ANET — Aug 160/130 put credit spread
Arista reports Q2 on August 3 after raising FY26 revenue-growth guidance to 27.7% near $11.5B and lifting its AI-fabrics target to $3.5B from $3.25B. Back-end Ethernet for OpenAI's 4.5GW and Meta's 3.4GW of tracked capacity is the demand the print has to confirm, and the chain prices a 22% move by August expiry, so the 160/130 put credit spread harvests that elevated premium with a bullish bias and a 150.42 breakeven.
- Ticker: ANET
- Direction: Bullish
- Risk profile: earnings
- Confidence: high
- Catalyst: Q2 2026 earnings (2026-08-03)
- Cohort: 2026-06-16
- Expires: 2026-08-21
- Max loss: $20.42
- Max gain: $9.58
Structure
- short put 160 2026-08-21
- long put 130 2026-08-21
Signals
- FY26 rev-growth guide: raised to 27.7% (~$11.5B) (web_search)
- AI-fabrics target: raised to $3.5B (from $3.25B) (web_search)
- Hyperscaler MW exposure: OpenAI 4.5GW, Meta 3.4GW, MSFT 1GW (DB)
- Aug implied move: 22% by Aug 21 expiry (DB)
What invalidates this thesis
Any hyperscaler-digestion commentary from Meta or Microsoft, or a soft Q3 guide, drops ANET toward the 160 short strike; the spread loses below the 150.42 breakeven.