International Perspective · August 05, 2026
① Arista Networks Q2 2026: Revenue Tops $3B (+38%), Triple Guidance Raise to $12.6B, AI Fabric $3.5B+ [详见中文版] — Arista Networks (NYSE: ANET) reported Q2 2026 earnings after market close on August 4: revenue $3.04B (+38% YoY, first time above $3B), GAAP net income $1.21B (+36.5%), non-GAAP EPS $1.02 beating consensus by 16%. AI Fabric customers expanded from 4-5 to 100+. Full-year 2026 guidance raised for the third time: revenue ~$12.6B (+40% YoY), AI Fabric at least $3.5B, campus networking $1.25B, non-GAAP operating margin 48-49%. Q3 guidance: revenue ~$3.3B vs consensus $2.94B. Stock surged up to 16% after-hours. J.P. Morgan raised target to $220 (from $200), maintaining Overweight. (Arista IR / Seeking Alpha)
② NVIDIA Declares CPO Mass Production: Co-Packaged Optics Enter Commercialization, Scale-Up Optical Interconnect 10x Bandwidth Opportunity [详见中文版] — On August 4, NVIDIA SVP Gilad Shainer publicly declared that Co-Packaged Optics (CPO) has entered mass production. Spectrum-X CPO switches have been delivered to key customers, with NVIDIA's own AI factories simultaneously deploying the technology. Major AI clusters will begin batch adoption in H2 2026. Shainer identified Scale-up (intra-rack GPU dense interconnect via NVLink domain) as the largest optical opportunity — bandwidth demand 10x that of Scale-out — as copper interconnects hit physical limits. Research firms project CPO market surpassing $39 billion by 2030. The announcement triggered a massive A-share tech rally: ChiNext +5.64%, STAR 50 +4.09%, turnover RMB 2.21T. Optical leaders surged: Zhongji Innolight +13.24%, Eoptolink +13.68%, Tianfu Communication +17.45%. (GuruFocus / Sina Finance)
③ AMD Q2 2026: Data Center Revenue Doubles (+107%) to $6.7B, But MI450 Ramp Guidance Disappoints, Stock -8% After-Hours [详见中文版] — AMD (NASDAQ: AMD) reported Q2 2026 after market close on August 4: total revenue $11.54B (+50% YoY, beating $11.31B consensus), non-GAAP EPS $1.66 (beating $1.62 consensus). Data Center segment revenue $6.7B (+107% YoY, now 58% of total), driven by EPYC server CPU acceleration and Instinct GPU ramping. MI450: Q2 sampling only with negligible revenue; mass production and revenue recognition from Q3-Q4, with Meta and OpenAI large orders concentrated in H2. Q3 guidance $12.7-13.3B (above $12.51B consensus). However, stock dropped ~8% after-hours as MI450 ramp guidance fell below elevated market expectations — some analysts had hoped for $13.5B+ Q3 upper-end. (AMD IR / Reuters)