美洲硬件行业_2025 年实地考察要点_ANET、SMCI、650 集团、CSCO-Americas Technology_ Hardware_ 2025 bus tour takeaways_ ANET, SMCI, 650 Group, CSCO

21 November 2025 | 3:18AM EST Equity Research AMERICAS TECHNOLOGY: HARDWARE 2025 bus tour takeaways: ANET, SMCI, 650 Group, CSCO We hosted a hardware investor bus tour in California on November 20th, 2025 to meet with management teams from Arista Networks (ANET, Buy), Super Micro (SMCI, Sell), 650 Group (Private), and Cisco Systems (CSCO, Neutral). Going into the day, we were positive on networking in AI given the growing importance of GPU utilization and uptimes and the relative underinvestment in networki ...