2026 networking equipment outlook: Robust data center demand, ongoing campus refresh 18 December 2025 | 4:30PM EST Equity Research AMERICAS TECHNOLOGY: HARDWARE In 2025 year-to-date, our networking coverage was up ~37% yoy (market-cap weighted, through 12/16/2025 and v. S&P 500 +16% yoy) with outperformers being CLS (+213%) and CSCO (+31%). ANET performed in-line with the S&P 500 (+14%), and F5 underperformed (+3%). In our 2025 IT hardware & networking outlook, we recommended being positive on AI infrastruc ...