My Trust Owns Cisco Systems, Inc. (CSCO), Says Jim Cramer

We recently published Jim Cramer Said Quantum Computing Could Quench AI’s Thirst For Water As He Discussed These 14 Stocks . Cisco Systems, Inc. (NASDAQ:CSCO) is one of the stocks Jim Cramer recently discussed.

Cisco Systems, Inc. (NASDAQ:CSCO) is a networking equipment and cybersecurity company whose shares have gained 13% year-to-date. However, the stock fell by 7% last week after an analyst downgrade and the firm’s fourth quarter earnings report.  The results saw Cisco Systems, Inc. (NASDAQ:CSCO) modestly beat analyst estimates, which didn’t generate optimism about AI growth. To make matters worse for the stock, HSBC cut the stock’s rating to Hold from Buy. Cramer revealed that his trust owns Cisco Systems, Inc. (NASDAQ:CSCO):

“My charitable trust owns that, it’s Chuck Robbins, I mean, you know, where is the multiple. . .”

Here are his previous comments about Cisco Systems, Inc. (NASDAQ:CSCO):

“People just think that it’s the same old Cisco. Like they didn’t buy Splunk. Splunk gave them visibility, it gave them some really, really good cyber defense works. But it gave them contacts. And Splunk was everywhere. And I don’t think people realize how embedded Splunk was. Now you’ve got a company that could have an Oracle-like revaluation. And the Oracle-like revaluation is stunning.”

While we acknowledge the risk and potential of CSCO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than CSCO and that has 10,000% upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.