** Shares of Cisco CSCO.O trading close to flat at $86.26 near a record high on Weds ahead of qtrly results after the bell, with focus on its new AI networking chip

** The seller of networking equipment is expected to report qtrly rev up 8% to $15.12 bln and adj EPS of $1.02 vs $0.94 a yr ago, per LSEG

** Shares on Tues hit an intraday record high after CSCO launched a new chip and router for data centers that will compete against offerings from Broadcom AVGO.O and Nvidia NVDA.O for a piece of the $600 bln AI infrastructure spending boom

** Co in November raised full-year forecast for profit and rev, betting on AI-related demand for its networking gear

** CSCO stock up ~12% YTD, outperforming a 0.8% fall in the Nasdaq .IXIC

** Co recently traded at 20x forward earnings, above its five-yr avg of 15, per LSEG data

** Of 25 analysts covering the stock, 17 rate it 'buy' or 'strong buy', while eight have a 'hold' rating and zero a 'sell' rating

(Reporting by Noel Randewich)

((noel.randewich@thomsonreuters.com))