AI datacenter Ethernet · in-house Silicon One
Cisco
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.
CSCO Updated Jul 12, 2026 4 AI consumers· 3 recurring
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).
Financials & Segments
- Total revenue · Datacenter Ethernet +62% YoY (Q3 2025)
- Customer concentration · Ethernet for gigawatt-scale AI clusters.
- Segments · AI networking (Silicon One) · Switches/routers · Security/SW
Revenue from
- Hyperscalers · enterprise (AI networking) High confidence· Market share ~62% · 2025 · datacenter Ethernet switch market growth (Q3 2025 YoY)
Supplies Ethernet switches/routers for gigawatt-scale AI clusters — a direct beneficiary of the DC Ethernet market's +62% YoY growth. - Neoclouds · sovereign · telecom (networking) Medium confidence
Networking for neoclouds, sovereign clouds and telecoms.
Pays to
- Fabrinet Medium confidence
Outsources optical-module and transceiver manufacturing to Fabrinet — a key upstream dependence for AI-networking optics. - TSMC Medium confidence
Outsources in-house Silicon One switch chips to TSMC — dependent on foundry capacity and advanced nodes. - opticalcomponents · components (undisclosed) Low confidence
Optics and components (e.g., Fabrinet).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Cisco | node | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +43.8 |
| TSMC | benef1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| Fabrinet | benef1 | +52.7 | +8.2 | +48.4 | +15.5 | +107.1 | -10.5 |
| Global Unichip | benef2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| SUMCO Corporation | benef2 | -4.3 | -3.9 | +21.3 | -48.1 | +41.7 | +100.6 |
| GlobalWafers | benef2 | +26.9 | -29.9 | +14.3 | -39 | +48.9 | +98.1 |
| Teradyne | benef2 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +84.6 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +80.1 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +77.6 |
| Resonac | benef2 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +73.5 |
| Onto Innovation | benef2 | +112.9 | -32.7 | +124.6 | +9 | -5.3 | +69.8 |
| Entegris | benef2 | +44.6 | -52.5 | +83.5 | -17.1 | -14.6 | +65.1 |
| ASML | benef2 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +61.1 |
| KLA | benef2 | +68 | -11.2 | +56 | +9.4 | +94.5 | +53.3 |
| Qnity Electronics | benef2 | · | · | · | · | · | +47.8 |
| SCREEN Holdings | benef2 | +40.7 | -13.2 | +220.1 | -24.1 | +84.9 | +33.7 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +30.3 |
| Advantest | benef2 | +17 | -2.3 | +155.7 | +49.5 | +196 | +29.9 |
| Fujimi Incorporated | benef2 | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +23.4 |
| Air Liquide | benef2 | +14.3 | +8.1 | +21.1 | +8.7 | -4.6 | +21.3 |
| BESI | benef2 | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +20.3 |
| EO Technics | benef2 | +7.6 | -28.2 | +130.5 | -16.2 | +163.2 | +17.8 |
| ASM International | benef2 | +44.2 | +2.9 | +68.7 | +10.3 | +25.9 | +16.7 |
| Tokyo Ohka Kogyo (TOK) | benef2 | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +14.1 |
| Shin-Etsu Chemical | benef2 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +13.8 |
| Linde | benef2 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +13.1 |
| HPSP | benef2 | · | · | +216.5 | -30.4 | +54.7 | +9.2 |
| Ebara | benef2 | +58.1 | +2.3 | +76.1 | +41 | +84 | -4.2 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | -6.4 |
| Lasertec | benef2 | +78.9 | +2.4 | +57 | -60.6 | +138.9 | -8.5 |
| Photronics | benef2 | +68.9 | -10.7 | +86.4 | -24.9 | +35.8 | -9 |
| Synopsys | benef2 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -16.2 |
| Disco Corporation | benef2 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | -17.3 |
| Leeno Industrial | benef2 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -37.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Cisco operates across NASDAQ, AI datacenter Ethernet, in-house Silicon One. It stayed steadily positive in recent years and is +43.8% in 2026. The stock (+43.8%) and its supply side (avg +15.7%) are moving in step. Among connected nodes the furthest ahead is TSMC (+41.9%) and the furthest behind is Fabrinet (-10.5%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. But it outsources switch-chip fabrication to TSMC and optical modules to Fabrinet, depending on foundry and optics supply.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $143 · Price $109.2 (09-04) · Upside +31%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| KeyBanc Capital Markets · Brandon Nispel | Overweight | $130 | Jun 25, 2026 | Report ↗ |
| Bank of America Securities · Tal Liani | Buy | $150 | Jun 8, 2026 | Report ↗ |
| Evercore ISI · Amit Daryanani | Outperform | $150 | Jun 3, 2026 | Report ↗ |
Buy consensus is firming on AI networking momentum, with BofA and Evercore ISI both lifting targets to $150 in June 2026.