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AI is rarely the sole reason companies cite when taking layoffs, with most still pointing to wider corporate restructuring or macroeconomic headwinds. On Wednesday, Cisco Systems announced plans to cut under 4,000 jobs, or about 5% of its workforce. The announcement arrived the same day the tech giant unveiled record revenue for its third fiscal quarter, amid soaring demand for its AI tools and infrastructure.

Cisco (NASDAQ: CSCO), one of the older big tech companies in America, said in its earnings announcement that it would cut 4,000 jobs as it moves its businesses toward AI. Cisco calls itself “The critical infrastructure for the AI era.” That is a way to drive a stock up without really saying much. Cisco’s results ... AI Causes Another 4,000 Layoffs

Investing.com -- Cisco Systems on Wednesday said that it was restructuring its business to focus on growth areas, including AI after it posted record revenue in its third quarter earnings, sending its shares up 11% in extended trading.

Markets enter a potentially pivotal week as geopolitical developments dominate with both U.S.-Iran negotiations and a highly anticipated Trump-Xi summit creating binary outcomes that could dramatically shift market dynamics.