Cisco Systems forecast quarterly gross margins below market expectations, citing higher memory chip costs. The weaker margin outlook overshadowed stronger-than-expected results and sent shares down about 7% in extended trading.

Ahead of the Lunar New Year, Chinese AI startup Z.ai (formerly Zhipu AI) released its open-source model GLM-5, highlighting AI agent capabilities and coding performance. The company said the user experience is “approaching Anthropic Claude Opus 4.5.”