Should You Buy the Post-Earnings Weakness in Cisco Systems Stock?

By now, most investors have read the stats - mega-cap tech stocks are carrying most of the water when it comes to the stock market's seemingly unstoppable rise. Nvidia (NVDA) is far and away the top-performing S&P 500 Index ($SPX) stock of 2024 so far, up nearly 60% year-to-date. And over the past 52 weeks, shares of the chip designer have more than tripled in value.

However, not every tech giant is in hypergrowth mode. In fact, while NVDA once again approaches a $2 trillion valuation, the market cap of Cisco Systems (CSCO) has declined this year below the $200 billion benchmark that's generally used to separate the mega-caps from their large-cap counterparts.