AI networking demand is redrawing the enterprise hardware race

• Cisco Systems (NASDAQ:CSCO) reported FY 2026 revenue of $63.3 billion, up 12%, as AI infrastructure orders reached $9.3 billion.
• Arista, HPE, Dell and Ciena are also reporting higher networking or AI infrastructure sales as data-center spending expands.
• The next phase depends on sustained AI infrastructure demand, product execution, supply availability and competition across networking architectures.

Cisco Systems (NASDAQ:CSCO)

Cisco sells enterprise switches, routers, security products and networking systems used across corporate and cloud infrastructure.

The company reported FY 2026 revenue of $63.3 billion, up 12% year over year. Q4 revenue reached $17.3 billion.

GAAP EPS was $0.97 for Q4 and $3.33 for the full year. Cisco reported $9.3 billion in FY 2026 AI infrastructure orders.

The result follows accelerating demand earlier in the year. 

In Q3, networking product orders had already risen more than 50% year over year. Data-center switching orders increased more than 40%.

Cisco said it expects FY 2027 revenue between $72.2 billion and $73.4 billion. 

Its non-GAAP EPS forecast is $5.05 to $5.11.

The company also declared a quarterly dividend of $0.42 per share.

Arista Networks (NYSE:ANET)

Arista competes directly in high-speed switching for cloud data centers, AI clusters and enterprise networks.

Second-quarter 2026 revenue reached $3.036 billion. That was up 37.7% from the same quarter a year earlier.

GAAP operating margin was 45.4%, while GAAP diluted EPS reached $0.95. 

Non-GAAP EPS was $1.02.

Arista said it expects Q3 revenue of approximately $3.3 billion. 

The company also forecasts a 48% to 49% non-GAAP operating margin.

Its product roadmap is also moving toward larger AI networks. 

Arista recently introduced its 7060XE7 switching systems for 1.6-terabit AI fabrics.

The company said those systems can provide up to 100 Tbps of bandwidth.

Hewlett Packard Enterprise (NYSE:HPE)

HPE now has broader networking exposure following its acquisition of Juniper Networks.

The deal combined Juniper's routing, switching and AI-native networking products with HPE's existing networking portfolio. 

HPE completed the acquisition in July 2025.

HPE reported Q2 fiscal 2026 revenue of $10.7 billion, up 40% year over year.

Networking revenue reached $2.7 billion, up 148.2%. 

Data-center networking revenue increased 233.3% to $320 million.

The networking segment produced a 21.6% operating profit margin during the quarter.

HPE said it expects fiscal 2026 revenue growth between 29% and 33%. 

The company also raised its networking revenue growth forecast to 72%–75%.

The combination with Juniper gives HPE direct exposure to enterprise, campus, routing and data-center networking.

Dell Technologies (NYSE:DELL)

Dell overlaps with Cisco through enterprise servers, networking systems and integrated data-center infrastructure.

Fiscal Q1 2027 revenue reached $43.8 billion, up 88% year over year. 

Diluted GAAP EPS was $5.24.

Dell's Infrastructure Solutions Group generated $29 billion in revenue, up 181%.

AI-optimized server revenue reached $16.1 billion. 

Traditional servers and networking contributed another $8.5 billion, up 92%.

Dell also reported $24.4 billion in AI orders during the quarter.

The company increased its FY 2027 AI server revenue expectation to $60 billion. 

Dell also said its full-year revenue outlook had risen to about $167 billion at the midpoint.

That places Dell in the same infrastructure spending cycle driving demand for Cisco's data-center networking equipment.

Ciena (NYSE:CIEN)

Ciena focuses on optical networking and high-speed connectivity between data centers and telecommunications networks.

That makes it exposed to another layer of the infrastructure required to move growing AI workloads.

Fiscal Q2 2026 revenue reached $1.57 billion, up about 40% year over year. 

GAAP diluted EPS was $1.49, compared with $0.06 a year earlier.

Adjusted EPS reached $1.64.

Ciena said it expects fiscal Q3 revenue of $1.625 billion, plus or minus $50 million.

The company also raised its FY 2026 revenue forecast to $6.3 billion, plus or minus $100 million. 

That would represent about 32% growth at the midpoint, according to Ciena.

Ciena is also expanding its software exposure. 

Its Blue Planet division recently tested AI agents for automating parts of 5G network service design.

The bottom line

AI spending is spreading beyond processors into switches, servers, optical links and enterprise network infrastructure.

Cisco's $9.3 billion in FY 2026 AI infrastructure orders shows how networking has become part of that spending cycle.

Arista is expanding high-speed AI switching. 

HPE has widened its network portfolio through Juniper. 

Dell is scaling AI servers, while Ciena is supplying high-capacity connectivity.

The companies operate at different layers of the infrastructure stack. 

Their financial results therefore are not directly interchangeable. The shared issue is execution. 

Each company must convert higher AI-related demand into revenue while managing supply, product cycles, competition and infrastructure costs.