Arista Networks (ANET)

The sleeper story is memory cost inflation - Ullal's 'order of magnitude exponentially higher' language signals the most serious cost pressure in years, forcing Arista's first price increases and potentially crimping margins industry-wide. The obvious AI doubling to $3.25B is real, but scale-up production pushed to 2027 delays their highest-margin opportunity while memory costs spike now. The services revenue collapse from 18.7% to 0.1% is either terrible disclosure or a major business issue - either way, it destroys near-term visibility. 'We are having to smile and take it just about at any price we can get' on memory is the most revealing quote - shows genuine supply desperation. My view changes if they can't pass through memory price increases to customers or if the services issue reflects broader accounting quality problems.