Viktor | RockawayX(@viktorfischer):On 31st of March 2000, CISCO hit all time high of $77. Peak internet bubble. It took 25 years (Nov 2025) for CISCO to reach $77 price per share again, which is roughly $320B market cap. CISCO is the infrastructure for the internet. In the meantime, applications for the internet such as META, GOOGLE, AMAZON reached $TN valuations. TLDR: * It can take decades for overvalued infrastructure to reclaim prior ATHs. * Meanwhile, the application layer often captures the majority of long-term value creation. * Cisco became the plumbing of the internet. Meta, Google, Amazon monetized the users on top of it. * In tech cycles, infra enables the revolution

2026.05.11 23:15

On 31st of March 2000, CISCO hit all time high of $77. Peak internet bubble. It took 25 years (Nov 2025) for CISCO to reach $77 price per share again, which is roughly $320B market cap. CISCO is the infrastructure for the internet. In the meantime, applications for the internet such as META, GOOGLE, AMAZON reached $TN valuations. TLDR: * It can take decades for overvalued infrastructure to reclaim prior ATHs. * Meanwhile, the application layer often captures the majority of long-term value creation. * Cisco became the plumbing of the internet. Meta, Google, Amazon monetized the users on top of it. * In tech cycles, infra enables the revolution — apps usually monetize it.