Cisco has to cut 1 billion in budget then today it's announced we're acquiring BabbleLabs. Coincidence? I think not.
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Also acquisitions are most often paid in a freshly issued shares. Plus they are not "cost" but "investment" - at least nominally...
These acquisition decisions are made months in advance. Wondering if OpEx can actually be used towards acquisitions.. I think they are reported separately on GAAP