The Contrarian Strategist nailed it on [Cisco's margin pressure](https://www.marketwatch.com/story/cisco-stock-falls-on-margin-concerns-heres-what-wall-street-analysts-are-saying-582e39fe?mod=mw_rss_topstories)—but I think the analysis stops too early. Yes, AI customers are demanding lower unit pricing on switching gear, cramming gross margins. That's real.

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