$ANET

Post call $ANET: EPS beat and raised guidance. but what this call actually moved was the supply chain timeline. - Arista management escalated their shortage language from a memory-specific issue to an everything-is-constrained posture spanning wafers, silicon, CPUs, optics, and memory. "We now think it is a one- or two-year phenomenon," Purchase commitments jumped from $6.8B to $8.9B in a single quarter to prove it. That is a multi-year inventory war. - What changed versus January is the back-end demand framing. Last call, scale-across was a secondary use case. On this call, Jayshree said it "has become a bigger use case than we imagined this time last year" and now expects it to carry at least a third of the $3.5B AI revenue target. Front-end refresh (the general data-center ne