Parsing Memory Noise; Weekly HW Tech Talk; ANET Fabric Webinar; QNT Initiation

研报英文原文证据摘录

Parsing Memory Noise; Weekly HW Tech Talk; ANET Fabric Webinar; QNT Initiation

AWS TRx ramp ahead)

were the standout positives, while GLW (sentiment ahead of near-term results) and CIEN (competition + limited pricing power)

were flagged as risks; ANET and APH also saw positive investor sentiment.

ANET: AI Fabric Webinar Reinforces AI Networking Leadership. Here

Joseph Cardoso shares takeaways from Arista’s technical webinar last Thursday (“A New Era of Rack-Scale AI Fabrics”)

highlighting the company's 1.6T switching portfolio and, critically, its software differentiation through the MRC (Multipath

Reliable Connection) protocol — an OCP standard built with AMD, Broadcom, Intel, Microsoft, NVIDIA, and OpenAI that

enables flat, two-tier Ethernet fabrics to connect 100K+ accelerators while closing the reliability gap with InfiniBand. The key

investment thesis is that ANET is shifting from a box vendor to an integrated AI systems provider, with EOS software capabilities

(CSIG, Fast CNP, CLB/DLB, SSU) reducing congestion and improving GPU/accelerator utilization (JCT), which is increasingly

the differentiator in hyperscaler and enterprise AI cluster deployments. On the hardware side, Arista maps two scaling paths —

single-plane (pairs leaf switches with a high-radix modular spine) and multi-plane via MRC (divides fabric into several lower-

speed planes to extend reach to 130K+ accelerators). With key customer engagements at Anthropic, Meta, Microsoft, and Oracle,

and a strengthening software moat, Joe reiterates OW.

QNT: Initiate OW. Heritage + Strong Tech Roadmap + Execution. Here

Harlan Sur initiates coverage of QNT after exiting IPO restriction. He frames quantum computing as the next major platform

shift, where early leaders should capture outsized value.