Arista Networks (ANET) Q1 FY26 earnings call

Demand is the best management has seen in its tenure, but the binding constraint has shifted from demand to a multi-year component-supply squeeze that Arista is meeting by pre-committing cash and accepting margin give-up to keep AI infrastructure from sitting idle. The AI-fabric story is broadening beyond scale-out into scale-across and, later, Ethernet scale-up, while enterprise/campus diversification adds ballast. Forward demand outstrips shippable supply, making supply — not orders — the swing factor for 2026-27.