Piper Sandler says Arista Networks (ANET) will likely be the most discussed “winner” of Stargate within the firm’s coverage given the exposure to hyperscalers and AI vendors already, including Microsoft (MSFT), Meta (META), Oracle (ORCL), Apple (AAPL), and OpenAI, and strength of its high-end Ethernet switching portfolio. Given switching represents over 50% of networking spend and Arista’s more than 30% share of high-end datacenter switching, Piper sees this as a +$6B SAM over 5 years or $1.25B annually.
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