May. 14 at 4:28 PM
$ANET Needham TMT 5/14 — CFO Chantelle Breithaupt + SVPs Rudy + John
Guide raised twice in two sessions, 55% growth across P&L, deferred revenue exceeded EPS expectations. "Supply when not if" — capacity is the gate, not demand. 4th InfiniBand → Ethernet conversion in pipeline. 100+ AI customers, not just 4 hyperscalers. EOS spans campus, cloud, and AI back-end as one OS — positioned as the agentic AI moat.
XPO MSA announced at OFC, led by Andy Bechtolsheim — 40% footprint reduction. CFO and Rudy both said CPO not required at 3.2T because XPO extends OSFP longevity. First XPO products in 2026, large ramps in 3.2T era. 800G took 5 years from announcement to shipping (2019 → 2024); 1.6T explicitly "won't take 5 years."
Campus target raised from
$800M to
$1.25B (55%) with only 3-5% market share today. Ava (AI for networking) introduced as a new revenue category. State-based streaming telemetry flagged as the agentic-observability differentiator.
