Yeah, no, Jensen - two customers north of 10% each for three years running, right? That's 42% combined last year, one easing from 21% to 16%, the other climbing 18% to 26%. Microsoft and Meta, both decade-plus partners - first time we named 'em on the Q1 call. Demand is there from that tier; shipments are the gating question, that's the way to look at it.

src ▸

ANET / Two customers, named at last: Microsoft and Meta

rcpt ▸

/p/p-day-20260718-anet-src-anet-customer-concentration-conversation ↗

ts ▸

2026-07-18T22:08:51.102Z