Ken Fisher’s latest disclosed positions put two different approaches to AI infrastructure and security in the same portfolio. Cisco Systems, Inc. (NASDAQ:CSCO) combines networking equipment with security software. Palo Alto Networks, Inc. (NASDAQ:PANW) offers more concentrated exposure to security platforms, with acquisitions adding an integration test.
September coverage brought renewed attention to Fisher’s position increases. The underlying filings describe March-to-June changes, however, rather than trades made this month.
Insider Monkey’s tracked worksheet sample counted 101 Cisco holders in Q2 2026 versus 97 in Q1, and 89 Palo Alto holders versus 87. Those historical counts provide context, not evidence that either stock is currently being accumulated.
Fisher Asset Management’s consecutive SEC filings show Cisco shares rising from 17,301,583 to 33,412,725. Its Palo Alto position increased from 256,661 to 5,755,989 shares. The filings establish the changes but do not disclose an AI thesis or explain the manager’s motivation.
Two ways to serve the same infrastructure buildout
Cisco’s August results illustrate its breadth. Fiscal fourth-quarter networking revenue increased 28% to approximately $9.8 billion, while security revenue rose 14% to about $2.2 billion. Total operating cash flow reached $5.4 billion.
That mix gives Cisco several potential routes into expanding infrastructure budgets. Networking can benefit as customers connect additional computing capacity, while security products can address the resulting protection requirements. The risk is that strong equipment spending does not automatically translate into sustained security growth or a lasting improvement across the portfolio.
Palo Alto’s September 1 results showed a different profile. Fiscal fourth-quarter revenue rose 34% to $3.41 billion, and next-generation security annual recurring revenue reached $9.10 billion. The company generated approximately $1.36 billion in operating cash flow.
Yet the quarter also included a $282 million GAAP net loss. A substantial fair-value charge tied to acquired convertible notes complicates that headline, so it should not be confused with cash disappearing from operations. Equally, acquisition-supported growth should not be treated as an entirely organic measure of platform demand.
What the positions leave unresolved
August 14 short interest represented 1.50% of Cisco’s float and 2.79% of Palo Alto’s. Neither historical figure establishes how investors will react to the next results.
