Cisco, Applied Materials and Coherent Earnings Preview: Big Tech’s AI Bellwethers Report This Week

Wall Street’s earnings this week arrives with three heavyweight tech names reporting: Cisco Systems (NASDAQ: CSCO), Applied Materials (NASDAQ: AMAT), and Coherent Corp (NYSE: COHR).

All three sit near record valuations, and their results could set the tone for AI-infrastructure stocks heading into September.

Cisco Systems reports Wednesday, August 12, after the closing bell. Analysts expect EPS of $1.17 (+18% year-over-year) on revenue of $16.83 billion.

Cisco has beaten both top- and bottom-line estimates for eight straight quarters, and its networking segment has been supercharged by AI infrastructure orders, which management now guides to $9 billion for FY2026, up from $5 billion previously.

UBS reiterated a Buy rating and $132 price target ahead of the print, though the stock’s ~52% year-to-date rally has stretched its valuation.

Applied Materials reports Thursday, August 13, after market close. Consensus calls for EPS around $3.36-3.39 on revenue near $9 billion, up 23% year-over-year, as semiconductor equipment demand for DRAM, advanced logic, and packaging remains white-hot.

Stifel maintains a Buy rating with a $650 target. Options markets are pricing in a roughly 10% share-price swing post-earnings, with suppliers Ichor and Ultra Clean Technologies likely to trade in sympathy.

Coherent Corp, the photonics and optics specialist riding the AI datacenter buildout, also reports Wednesday, August 12. Analysts expect EPS of approximately $1.62, with investors focused on optical networking demand tied to hyperscaler capex.

Why it matters for traders: These three companies collectively represent nearly $1 trillion in market cap and offer a real-time gauge of whether AI infrastructure spending is accelerating or plateauing. With CPI data also due Wednesday, volatility around these reports could ripple across the broader Nasdaq 100.