25 years is enough for a generation to transition from youth to middle age, and it is also enough for a technology giant to struggle to rise from the ruins of a bubble, completing a profound self-reinvention. Cisco's stock price broke $80.25 on December 11, 2025, finally surpassing the peak during the 2000 Internet bubble.

Frenzied Peak: During the '.com' frenzy, Cisco's valuation logic was completely reshaped. Investors no longer focused on traditional profit indicators but firmly believed that its network equipment was the 'pipeline' for internet data flow. As long as the number of internet users grew, Cisco's value would rise indefinitely. This frenzy pushed its market value to over $500 billion in March 2000, briefly making it the most valuable company in the world.

Brutal Collapse: After the bubble burst, reality was incredibly harsh. With countless internet companies going bankrupt and corporate IT budgets plummeting, Cisco's order volume sharply declined. By the end of 2002, its stock price had fallen by about 90% from its peak, with a market value evaporating by over $440 billion, leaving only about $60 billion. The company was forced to lay off employees on a large scale and shrink its business, turning many employees' options into 'waste paper,' and investor confidence completely collapsed.

The curve of Cisco's stock price is indeed not just a cold number of capital but more like a footnote to the youth of a generation of investors. It reminds us that the market can return to its peak, but the youth and opportunity costs taken away by time can never return. This 'irreversibility' is the most important lesson the capital market has taught us to remain cautious.