[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Jukan [@Jukanlosreve](/creator/twitter/Jukanlosreve) on x 22.7K followers Created: 2025-05-30 13:21:38 UTC Citi) Arista Networks (ANET.N) – Weakness Presents a Buying Opportunity; Ethernet TAM Expanding In its Q1 earnings report last night, NVIDIA (NVDA) revealed that its Spectrum-X revenue has reached an annualized run rate of $X billion and that it has added Google Cloud and Meta as new Spectrum-X cloud customers. These two announcements have raised concerns that Arista and other players may be losing share in the Ethernet-based AI backend switch market. However, we continue to believe that the total addressable market (TAM) for Ethernet AI backend switching is rapidly expanding, and we have noted that Arista Networks (ANET) has doubled its market share through FY2024. While switching likely accounts for a relatively small portion of the overall Spectrum-X revenue (with Dell’Oro estimating it to be less than 30%), we view NVIDIA’s Ethernet switch revenue as benefiting from the same TAM expansion that is also driving growth for Arista and others. Lastly, we believe that hyperscalers continue to pursue diversification in networking. Google appears to be moving away from a single-vendor strategy, and Meta seems to be taking a diversified approach to AI networking, including InfiniBand. XXXXX engagements  **Related Topics** [meta](/topic/meta) [nvda](/topic/nvda) [networks](/topic/networks) [$anet](/topic/$anet) [stocks technology](/topic/stocks-technology) [$nvda](/topic/$nvda) [$googl](/topic/$googl) [stocks communication services](/topic/stocks-communication-services) [Post Link](https://x.com/Jukanlosreve/status/1928441675019632769)
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Jukan @Jukanlosreve on x 22.7K followers
Created: 2025-05-30 13:21:38 UTC
Citi) Arista Networks (ANET.N) – Weakness Presents a Buying Opportunity; Ethernet TAM Expanding
In its Q1 earnings report last night, NVIDIA (NVDA) revealed that its Spectrum-X revenue has reached an annualized run rate of $X billion and that it has added Google Cloud and Meta as new Spectrum-X cloud customers. These two announcements have raised concerns that Arista and other players may be losing share in the Ethernet-based AI backend switch market.
However, we continue to believe that the total addressable market (TAM) for Ethernet AI backend switching is rapidly expanding, and we have noted that Arista Networks (ANET) has doubled its market share through FY2024. While switching likely accounts for a relatively small portion of the overall Spectrum-X revenue (with Dell’Oro estimating it to be less than 30%), we view NVIDIA’s Ethernet switch revenue as benefiting from the same TAM expansion that is also driving growth for Arista and others.
Lastly, we believe that hyperscalers continue to pursue diversification in networking. Google appears to be moving away from a single-vendor strategy, and Meta seems to be taking a diversified approach to AI networking, including InfiniBand.
XXXXX engagements
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