Cisco Systems Inc. gained as much as 20% in overnight trading after the company delivered a better-than-anticipated sales forecast and announced plans to cut thousands of jobs, an attempt to focus on the fast-growing AI market.
Communication equipment stocks jumped in overnight trading after Cisco’s upbeat earnings. HPE, Nokia up over 5%; Ericsson up 2% in overnight trading.
Chip stocks gained in overnight trading. Navitas up 3%; ON Semiconductor, Applied Materials up around 2%; Nvidia up about 1%.
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