每经AI快讯，2月24日，Arista Networks美股盘前涨超5%，现报133.92美元。 （文章来源：每日经济新闻） ...

来源：滚动播报 Arista Networks美股盘前涨超5%，现报133.92美元。 ...

Last week, I published The Latest Thoughts From American Technology Companies On AI (2025 Q4). In it, I shared commentary in earnings conference calls for the fourth quarter of 2025, from the leaders of US-listed technology companies that I follow or have a vested interest in, on the topic of AI and how the technology could impact their industry and the business world writ large. A few more technology companies I’m watching hosted earnings conference calls for 2025’s fourth quarter after I prepared the arti ...

Core Viewpoint - Stifel reaffirmed its Buy rating and $250 price target on NVIDIA, highlighting a newly expanded multi-year partnership with Meta that focuses on building AI infrastructure [1] Group 1: Partnership Details - NVIDIA announced a multi-generational collaboration with Meta to enhance on-premises, cloud, and AI infrastructure, which extends prior partnerships [1] - The initiative will involve large-scale deployment of NVIDIA CPUs, GPUs, and Spectrum-X Ethernet networking solutions [1][3] Group 2: Technology Adoption - Meta is set to adopt NVIDIA's rack-scale Confidential Computing capabilities as a foundational element of the upcoming Vera Rubin platform [2] - The partnership includes the first large-scale deployment of NVIDIA's Grace CPU-only systems, supported by infrastructure co-design and software optimization efforts [3] Group 3: Strategic Implications - The collaboration strengthens the long-term structural alignment between NVIDIA and Meta, validating NVIDIA's "extreme co-design" strategy, transitioning the company from a chip supplier to a full-stack AI platform solutions provider [4] - Despite competition from hyperscalers investing in proprietary silicon and networking initiatives, NVIDIA is well positioned to compete through its integrated architecture approach [5]

Core Viewpoint - Cisco (CSCO) experienced a 9.4% decline in stock price over the past week despite beating earnings expectations, attributed to market fears regarding AI disruption. Analysts maintain a target price of $88.81, indicating a potential upside of 16% from current levels [1]. Financial Performance - Cisco reported earnings of $1.04 per share, exceeding the consensus estimate of $1.02, with revenue of $15.35 billion, reflecting an 8.5% year-over-year increase, although it slightly missed the target of $15.42 billion [1]. - Operating cash flow fell 19% year-over-year to $1.82 billion, raising concerns about financial health [1][2]. Market Sentiment - The stock's decline is linked to a shift in investor valuation of networking and software companies, with fears of a "SaaSpocalypse" where AI could disrupt traditional business models [1]. - Seven senior executives, including the CEO, sold $3.05 million in stock on earnings day, which negatively impacted market perception [1]. Analyst Outlook - Despite the recent selloff, 17 out of 26 analysts maintain a Buy or Strong Buy rating for Cisco, with no Sell ratings. The average target price of $88.81 suggests significant upside potential [1]. - KeyBanc has a Buy rating with a target of $87, while a bullish analyst projects a target of $182 based on AI infrastructure refresh cycles [1]. Growth Catalysts - Cisco secured $2.1 billion in AI infrastructure orders, indicating strong demand from hyperscalers [1]. - A campus networking refresh cycle is underway, with product orders increasing by 18% year-over-year, and the next-generation firewall market is projected to grow at a 12% annual rate through 2031 [1]. Valuation Metrics - Cisco's forward P/E ratio is 18x, significantly lower than its trailing P/E of 28x, suggesting expectations of earnings growth. The PEG ratio stands at 1.3, indicating reasonable valuation relative to its 31% year-over-year earnings growth [1]. - The company offers a 2.2% dividend yield and is engaged in aggressive buybacks, appealing to value-oriented investors [1].

Group 1 - Arista Networks' stock price increased by over 9% before the market opened on February 13, reaching $148.2 [1]

Market Overview - U.S. stock futures showed volatility, with major indices mixed following a lower close on Thursday [1] - Investors are anticipating January's inflation data, with estimates suggesting core CPI may drop to 2.52%, aligning with pre-COVID averages [1] Treasury Yields - The 10-year Treasury bond yield is at 4.12%, while the two-year bond yield stands at 3.47% [2] - Market expectations indicate a 92.1% likelihood that the Federal Reserve will maintain current interest rates in March [2] Index Performance - Dow Jones decreased by 0.13%, S&P 500 increased by 0.02%, Nasdaq 100 rose by 0.13%, and Russell 2000 fell by 0.08% [3] Stocks in Focus - **Roku (ROKU)**: Long-term price trend remains strong, but short and medium-term trends are weak [3] - **Arista Networks (ANET)**: Strong price trend across short, medium, and long terms, with solid growth ranking [4] - **Tri Pointe Homes (TPH)**: Surged 25.79% after announcing a strategic combination with Sumitomo Forestry, maintaining a strong price trend [7] - **Expedia Group (EXPE)**: Dropped 4.97% after fourth-quarter earnings report, despite beating estimates; maintains a strong long-term trend but weak short and medium-term trends [8] - **HIVE Digital Technologies**: Weaker price trend across all time frames [5] Economic Insights - Scott Wren from Wells Fargo maintains a positive outlook for the U.S. economy, raising growth estimates to 2.9% [9] - Wren views market corrections as buying opportunities, emphasizing broadening performance beyond technology [10][11] Upcoming Economic Data - January's consumer price index data is set to be released at 8:30 a.m. ET [12] Commodities and Global Markets - Crude oil futures increased by 0.35% to approximately $63.06 per barrel [13] - Gold Spot price rose by 0.91% to around $4,966.59 per ounce [13] - Bitcoin traded 0.81% lower at $66,785.65 per coin [13] Corporate Earnings and Monetary Policy - Anticipation of a fourth consecutive year of record earnings for the S&P 500 [15] - Expectations for further Federal Reserve easing and rate cuts as the year progresses [15] - Preference for U.S. assets over international ones, particularly in sectors like Energy, Materials, and Industrials [15]

Market Overview - U.S. stock futures showed volatility, with major indices mixed following a lower close on Thursday [1] - Investors are anticipating January's inflation data, with estimates suggesting core CPI may drop to 2.52%, aligning with pre-COVID averages [1] Treasury Yields - The 10-year Treasury bond yield is at 4.12%, while the two-year bond yield stands at 3.47% [2] - Market expectations indicate a 92.1% likelihood that the Federal Reserve will maintain current interest rates in March [2] Index Performance - Dow Jones decreased by 0.13%, S&P 500 increased by 0.02%, Nasdaq 100 rose by 0.13%, and Russell 2000 fell by 0.08% [3] Stocks in Focus - **Roku (ROKU)**: Long-term price trend remains strong, but short and medium-term trends are weak [3] - **Arista Networks (ANET)**: Strong price trend across short, medium, and long terms, with solid growth ranking [4] - **Tri Pointe Homes (TPH)**: Surged 25.79% after announcing an all-cash strategic combination with Sumitomo Forestry, maintaining a strong price trend [7] - **Expedia Group (EXPE)**: Dropped 4.97% after fourth-quarter earnings report, despite beating estimates; maintains a stronger long-term trend but weak short and medium-term trends [8] - **HIVE Digital Technologies**: Weaker price trend across all time frames [5] Economic Insights - Scott Wren from Wells Fargo maintains a positive outlook for the U.S. economy, raising the growth estimate to 2.9% [9] - Wren views market corrections as buying opportunities, emphasizing broadening performance beyond technology sectors [10][11] Upcoming Economic Data - Investors are focused on the release of January's consumer price index data scheduled for 8:30 a.m. ET [12] Commodities and Global Markets - Crude oil futures increased by 0.35% to approximately $63.06 per barrel [13] - Gold Spot price rose by 0.91% to around $4,966.59 per ounce [13] - Bitcoin traded 0.81% lower at $66,785.65 per coin [13] Corporate Earnings and Monetary Policy - Anticipation of a fourth consecutive year of record earnings for the S&P 500 [15] - Expectations for further Federal Reserve easing and rate cuts as the year progresses [15] - Preference for U.S. assets over international ones, particularly in sectors like Energy, Materials, and Industrials [15]

Group 1 - U.S. stock futures are trading lower this morning on Friday, indicating a potential decline in market sentiment [1] - Certain stocks are expected to attract investor focus today, suggesting potential investment opportunities [1] - The article includes a reference to premarket coverage, which may provide additional insights into market movements [1]

Core Viewpoint - Arista Networks' stock rose approximately 10% in after-hours trading following a stronger-than-expected Q4 performance and an optimistic revenue forecast for Q1 of FY2026 [1] Group 1: Financial Performance - The company reported an adjusted earnings per share of $0.82, surpassing analyst expectations of $0.76 [3] - Revenue reached $2.49 billion, exceeding the consensus estimate of $2.38 billion, driven by sustained demand from large AI, data center, campus, and routing environments [3] - Year-over-year revenue growth was 28.9%, with a quarter-over-quarter increase of 7.8%, attributed to the ongoing momentum of the "Arista 2.0" strategy [4] Group 2: Strategic Insights - The CEO highlighted that 2025 will be a year of validation for the "Arista 2.0" strategy, with key achievements including the shipment of 150 million ports and advancements in AI networking and campus expansion [4] - The company achieved a total annual revenue of $9 billion [4] Group 3: Profitability Metrics - Despite a slight decline in profit margins, profitability remained strong, with a GAAP gross margin of 62.9%, down from 64.6% in the previous quarter, and a non-GAAP gross margin of 63.4% [4] - GAAP net income rose to $955.8 million, with diluted earnings per share of $0.75, compared to $801 million and $0.62 per share in the same period last year [4] - Non-GAAP net income increased to $1.05 billion, with earnings per share of $0.82 [4] Group 4: Future Outlook - For Q1 of FY2026, the company expects revenue of approximately $2.6 billion, above analyst expectations of $2.46 billion [4] - The company anticipates a non-GAAP gross margin of 62%-63% and a non-GAAP operating margin of about 46% [4]