Cisco shares surged by double digits as the tech giant revealed a bumper haul of AI orders – and disclosed plans to axe nearly 4,000 workers.

The stock jumped around 18 percent in after-hours trading today as the company beat Wall Street expectations and said demand for its artificial intelligence infrastructure was running far ahead of forecasts.

The giant rally boosted the net worth of Cisco boss Chuck Robbins by millions of dollars – on paper – given that he owns hundreds of thousands of shares in the company.

Read more: Mega-rich CEO slashes 4,000 jobs amid AI push… and Wall Street rewards him with 18% stock surge