조달(Fabrinet 등).","note_en":"Optics and components (e.g., Fabrinet).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-09-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=CSCO&type=10-K","title":"Cisco 연차보고서(10-K, SEC)","title_en":"Cisco annual report (10-K, SEC)","excerpt":"스위치용 광·부품 조달.","excerpt_en":"Sources optics/components for switches."}]}]}