ANET — Aug 150/130 put credit spread
Arista prints Aug 3 with the 800G ramp and hyperscaler order concentration as the watch items. The stock sits near its 52-week high of $179.79 on an 85% trailing return, and 60% implied vol prices a 20% move. The short 150/long 130 put spread sells that elevated premium with a 15% cushion, expressing the read that the AI-networking order book does not break on this print.
- Ticker: ANET
- Direction: Bullish
- Risk profile: income
- Confidence: medium
- Catalyst: Q2 2026 earnings (2026-08-03)
- Cohort: 2026-06-22
- Expires: 2026-06-29
- Max loss: $15.40
- Max gain: $4.60
Structure
- short put 150 2026-08-21
- long put 130 2026-08-21
Signals
- 800G ramp / hyperscaler orders: watch item into the print (DB)
- Trailing return: +85% TTM, near 52w high ($179.79) (DB)
- Implied move / IV: 20% by Aug exp, IV 60% (DB)
- Catalyst: Q2 earnings Aug 3 (after close) (web_search)
What invalidates this thesis
A guide that flags a hyperscaler digesting 400G inventory before the 800G transition, the recurring Arista bear case, gaps it through 150 and the spread hits max loss.