Core Viewpoint - Madison Mid Cap Fund's third-quarter 2025 performance was below the Russell Midcap Index, with a return of 1.9% compared to the index's 5.3% increase, highlighting the strong performance of technology stocks, particularly Arista Networks [1][2]. Group 1: Fund Performance - The Madison Mid Cap Fund (Class I) returned 1.9% in Q3 2025, underperforming the Russell Midcap Index, which increased by 5.3% [1]. - The Russell Mid Cap Index saw significant growth in Q3 2025, with Information Technology leading both quarterly and year-to-date performance [1]. Group 2: Arista Networks Inc. Overview - Arista Networks, Inc. (NYSE:ANET) reported a one-month return of -22.25% and a 52-week gain of 17.68%, with a closing stock price of $119.59 and a market capitalization of $150.598 billion as of November 20, 2025 [2]. - In Q3 2025, Arista Networks generated revenue of $2.3 billion, reflecting a year-over-year increase of 27.5%, surpassing expectations [4]. Group 3: Investment Insights - Madison Mid Cap Fund highlighted Arista Networks as a strong performer, benefiting from increased spending in AI-related data centers, alongside other companies like Amphenol [3]. - Despite the potential of Arista Networks, some analysts suggest that other AI stocks may offer greater upside potential with less downside risk [4].

Core Insights - The article emphasizes the author's unique insights and knowledge in stock analysis, aiming to provide contrasting views on their portfolio [1] Group 1 - The analyst expresses a beneficial long position in shares of AVGO and NVDA, indicating confidence in these stocks [2] - The analysis is intended for informational purposes, highlighting the importance of conducting personal research before investing [3] - The article clarifies that past performance does not guarantee future results, underscoring the inherent risks in trading [4]

Core Insights - Cisco Systems (CSCO) shares have increased by 9.5% over the past 21 trading days, reflecting a surge in demand for AI infrastructure and strong networking outcomes, raising questions about the stock's durability in declining market conditions [1][5] Company Overview - Cisco Systems is valued at $306 billion, with a revenue of $57 billion and a current stock price of $77.37 [3] - The company reported a revenue growth of 5.3% over the last 12 months and has an operating margin of 22.1% [3] - Cisco's liquidity is characterized by a Debt to Equity ratio of 0.09 and a Cash to Assets ratio of 0.13 [3] Valuation Metrics - Cisco's stock is currently traded at a P/E multiple of 30.1 and a P/EBIT multiple of 24.1, indicating moderate operational performance and high valuation, which renders the stock unattractive [4] Downturn Resilience - The analysis of Cisco's stock performance during economic downturns shows that it has underperformed the S&P 500 index, with significant declines and slower recoveries [5] - Historical data indicates that Cisco stock experienced a decline of 38.6% from a high of $63.96 on December 29, 2021, to $39.27 on October 12, 2022, compared to a 25.4% drop for the S&P 500 [8] - The stock also saw a 33.5% decline from a high of $49.93 on February 12, 2020, to $33.20 on March 12, 2020, against a 33.9% decline for the S&P 500 [9] - In previous downturns, Cisco stock dropped 25.0% from a peak of $58.05 on July 15, 2019, to $43.52 on December 5, 2019, while the S&P 500 had a peak-to-trough decline of 19.8% [9] - The most severe decline occurred during the 2008 Global Financial Crisis, where Cisco stock fell 60.0% from a high of $34.08 on November 6, 2007, to $13.62 on March 9, 2009, compared to a 56.8% decline for the S&P 500 [9]

Nearly $100,000 order demonstrates growing adoption of Actelis' networking solutions in Japan's rail sectorFREMONT, Calif, Nov. 19, 2025 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ: ASNS) ("Actelis" or the "Company"), a market leader in cyber-hardened, rapid-deployment networking solutions for IoT and broadband applications, today announced it has received a new order from a major Japanese railway operator to supply its networking technology for critical rail infrastructure modernization. The approxi ...

California-based TP-Link says it may take a sales hit of more than $1 billion because of erroneous reports that the networking company’s technology has been used to launch Chinese cyber attacks under Beijing’s control https://t.co/cQedrHnk5M ...

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Summary of Arista Networks FY Conference Call (November 18, 2025) Company Overview - **Company**: Arista Networks (NYSE: ANET) - **Industry**: Networking and Cloud Solutions Key Points Financial Performance and Guidance - Arista reported strong results for Q3, with deferred revenue growing by 87% [5] - The company provided a revenue guidance of 20% growth for FY2026, which is considered bold and optimistic [4][5] - The revenue guide for AI-related products is set at $2.75 billion for 2026, up from $1.5 billion for 2025, indicating significant growth expectations [24][30] Supply Chain and Product Availability - There are no specific supply chain constraints affecting Arista's revenue, as the company has made purchase commitments to ensure supply for 2025 and 2026 [4][73] - The company has a total of $7 billion in inventory and purchase commitments, which helps mitigate supply risks [75] - The average time for product deployment has shifted from 6-12 months to 18-24 months for larger AI data center projects [7][8] AI and Networking Opportunities - The networking opportunity is expanding as AI deployments grow, with a focus on large-scale data center build-outs [11][12] - Arista's Total Addressable Market (TAM) for networking has increased to $105 billion, up from $70 billion the previous year [32] - The company is actively engaged in the ESUN initiative, which focuses on Ethernet Scale-Up Networks, promoting vendor diversity and supply chain resilience [38] Competitive Landscape - Arista has surpassed its main competitor in market share for front-end networks and is optimistic about capturing market share in back-end networks as well [51][52] - The company differentiates itself through its blue box strategy, which allows customers to use Arista hardware with their own software, providing flexibility and investment protection [42][45] Campus Market Strategy - Arista aims to increase its market share in the campus market from 5% to a more significant portion, targeting $1.25 billion in revenue [66][68] - The company is leveraging its VeloCloud acquisition to enhance its campus portfolio and is focused on new logo acquisition and land-and-expand strategies [67][69] Challenges and Considerations - The company acknowledges that while it has a strong outlook, it does not assume 100% success in its guidance, allowing for optionality in its forecasts [60] - Gross margin fluctuations are primarily driven by customer mix, with hyperscalers typically having different purchasing power compared to enterprise customers [63] Investor Insights - Key points that investors may not fully appreciate include the importance of deferred revenue in understanding growth, the differentiation between blue box and white box strategies, and the impact of industry-wide announcements on the company's performance [78][79] Conclusion Arista Networks is positioned for significant growth in the networking and AI sectors, with strong financial guidance and a proactive approach to supply chain management. The company is focused on expanding its market share in both the AI and campus markets while navigating competitive dynamics and potential challenges in the industry.

Core Viewpoint - The stock price of Arista Networks Inc (ANET) has decreased by 10%, but the bullish thesis on the company remains unchanged despite recent market volatility [1]. Company Summary - Arista Networks Inc (ANET) has experienced a significant drop in stock price, indicating potential market concerns or reactions to broader market conditions [1]. Market Context - The broader markets have seen a return of volatility in recent weeks, which may have contributed to the stock price decline of ANET [1].

DENVER & SAN FRANCISCO--(BUSINESS WIRE)--In an effort to remove the complexity of enterprise connectivity, Lumen Technologies (NYSE: LUMN) and Meter today announced an innovative, new end-to-end networking experience that delivers a unified Wide Area Network (WAN) and a Local Area Network (LAN) solution built for the AI-driven enterprise. The Lumen x Meter offering combines Lumen's high-performance WAN with Meter's intelligent LAN platform to provide seamless, software-defined connectivity that. ...

Core Insights - Arista Networks (ANET) has not benefited from the current enthusiasm surrounding AI networking and connectivity companies, despite the overall market interest in AI technologies [1] Group 1: Company Overview - Arista Networks is positioned within the technology sector, specifically focusing on networking and connectivity solutions [1] Group 2: Analyst Background - The analysis is conducted by Uttam, a growth-oriented investment analyst with a focus on technology sectors such as semiconductors, artificial intelligence, and cloud software [1] - Uttam has prior experience in leading teams at major technology firms, including Apple and Google, which adds credibility to his insights [1]