网络设备巨头思科（CSCO）今日盘中股价大幅下挫8.45%，引发了市场广泛关注。
消息面上，思科此前公布了最新季度财报，虽然营收和调整后每股收益均超出市场预期，人工智能（AI）基础设施订单也显著增长，但公司披露的调整后毛利率低于分析师平均预期。更为关键的是，公司对当前财季的毛利率指引疲软，预期将同比显著下降。这主要是由于全球存储芯片（内存）价格持续飙升，大幅增加了公司的生产成本，挤压了利润空间，导致投资者担忧其盈利能力。
尽管思科来自超大规模云厂商的AI订单环比增长强劲，并因此上调了全年营收指引，但市场焦点已从收入增长转向利润表现。内存成本的快速上涨给这份看似亮眼的财报蒙上了阴影，成为股价盘中重挫的主要原因。
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