2Q26 VAR Survey: AI, Refresh, and Cyber Outweigh Price Increases, Driving Networking Investment Higher

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2Q26 VAR Survey: AI, Refresh, and Cyber Outweigh Price Increases, Driving Networking Investment Higher

Foundation

July 16, 2026 02:24 AM GMT

Morgan Stanley & Co. LLCMTelecom & Networking Equipment | North America Meta A Marshall

Equity Analyst

2Q26 VAR Survey: AI, Refresh, Meta.Marshall@morganstanley.comAntonio Jaramillo +1 212 761-0430

Research Associate

Antonio.Jaramillo@morganstanley.com +1 212 761-4438

and Cyber Outweigh Price

Telecom & Networking Equipment

North America

Industry View In-LineIncreases, Driving Networking

Investment Higher

2Q VAR results show dramatic acceleration in spend intentions

for CSCO/ANET/HPE, pointing to spend on AI/DC modernization

above concerns on pricing impact. Results most positive for

CSCO, most Cautious for FFIV.M

Key Takeaways

CSCO screens strongest among key focus names, with growth expectations rising

to 3.0%, pipeline net score at +60%, and 70% seeing security sales increase.

FFIV headline growth moderated to 0.6%, but upgrade indicators improved, with

37% expecting install-base growth and 70% seeing VIPRION / iSeries activity.

ANET growth expectations rose to 2.2%, with AI clusters the clearest wallet-

share driver, though campus traction remains gradual due to switching resistance.

Cyber demand favors scaled platforms, with network security, identity and cloud

security leading priorities and SASE consolidation favoring CSCO, PANW and ZS.

Memory inflation is a cost headwind, driving modest pull-forward, but spend

indications largely absorbing impact

Please note that our Networking domain survey was fielded 5/13-6/02.

2Q26 VAR survey results point to a more constructive networking demand

backdrop, with vendor-specific growth expectations improving across most

covered names.