Arista Networks, Inc.

The switches that shuttle traffic inside the world's largest data centers increasingly come from Arista Networks. It builds high-speed Ethernet gear aimed at cloud operators and, more recently, the clusters that train AI models, where Microsoft and Meta rank among its biggest buyers. What sets Arista apart from Cisco, its main rival, is EOS, a single software layer that runs across every switch it sells and can be programmed and automated like a server. Founded in 2004 by Andy Bechtolsheim, David Cheriton and Kenneth Duda, the company built its reputation on merchant silicon and lean, reliable software rather than proprietary chips. Its fortunes now track hyperscaler capital spending closely, which makes the AI build-out both its biggest tailwind and its main source of quarter-to-quarter volatility.

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