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Networking & OpticalSEC filings
Arista Networks (ANET)
Datacenter Ethernet switches for AI back-end and front-end fabrics
Modeled AI capex flow
$16.3B
from Big 5 forward AI-attributable spend
Hyperscaler exposure
60.0%
of revenue (latest 10-K)
Top hyperscaler customer
AMZN
modeled $4.6B flow
Deferred revenue
$2.7B
Q4 2025 10-Q
Forward visibility: Deferred revenue
The leading indicator AM analysts read as capex commitments convert to supplier revenue.
Deferred revenue + service-contract liabilities proxy product order book. AI back-end fabric design-win conversion ramping into 2026.
As of: Q4 2025 10-QSource filing
Flow attribution by hyperscaler
Modeled dollars from each hyperscaler's AI-attributable forward capex.
| Customer | Modeled flow | % of total |
|---|---|---|
| Amazon (AMZN) | $4.6B | 28.5% |
| Microsoft (MSFT) | $3.8B | 23.3% |
| Meta Platforms (META) | $3.3B | 20.3% |
| Alphabet (GOOGL) | $3.2B | 19.4% |
| Oracle (ORCL) | $1.4B | 8.5% |
Computed from disclosed customer concentration and per-hyperscaler accelerator preferences. Per-edge values can be reconstructed from the Methodology page.
Notes & source
META and MSFT each >10% customers historically. AI back-end design wins ramping into 2026.
View SEC filings page