Cisco reported a record fiscal Q3 2026, with revenue rising 12% from a year earlier to $15.8 billion and non-GAAP EPS of $1.06, both above expectations, before the stock gave back part of an initial gain of as much as 15% and traded around $120 in mid-August. The company said it has booked $5.3 billion in AI-related orders through the first three quarters of fiscal 2026, leading it to raise its full-year AI orders target to $9 billion from $5 billion and lift AI revenue guidance to $4 billion from $3 billion. Cisco has also disclosed five new hyperscaler design wins for Silicon One networking silicon and Acacia optics, highlighting growing demand for inter-data-center AI networking as training workloads spread across multiple sites. Investors are weighing that momentum against broader volatility in AI-linked stocks, thousands of planned job cuts, and the backlog implied by the gap between booked orders and recognized revenue. Cisco guided for fiscal Q4 2026 revenue of $16.7 billion to $16.9 billion and non-GAAP EPS of $1.16 to $1.18.