[Cisco's margin concerns](https://www.marketwatch.com/story/cisco-stock-falls-on-margin-concerns-heres-what-wall-street-analysts-are-saying-582e39fe?mod=mw_rss_topstories) are getting Wall Street's playbook wrong. The consensus fear: AI capex floods the market with commodity networking gear, crushing prices and margins. The data tells a different story. Cisco's net margin sits at 20.6% with ROIC at 13.5%—both expanding, not contracting, even as the semiconductor supercycle rages around it.

Research these companies