China Optical Ban?; AMD & ANET Buyside Bars; ON Results; Headlines

研报英文原文证据摘录

China Optical Ban?; AMD & ANET Buyside Bars; ON Results; Headlines

Joshua Meyers - Specialist Sales - US TMT AC (1-617) 310 0767 North America Specialist Sales J P M O R G A N

joshua.meyers@jpmorgan.com JPM: Chips for Breakfast - China

J.P. Morgan Securities LLC Optical Ban?; AMD & ANET

Buyside Bars; ON Results; News

04 August 2026

ANET BUYSIDE BARS (TODAY ~4pm ET, call 4:30pm)

• SENTIMENT: ANET was long the crowd-favorite proxy on ethernet networking growth, but sentiment has turned

increasingly cautious as investors worry about growth risks/rising competition and – nearer-term - risks to revenue and

margins from component shortages (memory, networking chips, etc.). Management has reset expectations here. Bulls still

point to the company's strong technological positioning and market leadership, including enthusiasm around its XPO

connection standard, where early industry feedback sounds encouraging (Joe argues it could further defer CPO adoption, as it

relates to hyperscalers); they also point to strong backlog as a source of upside to what they view as a conservative +27% YoY

topline growth guide (indeed, some bulls share an expectation that FY27 earnings growth could top 40%). The team is still

rebuilding credibility (around its supply chain, in particular) after a last quarter’s disappointing print, yet the stock is up 33%

off lows – back up to 41x year-ahead consensus earnings – and positioning now looks modestly long. Nevertheless, bulls see

upside opportunities becoming greater - and easier for management to deliver - on the confluence of ramps across customers

(META, ORCL, MSFT, GOOG, Anthropic) and technologies (e.g., 1.6T being layered on top of 800G) in 2H.

• POSITIONING SCORE (Crowded Long = 5; Crowded Short = -5): +2