AI clusters need more ports per rack, faster speeds (400G → 800G → 1.6T), and less oversubscription than traditional cloud networks, meaning more switches per cluster at higher ASPs. And Arista shipped 150 million Ethernet ports in FY25, grew revenue from $5.9B to $9.0B in two years, and just guided for $11.25B in 2026. But… Arista doesn’t design its own chips. It outsources manufacturing. Its two largest customers account for 42% of revenue. And its CEO just called memory costs “horrendous”. So is the stock a compounding machine riding a structural Ethernet tailwind? Or is it priced for perfection in a business with real concentration risk, margin pressure, and a supply chain that can’t keep up with demand?