① This market cycle is not a simple repeat of the 1999 internet bubble. Back then, infrastructure was ahead of demand, but today, AI Agents and smart devices are rapidly deploying, forcing upgrades in the physical layer infrastructure. No matter how powerful the cloud brain is, it still needs a ground-based neural network to transmit instructions.

② Cisco, Nokia, and BlackBerry have received three different new scripts: Cisco is entering AI data center networks, Nokia is betting on AI-RAN and edge base stations, while BlackBerry relies on QNX to position itself in the secure foundation for smart vehicles, robots, and industrial control. They are not the same type of asset, and their revaluation logics differ.

③ The revaluation of AI infrastructure will not stop at just these three established tech companies. Switching chips, optical modules, communication towers, cybersecurity, and industrial automation are all expected to benefit along the industry chain.

$Cisco(CSCO.US)$Nokia Oyj(NOK.US)$Blackberry(BB.US)