# Cisco Jumps Most Since 2011 on Sales Outlook

An episode of [Bloomberg Intelligence](https://invisiblenetwork.ai/podcast/326301337), 14 May 2026, 19 min.

Audio: https://podtrac.com/pts/redirect.mp3/tracking.swap.fm/track/UVBrz8bN8aM2Xe47PEPu/traffic.omny.fm/d/clips/e73c998e-6e60-432f-8610-ae210140c5b1/7f534b8c-9e91-429a-b102-ae3c00090c6d/301ecef4-3b0a-409e-8223-b44a0113adae/audio.mp3?utm_source=Podcast&in_playlist=0ad812bf-fd15-4012-a18c-ae3c00090c76

Watch Paul and Scarlet LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg Intelligence hosted by Paul Sweeney and Stacey Vanek Smith - Ryan Vlastelica, Bloomberg Equities Reporter, discusses earnings from Cisco Systems. Cisco Systems jumped by the most in more than 14 years after the company delivered a better-than-anticipated sales forecast and announced plans to cut thousands of jobs, an attempt to focus on the fast-growing AI market. - Dan Ives, Global Head of Technology Research at Wedbush Securities, discusses the Trump/Xi summit and how it impacts tech. President Trump has landed in China for the much anticipated summit with Xi where the two are scheduled to meet on Thursday and Friday, arriving at a critical moment for the tech cycle as geopolitics, chip export policy, and surging demand for compute are colliding, making the outcome critical for Nvidia, hyperscalers, and the greater tech ecosystem. - Jody Lurie, Bloomberg Intelligence Credit Analyst, discusses the latest Bloomberg Intelligence travel survey. According to BI: At 65%, personal-safety concerns peaked in BI's US travel survey conducted April 17-28 amid the Middle East conflict, US policies towards visas and other geopolitical tensions. This may be affecting how much people travel internationally, as seen in a decline in respondents from the survey conducted in November. See omnystudio.com/listener for privacy information.

## Transcript

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[0:24] Speaker 2: I'm looking at Cisco Systems stock here. Remember, folks, Cisco's
[0:27] Speaker 2: it's almost a five hundred. It's called a four hundred
[0:29] Speaker 2: and sixty five billion dollar market cap stock. It's up
[0:31] Speaker 2: fifteen percent today, the most since twenty eleven. Stock's a
[0:36] Speaker 2: fifty two percent year to date, up ninety one percent
[0:38] Speaker 2: on a trailing twelve month basis. This is just ripping.
[0:41] Speaker 2: And for those of us back in the day, this
[0:43] Speaker 2: was the stock in the nineties, this was the one
[0:46] Speaker 2: to own big time. It's been finding its way ever since.
[0:49] Speaker 2: And I think you've kind of found little AI love
[0:51] Speaker 2: here today. Ryan Vestellica joins us here equities reporter for
[0:54] Speaker 2: Bloomberg News. Ryan, I know Cisco reported some numbers. Wow,
[0:57] Speaker 2: what did they say?
[0:59] Speaker 3: Hey?
[0:59] Speaker 4: Thanks for having me. Yeah, pretty blowout report across the
[1:02] Speaker 4: board last night. Very strong growth, very strong forecast, and
[1:06] Speaker 4: the company also as some job cuts as it is
[1:09] Speaker 4: focusing even more on artificial intelligence. So it really seems
[1:13] Speaker 4: like there's a growing consensus that Cisco is now a
[1:16] Speaker 4: real part of the AI in the structure trade. It's
[1:19] Speaker 4: a real part of that firmament, and it does seem
[1:21] Speaker 4: like people are really gloming onto the idea that this
[1:23] Speaker 4: is going to be a company that's going to be
[1:25] Speaker 4: showing very strong demand trends. Really for a while, I have.
[1:29] Speaker 5: To say, I feel like there's a trend happening of
[1:32] Speaker 5: layoffs being announced very close to really high earnings. What
[1:37] Speaker 5: is going on here? Is this part of a growth plan?
[1:41] Speaker 5: Is this Are we back to the days of Jack
[1:43] Speaker 5: Welch or what do you think?
[1:45] Speaker 4: It does seem like this is really part of their
[1:47] Speaker 4: prioritizing AI right now. They are making a lot of
[1:50] Speaker 4: investments into this. Doesn't really seem like they are talking
[1:53] Speaker 4: about AI is replacing these workers or anything like that.
[1:55] Speaker 4: It doesn't seem like that's really the focus here. Does
[1:58] Speaker 4: seem like more they are seeing so much demand from
[2:00] Speaker 4: Hyperscalar customers from the data center build out, so they
[2:04] Speaker 4: are really transitioning as much of the company as they
[2:07] Speaker 4: can to focus on the opportunity that they see there.
[2:11] Speaker 2: So are there is this a story of new products?
[2:16] Speaker 2: Are they repositioning existing products to meet you some of
[2:19] Speaker 2: this demand that may be coming from the AI build out?
[2:22] Speaker 2: How are they achieving this pivot here?
[2:25] Speaker 4: Well, there is a growing appreciation that a lot of
[2:28] Speaker 4: Cisco's products, We're talking networking components, optical products, all of
[2:32] Speaker 4: these are really a critical part of building out these
[2:35] Speaker 4: data centers and having them be optimized for AI related workloads.
[2:39] Speaker 4: We've seen a lot of these kinds of companies really
[2:43] Speaker 4: skyrocketing this year, including in the optical space, So companies
[2:46] Speaker 4: like Lumentum, Coherent Corning, the specialized glass company, all of
[2:51] Speaker 4: these types of components which have historically been on maybe
[2:54] Speaker 4: the sleepier side of the tech trade, not nearly as
[2:57] Speaker 4: exciting as you know, higher growth areas all of a
[2:59] Speaker 4: sudd and these are all really catching a bid as
[3:02] Speaker 4: It does seem like we're at the stage of the
[3:04] Speaker 4: AI buildout where these kinds of components are really in demand.
[3:08] Speaker 4: It started with processing chips, now it's moving on to
[3:11] Speaker 4: networking chips and other kinds of components like that.
[3:14] Speaker 5: Yeah, it does seem like there's a lot of excitement
[3:16] Speaker 5: around infrastructure for data centers. Why is there so much
[3:21] Speaker 5: excitement over that aspect of it as opposed to kind
[3:23] Speaker 5: of AI breakthroughs and innovations.
[3:27] Speaker 4: Well, right now we are really seeing infrastructure being where
[3:29] Speaker 4: we are seeing the most clear cut demand and really
[3:33] Speaker 4: the strongest growth. So if you're looking for AI pure
[3:36] Speaker 4: plays right now, this is really the best place to
[3:39] Speaker 4: look for that kind of thing. All of the hyperscalers,
[3:41] Speaker 4: which is companies like Microsoft and Amazon and Alphabet and Meta,
[3:46] Speaker 4: when they reported a couple of weeks ago, they all
[3:48] Speaker 4: really doubled down on their really aggressive AI related spending plans,
[3:53] Speaker 4: and that is really translating almost directly into revenue at
[3:58] Speaker 4: the companies that are involved with building out the data centers.
[4:01] Speaker 4: So you have all these huge cloud computing companies and
[4:04] Speaker 4: all the equipment that is needed to actually run those.
[4:07] Speaker 4: So we've seen it in servers, in chips, in memory,
[4:10] Speaker 4: in storage, and in all these different sort of optical
[4:13] Speaker 4: and networking components, very sort of technical and specialized products,
[4:18] Speaker 4: but ones that are really coming more and more critical
[4:21] Speaker 4: to this stage of the buildouts.
[4:23] Speaker 2: So I'm just looking at the historical financials line of Cisco.
[4:26] Speaker 2: It's been kind of a last four or five years
[4:28] Speaker 2: kind of mid single digit revenue growth store mid to
[4:30] Speaker 2: mid to high single digit revenue growth. I guess the
[4:32] Speaker 2: street's kind of rerating the top line growth outlook for
[4:36] Speaker 2: the company. What's the company saying about their revenue outlook?
[4:40] Speaker 4: Well, it does seem like they are very much encouraging
[4:42] Speaker 4: the idea that they are going to be a real
[4:44] Speaker 4: significant winner within artificial intelligence, that the demand they're seeing
[4:48] Speaker 4: isn't just going to be a blip, that as we
[4:50] Speaker 4: see the AI infrastructure build out over the coming quarters
[4:53] Speaker 4: and maybe even years, that they will continue to benefit.
[4:56] Speaker 4: So we are looking at a higher rate of forward
[4:59] Speaker 4: growth them that I think investors have gotten used to
[5:01] Speaker 4: in the past. I mean, this has been even a
[5:04] Speaker 4: few years ago, considered a pretty sleepy legacy company, slower growth,
[5:08] Speaker 4: lower multiple, pays a dividend, not exciting the way it was,
[5:12] Speaker 4: and you know the dot com era, when it was,
[5:14] Speaker 4: like you said, the most exciting company out there starting
[5:17] Speaker 4: getting some of that momentum Again.
[5:20] Speaker 5: Did it pivot at some point? Was it in the
[5:22] Speaker 5: right place at the right time, or was there a
[5:24] Speaker 5: decision that it made that kind of put it on
[5:26] Speaker 5: the path to see this kind of growth.
[5:29] Speaker 4: I think that their you know, long term focus has
[5:32] Speaker 4: been in sort of these networking products and things that
[5:35] Speaker 4: were just not quite in focus in the pre AI era.
[5:39] Speaker 4: Does seem like they are just sort of in the
[5:41] Speaker 4: right place at the right time and they are able
[5:43] Speaker 4: to pivot to focus on this in a more direct way.
[5:46] Speaker 4: But I know they've made some acquisitions with optical companies.
[5:49] Speaker 4: They've certainly been making a greater push to focus on AI,
[5:52] Speaker 4: and it does seem like that is paying off for them.
[5:55] Speaker 6: Stay with us more from Bloomberg Intelligence coming up after this.
[6:02] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
[6:06] Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
[6:09] Speaker 1: Auto with the Bloomberg Business app. Listen on demand wherever
[6:12] Speaker 1: you get your podcasts, or watch us live on YouTube.
[6:16] Speaker 2: You got Stacey vax Smith sitting in for Scarlett fou
[6:18] Speaker 2: On Paul Sweeney. You're live here in our Bloomberg Interactive
[6:20] Speaker 2: Brokers studio, streaming live on YouTube. All right, your technology aunels,
[6:24] Speaker 2: you follow technology companies, So where do you go?
[6:26] Speaker 3: Poland?
[6:27] Speaker 2: Dan Ives, globalhead of technology research at Wedbush Securities, finds
[6:31] Speaker 2: himself in Poland. I'm not even gonna ask uh Dan
[6:34] Speaker 2: what I want to get to is seeming like half
[6:36] Speaker 2: of the leadership of Silicon Valley is with President Trump
[6:39] Speaker 2: in Beijing as we speak. What do you make of it?
[6:45] Speaker 3: I mean, look, it's a pivotal moment for AI and
[6:48] Speaker 3: tech because it's about being able for vidious other chips
[6:52] Speaker 3: into China, but also just more of an opening, you
[6:55] Speaker 3: know in China, which is important for Tesla, it's important
[6:58] Speaker 3: for Apple, it's for chip makers, and look, this is
[7:03] Speaker 3: this is a moment in time where it's important when
[7:06] Speaker 3: they come back from that trip, and it's been a
[7:10] Speaker 3: huge step forward, and I think it's gonna be another
[7:12] Speaker 3: leg up in this market. You're seeing it from the
[7:15] Speaker 3: godfather of AI and video today.
[7:19] Speaker 5: We've been talking this morning about how important AI and
[7:21] Speaker 5: tech are to the economy right now. They are hugely fundamental.
[7:25] Speaker 5: How important is this summit for tech and AI in
[7:28] Speaker 5: the US right now?
[7:31] Speaker 3: I think it's it's it's really like a grand opening
[7:35] Speaker 3: to what could be in next chapter of AI because
[7:38] Speaker 3: when you think about the one black cloud over the
[7:41] Speaker 3: AI trade has really been China, raw material chips in
[7:45] Speaker 3: the China from nvideo. You know, when you start to
[7:48] Speaker 3: clear this path and this passes and you get the
[7:51] Speaker 3: green light. I think it's another leg up and what
[7:53] Speaker 3: that means is more data center build out, more chip
[7:58] Speaker 3: more and again for the first time in thirty years,
[8:01] Speaker 3: US is ahead of China when it comes to tech
[8:04] Speaker 3: and that's very important in terms of the global market.
[8:07] Speaker 3: Is more and more you're going to earn US tech
[8:09] Speaker 3: stops Dan.
[8:11] Speaker 2: I guess this trip highlights once again kind of the
[8:14] Speaker 2: change in power that we saw in Apple with Tim
[8:16] Speaker 2: Cook giving up the CEO post but retaining the chairman post.
[8:22] Speaker 2: And I think, as you've told us before, part of
[8:25] Speaker 2: his responsibility is managing the relationship with China. Just gives
[8:29] Speaker 2: a summary of kind of how that stands right now.
[8:32] Speaker 3: Look, if Cook has been tem percent politician, ninety percent CEO,
[8:38] Speaker 3: you know I'm there probably ninety politician, right. I mean,
[8:42] Speaker 3: that's a huge part of his value because he has
[8:47] Speaker 3: the years within DC from Trump to others' and that's
[8:51] Speaker 3: so important for Apple. It's and navigates the political Landskip
[8:55] Speaker 3: and China, Bok Twente, China's heart and one that twenty
[8:59] Speaker 3: percent eye from as well as you know where the
[9:02] Speaker 3: massive amount of production appen is with tariffs and everything else,
[9:06] Speaker 3: It's not coincidilla that Coke is on Air Force one.
[9:10] Speaker 5: Are there any specific deals or announcements that might come
[9:13] Speaker 5: out of the summit or is it more of a
[9:15] Speaker 5: general breaking of bread.
[9:18] Speaker 3: I think it's more than a breaking of bread. I
[9:20] Speaker 3: think it's about the official green light for in video
[9:24] Speaker 3: cell chips in the China with no caveats. And I
[9:27] Speaker 3: think Jensen he's the biggest poker chip there, because that's
[9:31] Speaker 3: really what China wants. I think when you see an
[9:34] Speaker 3: opening of China for businesses, I think this is really
[9:38] Speaker 3: about robotics because right now China's weeding and robotics the
[9:42] Speaker 3: big area obviously test getting into in terms of optimists
[9:45] Speaker 3: and humanoid robots, and it's very important that you have
[9:50] Speaker 3: an opening of that market for us to compete, rather
[9:54] Speaker 3: than just China winning in that market.
[9:58] Speaker 2: Dan, it's become, I guess increasingly clear of the last
[10:00] Speaker 2: four or five six years that there's a technology cold
[10:04] Speaker 2: war between China and let's call it just the West.
[10:08] Speaker 2: Is there any way to change that and make it
[10:11] Speaker 2: less difficult for both sides? How do you see that
[10:14] Speaker 2: playing out?
[10:16] Speaker 3: Look? I think all of the problem is is that
[10:18] Speaker 3: it's a two horse race, right I mean, Europe know
[10:22] Speaker 3: where I am today. I mean they continue to be
[10:23] Speaker 3: stuck in regulatory data privacy and really know where when
[10:27] Speaker 3: it comes to AI. But then you look in Middle
[10:30] Speaker 3: East India, they're trying to be obviously you know, the
[10:32] Speaker 3: number three players. But that's also why like US needs
[10:36] Speaker 3: China Chinese US when it comes to the tree. You know,
[10:39] Speaker 3: it's an arms race that's going to play out, and
[10:43] Speaker 3: you're going to kind of see a splitting of these
[10:46] Speaker 3: two powerhouses when they go after other markets. But it's
[10:50] Speaker 3: a true fourth Industrial Revolution that's playing out, and US
[10:54] Speaker 3: and China both know no one wants to mess that
[10:58] Speaker 3: up relative to we continue to believe third inning top
[11:03] Speaker 3: of the third one out in this non inning bullmarket.
[11:06] Speaker 2: Hey Dan, you know better than anybody. And plus you're
[11:10] Speaker 2: in Europe as we speak. Other than SAP and maybe
[11:12] Speaker 2: one or two other companies, there is almost no technology
[11:16] Speaker 2: in Europe. They've missed the last fifty years. Are they
[11:20] Speaker 2: going to miss AI as well?
[11:23] Speaker 3: Look, that's I mean, I just heard this IMPAC conference
[11:26] Speaker 3: and born you have pel from all around the world speak.
[11:28] Speaker 3: I mean, that's that's a big topic because you know,
[11:32] Speaker 3: in terms of big brother privacy, worries about you know,
[11:36] Speaker 3: what we've seen and from a technology respective, it's taken
[11:39] Speaker 3: Europe many years behind where everyone else is. And I
[11:43] Speaker 3: think there's a huge battle going on between innovators entrepreneurs
[11:48] Speaker 3: because otherwise, if they don't use in privacy and some
[11:53] Speaker 3: of the regulatory you know, Europe's gonna miss out in
[11:56] Speaker 3: US and you'll see a lot of entrepreneurs and innovators
[11:59] Speaker 3: moved to Middle e US. You'reine obviously other markets, but look,
[12:03] Speaker 3: I believe about betting on a country that's going to
[12:06] Speaker 3: break out of this, it's probably pulling. I think they're
[12:09] Speaker 3: the one that's kind of showing the most kind of
[12:11] Speaker 3: maybe vision when it comes to AI.
[12:15] Speaker 2: Stay with us. More from Bloomberg Intelligence coming up after this.
[12:22] Speaker 1: You're listening to the Bloomberg Intelligence podcast. Catch us live
[12:26] Speaker 1: weekdays at ten am Eastern on Apple, Cocklay and Android
[12:29] Speaker 1: Auto with the Bloomberg Business app, Listen on demand wherever
[12:32] Speaker 1: you get your podcasts, or watch us live on YouTube.
[12:36] Speaker 2: All right, Stacey Vannox Smith sitting in for Scarla Fuapaulsoony
[12:39] Speaker 2: live here in our Bloomberg Interactive Brokers Studio, streaming live
[12:42] Speaker 2: on YouTube as well. Given the turmoil coming out of
[12:46] Speaker 2: the Middle East. A lot of folks are, a lot
[12:48] Speaker 2: of companies are wondering kind of how that's impact their business.
[12:51] Speaker 2: One of those industries is generally a kind of the
[12:53] Speaker 2: travel business organ and people change their travel habits given
[12:57] Speaker 2: what's going on out there in the world. And our
[12:59] Speaker 2: good friends of Bloomberg Intelligence, they survey folks out there
[13:02] Speaker 2: in the marketplace toy figure out what they're doing and
[13:04] Speaker 2: how that may impact hotels, cruise lines, all that type
[13:09] Speaker 2: of stuff. Airlines, that type of thing. Jony Lori, senior
[13:11] Speaker 2: credit analysts for Bloomberg Intelligence Joints.
[13:13] Speaker 3: Is here.
[13:14] Speaker 2: Jody, what's your latest survey tell you about, maybe as
[13:17] Speaker 2: we kind of head into this summer travel season, how
[13:19] Speaker 2: people are thinking about how they might travel, where they
[13:21] Speaker 2: might travel, how's that looking.
[13:24] Speaker 6: So I don't think you'll be surprised to hear this, Paul,
[13:27] Speaker 6: but we are seeing some of the effects of the
[13:28] Speaker 6: around war. The energy prices enter our survey data. So,
[13:32] Speaker 6: for example, personal safety is a concern among about two
[13:36] Speaker 6: thirds of survey participants, and that's the highest level since
[13:39] Speaker 6: we started running this survey in December of twenty three,
[13:42] Speaker 6: So that's not so surprising. What is surprising is how
[13:45] Speaker 6: resilient the consumer has been, at least in terms of
[13:48] Speaker 6: increasing budgets, in terms of planning to increase budgets, and
[13:52] Speaker 6: in terms of still traveling. Despite the backdrop that said,
[13:55] Speaker 6: we are seeing a little bit of a bias towards
[13:59] Speaker 6: domestic international which, again, I think given the climate, given
[14:04] Speaker 6: the Trump administration's stance on immigration, and all the sort
[14:08] Speaker 6: of components of that, the geopolitical risk, it's not so
[14:11] Speaker 6: surprising to us what we're seeing, but it's very evident
[14:15] Speaker 6: in the data.
[14:17] Speaker 5: I mean, obviously we're coming up on the big travel
[14:20] Speaker 5: season in the US summer. How do you expect that
[14:23] Speaker 5: to start impacting all of the businesses that rely on
[14:27] Speaker 5: the travel industry. I mean, if people are going domestic,
[14:30] Speaker 5: that could be positive news, but also gas prices are
[14:32] Speaker 5: way up.
[14:34] Speaker 6: Sure Stacy, So I think we're seeing still that people,
[14:37] Speaker 6: despite knowing that inflation is a big factor, they're still
[14:41] Speaker 6: planning on increasing their budgets. And so I do wonder
[14:46] Speaker 6: at what point we start seeing a shift in terms
[14:49] Speaker 6: of how people travel. One of the things that came
[14:51] Speaker 6: out of the survey is if costs succeed budgets, they're
[14:54] Speaker 6: willing to cut back on accommodations, so going for not
[14:58] Speaker 6: as luxury accommodations, but they aren't willing to sacrifice activities
[15:02] Speaker 6: and experiences. But what we are seeing though, even so,
[15:06] Speaker 6: is that things like outdoors and national parks are high
[15:10] Speaker 6: up on the list in terms of where people are traveling,
[15:13] Speaker 6: as well as beach vacations. Now, even marrying that into
[15:17] Speaker 6: the conversation, we are seeing that Mexico and the Caribbean
[15:21] Speaker 6: have decreased in terms of where people are traveling for
[15:25] Speaker 6: the second half of the year versus what we saw
[15:27] Speaker 6: in November. So we are you know, there is sort
[15:30] Speaker 6: of a give and take in this scenario. Are people
[15:33] Speaker 6: going to the Jersey Shore over the Caribbean? I'm not sure. No,
[15:37] Speaker 6: it's come to Yore, Atlantic City finally getting the boom
[15:43] Speaker 6: exactly exactly.
[15:45] Speaker 2: The World Cup, Jody, There's been some reporting that the
[15:48] Speaker 2: World Cup is a little underwhelming from the hotel perspective here,
[15:52] Speaker 2: maybe Airbnb as well. What a you're hearing from the
[15:54] Speaker 2: companies you cover about the World Cup?
[15:57] Speaker 6: Yeah, so it depends on the company you're talking about.
[16:00] Speaker 6: So some of the companies, from the gaming companies to
[16:03] Speaker 6: the hotels are commenting that they are seeing a little
[16:06] Speaker 6: bit of an uptick in some of their markets. And
[16:09] Speaker 6: what's so interesting about the way that the World Cup
[16:11] Speaker 6: is run is just how North America it is. Right,
[16:15] Speaker 6: You're talking Vancouver, You're talking La You're talking New York
[16:18] Speaker 6: and Philadelphia, you're talking Mexico. I mean, there's so many
[16:22] Speaker 6: areas in which the World Cup is going to be
[16:24] Speaker 6: penetrating the North American landscape. But I'm curious to see
[16:30] Speaker 6: how much of that is going to equate in terms
[16:33] Speaker 6: of travel budgets and people going places for it. You
[16:36] Speaker 6: are seeing, I mean, you know, just anecdotally, I am
[16:39] Speaker 6: starting to see locally some of the promotions happening at
[16:44] Speaker 6: restaurants and at different sort of attractions as we lead
[16:49] Speaker 6: into the World Cup. I'm not sure what that's going
[16:51] Speaker 6: to equate in terms of actual dollars spent by people
[16:55] Speaker 6: as they sort of go to the matches and celebrate it.
[16:58] Speaker 6: But we do have some survey data that it is mixed.
[17:01] Speaker 6: You know, we have some people who are prioritizing sporting
[17:04] Speaker 6: events over vacation, but by and large, we aren't necessarily
[17:09] Speaker 6: seeing that that's the top priority for how people are
[17:11] Speaker 6: going to spend their vacations for the second half of
[17:13] Speaker 6: the year.
[17:14] Speaker 5: So you mentioned that people are kind of switching to
[17:16] Speaker 5: domestic overall. How is international travel looking right now? Is
[17:21] Speaker 5: are we seeing it decrease a little bit? Is that
[17:23] Speaker 5: maybe part of why there's a little bit of softness
[17:25] Speaker 5: around the World Cup bookings?
[17:28] Speaker 2: Correct?
[17:29] Speaker 6: Is it's so stacy. I mean, I think, I think
[17:31] Speaker 6: more so than you know the World Cup bookings per se.
[17:34] Speaker 6: I think it's just we're seeing a decline in terms
[17:36] Speaker 6: of travel internationally. Overall. We're seeing fewer people planning on
[17:42] Speaker 6: three or more vacations or two or more vacations internationally
[17:45] Speaker 6: than we did in November. So that's a big, big
[17:48] Speaker 6: sort of cutback, right. And then we're also seeing that
[17:51] Speaker 6: the key places that were you know, attractive spots going
[17:55] Speaker 6: into this year, including Canada, including Italy, including Portugal, Japan,
[18:00] Speaker 6: all of them, Dubai of course, you know, all of
[18:03] Speaker 6: them are sort of seeing a little bit of a
[18:04] Speaker 6: decline from November in terms of locations that people are
[18:08] Speaker 6: planning on traveling to. Now, what is surprising is the
[18:10] Speaker 6: UK actually bumped up in terms of priority of where
[18:14] Speaker 6: people are planning on traveling next year. I don't know
[18:16] Speaker 6: if that has to do anything with you know, USA
[18:19] Speaker 6: two fifty, so people feel celebratory and want to shore
[18:22] Speaker 6: independence for two hundred and fifty years.
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