Arista: the AI network that is not NVIDIA's, and paid for in cash
Revenue up 58% at a 49% operating margin, $14B of cash and no debt. Bullish, at medium conviction: two customers carry it, and $11.4B of purchase commitments turn any pause into inventory.
Q3 2026: revenue $3.66B (+58.5%), beat its $3.3B guide; non-GAAP operating margin 49.1%.
Q4 guide $3.9–4.0B.
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Arista Networks