Arista 是 AI 网络层的关键标的：开放式以太网交换、供给受限的需求、云客户从专有方案转向多元化。2026 财年营收指引为 126 亿美元，AI 营收指引约 36 亿美元，此前第二季度营收突破 30 亿美元，同比增长约 38%。风险：客户集中度、供给约束。值得列入 AI 观察名单。
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今天视频里我想谈的最后一只股票是 Arista Networks。如果你不熟悉 Arista Networks，这家公司生产网络交换机和软件，用于在数据中心内部的服务器之间传输数据。
The last stock I wanted to talk about in today's video is Arista Networks. If you are not familiar with Arista Networks , this company makes network switches and software that transfer data between servers within data centers.
也就是说，它提供这种高速网络，把成千上万台单独的服务器，当然还有越来越多的 AI 加速芯片，连接成一个单一的计算系统。
That is, it provides this type of high-speed network that connects thousands of individual servers and, of course, increasingly, AI acceleration chips , into a single computing system.
Arista Networks 不制造芯片，也不管理云基础设施；它制造的是其他计算和存储设备所连接的网络层，而且它建立在自有专有软件平台之上，该平台运行于其所有产品。
Arista Networks does not manufacture chips or manage cloud infrastructure; rather, it manufactures the network layer to which other computing and storage devices connect, and it is built on its own proprietary software platform that runs on all of its products.
这意味着，无论客户使用哪种型号的转换器，都能享受统一、一致的操作环境。因此，如果连接它们的网络速度慢或不可靠，这些昂贵的芯片可能会闲置等待数据，而不是用于计算，这意味着网络层直接决定了公司从已经付费购买的图形处理单元中获得的价值。
这正是 Arista Networks 成为该领域主要参与者的原因。
This means that customers enjoy a unified and consistent operating environment regardless of the model of converter they use. Therefore, if the network connecting them is slow or unreliable, these expensive chips may remain idle waiting for data instead of being used for computing , meaning that the network layer directly determines the value a company gets from the graphics processing units it has already paid for .
This is what makes Arista Networks a major player in this field.
训练一个庞大的人工智能模型不仅需要强大的芯片，还需要成千上万块芯片几乎即时地相互通信。随着人工智能集团不断扩张，连接它们的网络技术已成为我们所见的最重大障碍之一。因此，Arista 正努力成为解决这一问题的关键参与者之一。
Training a massive artificial intelligence model requires not just powerful chips, but thousands of chips to communicate with each other almost instantly . The networking technology that connects them has become one of the most significant obstacles we are witnessing as artificial intelligence groups expand.
Therefore , Arista is striving to be one of the key players in solving this problem.
Arista 已在基于以太网的网络市场中确立了自己的地位，成为其他专有互连技术（例如 Nvidia 的 InfiniBand 技术）之外更开放、更灵活的选择。这一策略已被证明是成功的。
Arista has established itself in the Ethernet- based networking market as a more open and flexible alternative to other proprietary interconnection technologies, such as Nvidia’s InfiniBand technology . This approach has proven successful.
在最近的财报中，管理层表示，对 AI 网络的需求已达到供应瓶颈的程度，而 Arista 目前正经历涉及芯片、光学器件和组件的供应限制。
In recent earnings reports, management stated that demand for AI networks has reached a point of supply bottleneck , and that Arista is now experiencing supply constraints involving chips, optics, and components.
值得注意的是，竞争对手，例如 Nvidia 的 InfiniBand 技术，会把客户限制在 Nvidia 的集成系统之内。
It is worth noting that competitors, such as Nvidia's InfiniBand technology, restrict customers to Nvidia's integrated system.
所以，Arista 向云计算巨头提出的方案，简而言之就是：“你可以使用开放的以太网标准构建性能同样出色的 AI 套件，而不必受制于单一供应商的专有网络工具。”这是让 Arista 得以与 Meta Platforms 和 Microsoft 等公司达成交易的主要原因之一，而这些公司理论上本可以完全依赖单一供应商的解决方案。
So, Arista's offer to cloud computing giants is, in short: " You can build an AI suite that performs as well using open Ethernet standards, without being restricted to a proprietary networking tool from a single vendor."
This is one of the main reasons that enabled Arista to strike deals with companies like Meta Platforms and Microsoft, which theoretically could have relied entirely on a single supplier's solutions.
但随着这些障碍变得越来越明显，同样清楚的是，大型云计算公司正在寻求使其合作的供应商多元化。这当然是 Arista Networks 持续增长的一个关键因素。
But as these obstacles have become increasingly apparent, it is also clear that giant cloud computing companies are seeking to diversify the suppliers they collaborate with. This was, of course, a crucial factor in the continued growth of Arista Networks.
在其2026财年第二季度，公司于去年8月宣布，其收入首次突破30亿美元，同比增长约38%。管理层将其2026年预测上调至126亿美元，与2025财年相比增长近40%。
In the second quarter of its fiscal year 2026, the company announced last August that its revenues had exceeded $3 billion for the first time ever, an increase of approximately 38% year-on-year.
Management raised its 2026 forecast to $12.6 billion , representing growth of nearly 40% compared to fiscal year 2025.
该公司还将今年的AI营收目标上调至约36亿美元。迄今为止，该公司已在人工智能技术领域为其以太网交换平台签下了100多家客户的合同。
The company also raised its AI revenue target to approximately $3.6 billion for this year. The company has so far signed contracts with more than 100 customers for its Ethernet switching platform in the field of artificial intelligence technology .
与过去几年相比，尤其是2024年，如果你关注这家公司已有一段时间，你会发现早期用户的数量非常有限。过去两年里，他们在这个领域实现了巨大的增长。
In comparison to the past few years, specifically 2024, if you have been following the company for a while, you will find that the number of early users was very limited. They have achieved tremendous growth in this area over the past two years.
据估计，Arista Networks凭借其以太网交换平台以及所有AI客户，其总目标市场规模可能超过1050亿美元。
It is estimated that Arista Networks’ total target market, with its Ethernet switch platform and all AI customers , could reach more than $105 billion .
Arista现在直接与几家大型AI服务提供商合作。我们正在看到向基于以太网的AI网络的转变，这对该公司有利。Arista还推出了速度达每秒1.6太比特的下一代AI网络平台，以及液冷交换选项。
这些平台专为训练最大的AI训练集群而设计，使其处于下一波集群扩展浪潮的前沿，这意味着它们不仅服务于当前的部署，还着眼于未来和增长机会。
Arista now works directly with several giant AI service providers . We are witnessing a shift towards Ethernet-based AI networks , which is beneficial to the company. Arista also introduced next-generation AI network platforms with speeds of 1.6 terabits per second, as well as liquid-cooled switching options.
These platforms are specifically designed to train the largest AI training pools , placing them at the forefront of the next wave of pool scaling, meaning they not only serve current deployments but also look to the future and growth opportunities.
我喜欢Arista Networks的一点是，除了在构建这一庞大AI基础设施方面面临真正的挑战之外，他们多年来还在硬件和软件领域建立了稳固的声誉。
One of the things I like about Arista Networks is that, in addition to facing a real challenge in building this massive AI infrastructure, they have also built a solid reputation in the hardware and software field over the years.
Arista的净客户满意度评分达到89，这是企业科技公司中最高的评分之一。这意味着，在许多主要参与者寻求解决AI开发中这些障碍之际，Arista是一个可靠且受青睐的选择。
Arista achieved a net customer satisfaction rating of 89, which is among the highest rates among enterprise technology companies. This means that, as many major players seek to address these obstacles in AI development, Arista is a reliable and preferred option.
当然，净客户满意度是一个非常有力的指标，尤其是对企业硬件公司而言。各品牌都在努力达到这样的净客户满意度评分。长期以来，这一直是Arista发展历程中的关键部分。
Of course, the net customer satisfaction rate is a very strong indicator, especially for enterprise hardware companies. Brands strive to achieve net customer satisfaction rates like these.
This has been a key part of Arista's career for a long time.
至于AI营收，存在客户集中的风险，这一点值得注意。来自大型数据中心的相对少数客户，构成了人工智能业务中很大且不断增长的份额。这些客户也是推动我们目前所见大部分AI支出的关键参与者。
但这值得注意，当然，也始终存在可能阻碍逐季增长的供应链制约因素。
As for AI revenues , there is a risk of customer concentration, which is worth noting. A relatively small number of customers from large data centers constitute a large and growing share of the artificial intelligence business.
These customers are also the key players driving most of the AI spending we are currently seeing. But this is noteworthy, and of course, there are always supply chain constraints that may hinder growth from quarter to quarter.
但Arista已成为人工智能基础设施领域最重要——如果不是最不为人知——的公司之一，具体来说，就是训练套件要运行就必须正常运转的网络层。
But Arista has become one of the most important, if not the least well-known, companies in the field of artificial intelligence infrastructure, specifically the network layer that must be operational for the training suite to function .
我认为，危险不在于AI网络中是否存在真正的瓶颈，而在于这一机会在多大程度上集中在少数几个大客户手中。我认为这将在未来几年仍是一个主要瓶颈，而像Arista Networks这样的公司可以帮助解决它。
I believe the danger lies not in the existence of a real bottleneck in AI networks , but in the extent to which this opportunity is concentrated among a number of large clients.
I think this will remain a major bottleneck in the coming years, and companies like Arista Networks can help address it.
这是一家管理高效的公司，我认为如果你正在扩充自己的人工智能股票投资组合，它值得被加入你的关注列表。是的，如果我们看过去12个月，会发现实现的营收略超100亿美元，而如果我们看市场对这家公司两年半后的预期，预计将翻倍。
这些营收预计将翻倍。所以，毫无疑问存在巨大的需求。
It is an efficiently managed company, and I believe it deserves to be added to your watchlist if you are growing your portfolio in artificial intelligence stocks. Yes, and if we look at the last 12 months, we find that the revenues achieved have slightly exceeded $10 billion , and if we look at the market expectations for this company in two and a half years, it is expected to double.
These revenues are expected to double . So, there is undoubtedly a large demand.
还有一个领域极其重要，也是这个AI故事的关键部分，那就是Arista Networks。
Well, there is another area that is extremely important, and a key part of this AI story, and that is Arista Networks.