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Semicon","tier":3,"returns_yearly":{"2021":-5.8,"2022":-34.1,"2023":48.7,"2024":-48.7,"2025":139.8,"2026":-31.8}},{"slug":"soulbrain","name":"솔브레인","name_en":"Soulbrain","tier":3,"returns_yearly":{"2021":-8.2,"2022":-3.9,"2023":16.6,"2024":-37.6,"2025":192.8,"2026":-35.9}},{"slug":"sns-tech","name":"에스앤에스텍","name_en":"S&S Tech","tier":3,"returns_yearly":{"2021":-17.3,"2022":-5,"2023":45.8,"2024":-31.2,"2025":210.8,"2026":-47.5}},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"hitachi-hightech","name":"히타치 하이테크","name_en":"Hitachi High-Tech","tier":3,"returns_yearly":null},{"slug":"hanwha-semitech","name":"한화세미텍","name_en":"Hanwha Semitech","tier":3,"returns_yearly":null},{"slug":"sk-siltron","name":"SK실트론","name_en":"SK Siltron","tier":3,"returns_yearly":null}],"analysis":"AI 데이터센터 이더넷 스위치 기업. 강세가 이어졌고 2026년 +41%다. 공급단(평균 +101.5%)이 본주(+41%)보다 세게 움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 마벨(+186.6%), 가장 처진 곳은 마이크로소프트(-20.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. MS·메타 48%. 스위치 칩 브로드컴 의존.","analysis_en":"Arista Networks operates across AI datacenter Ethernet switches. Momentum stayed firm and it is +41% in 2026. The supply side (avg +101.5%) has moved harder than the stock (+41%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Marvell (+186.6%) and the furthest behind is Microsoft (-20.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Depends on Broadcom (Tomahawk/Jericho) for switch silicon; Meta built AI clusters on the 7700R4.","analysis_asof":"2026-07-09"},"edges":[{"direction":"investment","counterparty":"자사주 매입 (자본 배치)","counterparty_slug":null,"confidence":"high","metric":{"type":"gross_margin","unit":"%","value":64.1,"period":"FY2025","qualifier":"buyback_capital_allocation","revenue_usd_bn":9},"note":"아리스타는 자사주 매입 프로그램으로 잉여현금을 환원한다 — AI 스위칭 호황으로 쌓인 현금(FY2025 매출 $90.1억·총이익률 64.1%)을 성장투자(R&D·M&A)와 함께 자사주로 배분하는 자본배치 구조다. 순현금·무배당 기조에서 자사주가 주요 환원 수단이다.","note_en":"Arista returns free cash flow via stock repurchase programs — a capital-allocation structure that deploys cash built up in the AI-switching boom (FY2025 revenue $9.0B, 64.1% gross margin) into buybacks alongside growth investment (R&D, M&A). With a net-cash, no-dividend stance, buybacks are the primary return mechanism.","sources":[{"stance":"confirms","publisher":"Arista Networks (SEC EDGAR)","publisher_en":"Arista Networks (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","title":"아리스타 네트웍스 10-K (FY2025)","title_en":"Arista Networks Form 10-K (FY2025)","excerpt":"We have adopted stock repurchase programs to repurchase shares of our common stock; FY2025 total revenue $9,005.7M (+28.6%), gross margin 64.1%.","excerpt_en":"We have adopted stock repurchase programs to repurchase shares of our common stock; FY2025 total revenue $9,005.7M (+28.6%), gross margin 64.1%."}]},{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2025-12","basis":"FY2025 10-K 최대 고객(두 10%+ 고객 중 큰 쪽)","value":26,"basis_en":"FY2025 10-K largest of two 10%+ customers"},"note":"마이크로소프트에 AI 데이터센터 이더넷 스위치 공급.","note_en":"Supplies AI data center Ethernet switches to Microsoft.","sources":[{"stance":"mentions","publisher":"Morgan Stanley·BofA·KeyBanc (via Benzinga)","publisher_en":"Morgan Stanley·BofA·KeyBanc (via Benzinga)","kind":"research","lang":"en","published_at":"2026-06-12","url":"https://www.benzinga.com/quote/ANET/analyst-ratings","title":"아리스타 애널리스트 매수·목표가 ~$190(MS OW $190·BofA $200·KeyBanc $200)","title_en":"Arista analyst Buy, target ~$190 (MS OW $190, BofA $200, KeyBanc $200)","excerpt":"Morgan Stanley Overweight $190; BofA $200, KeyBanc Overweight $200; consensus ~$189 Buy on the AI-driven networking refresh cycle.","excerpt_en":"Morgan Stanley Overweight $190; BofA $200, KeyBanc Overweight $200; consensus ~$189 Buy on the AI-driven networking refresh cycle."},{"stance":"confirms","publisher":"Arista Networks (SEC EDGAR)","publisher_en":"Arista Networks (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","title":"아리스타 네트웍스 10-K (FY2025)","title_en":"Arista Networks Form 10-K (FY2025)","excerpt":"Two customers accounted for more than 10% of sales in 2025; one end customer represented 26% and the other 16% of total revenue (Microsoft and Meta are Arista's two largest hyperscaler customers).","excerpt_en":"Two customers accounted for more than 10% of sales in 2025; one end customer represented 26% and the other 16% of total revenue (Microsoft and Meta are Arista's two largest hyperscaler customers)."},{"stance":"confirms","publisher":"ITWorld","publisher_en":"ITWorld","kind":"news","lang":"ko","published_at":"2025-08-01","url":"https://www.itworld.co.kr/article/3602986/","title":"메타, 아리스타와 초고속 이더넷 AI 클러스터 구축","title_en":"Meta builds high-speed Ethernet AI clusters with Arista","excerpt":"메타가 7700R4로 AI 클러스터 구축.","excerpt_en":"Meta builds AI clusters on the 7700R4."},{"stance":"confirms","publisher":"Arista","publisher_en":"Arista","kind":"ir","lang":"en","published_at":"2025-02-18","url":"https://www.arista.com/en/company/news/press-release/21096-pr-20250218","title":"Arista 2024 4분기·연간 실적 ($7B)","title_en":"Arista Q4 and full-year 2024 results ($7B)","excerpt":"2024 매출 $7B(+19.5%), 클라우드 대형사 48%.","excerpt_en":"2024 revenue $7B (+19.5%); cloud titans 48%."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-18","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ANET&type=10-K","title":"Arista Networks 연례보고서 (10-K)","title_en":"Arista Networks Form 10-K","excerpt":"10-K: 이더넷 스위치 매출, MS·메타 집중.","excerpt_en":"10-K: Ethernet-switch revenue concentrated in MS and Meta."}]},{"direction":"revenue","counterparty":"메타 플랫폼스","counterparty_slug":"meta","confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2025-12","basis":"FY2025 10-K 두 10%+ 고객 중 작은 쪽","value":16,"basis_en":"FY2025 10-K smaller of two 10%+ customers"},"note":"메타 플랫폼스에 AI 데이터센터 이더넷 스위치 공급.","note_en":"Supplies AI data center Ethernet switches to Meta Platforms.","sources":[{"stance":"confirms","publisher":"Arista Networks (SEC EDGAR)","publisher_en":"Arista Networks (SEC EDGAR)","kind":"filing","lang":"en","published_at":"2026-02-17","url":"https://www.sec.gov/Archives/edgar/data/1596532/000159653226000013/anet-20251231.htm","title":"아리스타 네트웍스 10-K (FY2025)","title_en":"Arista Networks Form 10-K (FY2025)","excerpt":"The two >10% customers represented 26% and 16% of FY2025 total revenue.","excerpt_en":"The two >10% customers represented 26% and 16% of FY2025 total revenue."},{"stance":"confirms","publisher":"ITWorld","publisher_en":"ITWorld","kind":"news","lang":"ko","published_at":"2025-08-01","url":"https://www.itworld.co.kr/article/3602986/","title":"메타, 아리스타와 초고속 이더넷 AI 클러스터 구축","title_en":"Meta builds high-speed Ethernet AI clusters with Arista","excerpt":"메타가 7700R4로 AI 클러스터 구축.","excerpt_en":"Meta builds AI clusters on the 7700R4."},{"stance":"confirms","publisher":"Arista","publisher_en":"Arista","kind":"ir","lang":"en","published_at":"2025-02-18","url":"https://www.arista.com/en/company/news/press-release/21096-pr-20250218","title":"Arista 2024 4분기·연간 실적 ($7B)","title_en":"Arista Q4 and full-year 2024 results ($7B)","excerpt":"2024 매출 $7B(+19.5%), 클라우드 대형사 48%.","excerpt_en":"2024 revenue $7B (+19.5%); cloud titans 48%."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-18","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ANET&type=10-K","title":"Arista Networks 연례보고서 (10-K)","title_en":"Arista Networks Form 10-K","excerpt":"10-K: 이더넷 스위치 매출, MS·메타 집중.","excerpt_en":"10-K: Ethernet-switch revenue concentrated in MS and Meta."}]},{"direction":"cost","counterparty":"Broadcom","counterparty_slug":"broadcom","confidence":"high","metric":null,"note":"Broadcom에서 스위치 실리콘(Tomahawk·Jericho) 매입.","note_en":"Buys switch silicon (Tomahawk/Jericho) from Broadcom.","sources":[{"stance":"confirms","publisher":"ITWorld","publisher_en":"ITWorld","kind":"news","lang":"ko","published_at":"2025-08-01","url":"https://www.itworld.co.kr/article/3602986/","title":"메타, 아리스타와 초고속 이더넷 AI 클러스터 구축","title_en":"Meta builds high-speed Ethernet AI clusters with Arista","excerpt":"메타가 7700R4로 AI 클러스터 구축.","excerpt_en":"Meta builds AI clusters on the 7700R4."},{"stance":"confirms","publisher":"Arista","publisher_en":"Arista","kind":"ir","lang":"en","published_at":"2025-02-18","url":"https://www.arista.com/en/company/news/press-release/21096-pr-20250218","title":"Arista 2024 4분기·연간 실적 ($7B)","title_en":"Arista Q4 and full-year 2024 results ($7B)","excerpt":"2024 매출 $7B(+19.5%), 클라우드 대형사 48%.","excerpt_en":"2024 revenue $7B (+19.5%); cloud titans 48%."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-18","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ANET&type=10-K","title":"Arista Networks 연례보고서 (10-K)","title_en":"Arista Networks Form 10-K","excerpt":"10-K: 이더넷 스위치 매출, MS·메타 집중.","excerpt_en":"10-K: Ethernet-switch revenue concentrated in MS and Meta."}]},{"direction":"cost","counterparty":"Marvell","counterparty_slug":"marvell","confidence":"mid","metric":null,"note":"Marvell에서 광 DSP·커넥티비티 매입.","note_en":"Buys optical DSP and connectivity from Marvell.","sources":[{"stance":"confirms","publisher":"ITWorld","publisher_en":"ITWorld","kind":"news","lang":"ko","published_at":"2025-08-01","url":"https://www.itworld.co.kr/article/3602986/","title":"메타, 아리스타와 초고속 이더넷 AI 클러스터 구축","title_en":"Meta builds high-speed Ethernet AI clusters with Arista","excerpt":"메타가 7700R4로 AI 클러스터 구축.","excerpt_en":"Meta builds AI clusters on the 7700R4."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-18","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ANET&type=10-K","title":"Arista Networks 연례보고서 (10-K)","title_en":"Arista Networks Form 10-K","excerpt":"10-K: 이더넷 스위치 매출, MS·메타 집중.","excerpt_en":"10-K: Ethernet-switch revenue concentrated in MS and Meta."},{"stance":"confirms","publisher":"Arista","publisher_en":"Arista","kind":"ir","lang":"en","published_at":"2025-02-18","url":"https://www.arista.com/en/company/news/press-release/21096-pr-20250218","title":"Arista 2024 4분기·연간 실적 ($7B)","title_en":"Arista Q4 and full-year 2024 results ($7B)","excerpt":"2024 매출 $7B(+19.5%), 클라우드 대형사 48%.","excerpt_en":"2024 revenue $7B (+19.5%); cloud titans 48%."}]},{"direction":"revenue","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"mid","metric":null,"note":"알파벳 (구글)에 AI 데이터센터 이더넷 스위치 공급.","note_en":"Supplies AI data center Ethernet switches to Alphabet (Google).","sources":[{"stance":"confirms","publisher":"ITWorld","publisher_en":"ITWorld","kind":"news","lang":"ko","published_at":"2025-08-01","url":"https://www.itworld.co.kr/article/3602986/","title":"메타, 아리스타와 초고속 이더넷 AI 클러스터 구축","title_en":"Meta builds high-speed Ethernet AI clusters with Arista","excerpt":"메타가 7700R4로 AI 클러스터 구축.","excerpt_en":"Meta builds AI clusters on the 7700R4."},{"stance":"confirms","publisher":"Arista","publisher_en":"Arista","kind":"ir","lang":"en","published_at":"2025-02-18","url":"https://www.arista.com/en/company/news/press-release/21096-pr-20250218","title":"Arista 2024 4분기·연간 실적 ($7B)","title_en":"Arista Q4 and full-year 2024 results ($7B)","excerpt":"2024 매출 $7B(+19.5%), 클라우드 대형사 48%.","excerpt_en":"2024 revenue $7B (+19.5%); cloud titans 48%."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-18","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ANET&type=10-K","title":"Arista Networks 연례보고서 (10-K)","title_en":"Arista Networks Form 10-K","excerpt":"10-K: 이더넷 스위치 매출, MS·메타 집중.","excerpt_en":"10-K: Ethernet-switch revenue concentrated in MS and Meta."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":null,"note":"아마존에 AI 데이터센터 이더넷 스위치 공급.","note_en":"Supplies AI data center Ethernet switches to Amazon.","sources":[{"stance":"confirms","publisher":"ITWorld","publisher_en":"ITWorld","kind":"news","lang":"ko","published_at":"2025-08-01","url":"https://www.itworld.co.kr/article/3602986/","title":"메타, 아리스타와 초고속 이더넷 AI 클러스터 구축","title_en":"Meta builds high-speed Ethernet AI clusters with Arista","excerpt":"메타가 7700R4로 AI 클러스터 구축.","excerpt_en":"Meta builds AI clusters on the 7700R4."},{"stance":"confirms","publisher":"Arista","publisher_en":"Arista","kind":"ir","lang":"en","published_at":"2025-02-18","url":"https://www.arista.com/en/company/news/press-release/21096-pr-20250218","title":"Arista 2024 4분기·연간 실적 ($7B)","title_en":"Arista Q4 and full-year 2024 results ($7B)","excerpt":"2024 매출 $7B(+19.5%), 클라우드 대형사 48%.","excerpt_en":"2024 revenue $7B (+19.5%); cloud titans 48%."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-02-18","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=ANET&type=10-K","title":"Arista Networks 연례보고서 (10-K)","title_en":"Arista Networks Form 10-K","excerpt":"10-K: 이더넷 스위치 매출, MS·메타 집중.","excerpt_en":"10-K: Ethernet-switch revenue concentrated in MS and Meta."}]},{"direction":"cost","counterparty":"광모듈·트랜시버 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"데이터센터 광모듈·트랜시버 매입(비공개).","note_en":"Optical modules and transceivers (undisclosed).","sources":[{"stance":"mentions","publisher":"Arista","publisher_en":"Arista","kind":"ir","lang":"en","published_at":"2025-02-18","url":"https://www.arista.com/en/company/news/press-release/21096-pr-20250218","title":"Arista 2024 4분기·연간 실적 ($7B)","title_en":"Arista Q4 and full-year 2024 results ($7B)","excerpt":"광 인터커넥트.","excerpt_en":"Optical interconnect."}]}]}