Intrator表示CoreWeave愿与得州当选州长过渡团队合作，负责任推进已获批项目，并制定清晰持久的未来数据中心开发标准。

“我们欢迎与您的过渡团队就已获批项目的负责任推进，以及未来开发的清晰、持久标准展开合作，”他表示。

Intrator表示CoreWeave强烈支持数据中心增长必须惠及得州民众的原则。

“您已明确表示，数据中心的增长必须对得克萨斯州有利，我们强烈支持这些原则。”

Intrator表示CoreWeave坚决支持数据中心发展必须造福德州的原则，向德州候任州长示好。

你已明确表示，数据中心的发展必须造福德克萨斯州。我们坚决支持这些原则。

原文 (en)

You have made clear that data center growth must work for Texas. We strongly support those principles.

Intrator称CoreWeave愿与过渡团队合作，负责任地完成已获批项目，并制定清晰持久的未来发展标准。

负责任地完成已获批项目，并为未来发展制定清晰、持久的标准。

原文 (en)

responsible completion of permitted projects and on clear, durable standards for future development.

Intrator 致信德州当选州长 Hinojosa，支持数据中心建设应符合德州利益的原则，并表示愿合作推进已获批项目并制定清晰、可持续的未来标准。

CoreWeave 联合创始人兼 CEO Michael Intrator 当天致信 Hinojosa，称他强烈支持她提出的数据中心发展应与德州利益保持一致的原则。他在信中表示，愿意与当选州长的过渡团队合作，负责任地推进已获批的数据中心项目，并为未来发展建立清晰、可持续的标准。

原文 (en)

CoreWeave co-founder and Chief Executive Officer Michael Intrator sent Hinojosa a letter that day saying he strongly supports her principle that data center development should align with Texas's interests. In the letter, Intrator said he would welcome the opportunity to work with the governor-elect's transition team on the responsible execution of already approved data center projects and on establishing clear, sustainable standards for future development.

Intrator表示CoreWeave支持得州候任州长关于数据中心发展必须造福得州的原则，并愿与其团队合作完成已获许可的项目、制定清晰持久的未来标准。

“您已明确表示，数据中心的发展必须造福得克萨斯州。我们坚决支持这些原则。”“我们欢迎有机会与您的过渡团队合作，负责任地完成已获许可的项目，并为未来发展制定清晰、持久的标准。”

原文 (en)

"You have made clear that data center growth must work for Texas," CoreWeave co-founder and Chief Executive Officer Michael Intrator said the statement. "We strongly support those principles." "We welcome the opportunity to work with your transition team on the responsible completion of permitted projects and on clear, durable standards for future development," he said.

Prince 批评新云厂商的金融工程式交易不可持续，称 Cloudflare 绝不会做。

我们看到不少非常愚蠢的交易。市场正在消化它们，那不是我们会做的交易。随着市场变理性，大家会明白不能长期以五毛钱卖一块钱的东西。

原文 (en)

We have watched a bunch of really dumb deals get done. Obviously, the market is digesting those right now. Those just are not the sorts of deals that we would ever do. I think as the market gets more rational and as we actually figure out, okay, you cannot sell a dollar for $0.50 and be in business over the long term

Prince 表示新任营收总裁 Christian Smith 有能力带领市场拓展团队应对快速扩张，并认同 Cloudflare 面前的巨大市场机会。

Christian 一贯证明他能够以纪律、运营严谨和对客户的坚定关注，带领全球市场拓展团队度过快速扩张期。他认同我们的使命，也认同我们面前机会的规模。我们很高兴他加入，开启下一篇章。

原文 (en)

Christian has consistently proven he can lead global go-to-market organizations through periods of rapid expansion with discipline, operational rigor, and a steadfast focus on customers. He shares our belief in Cloudflare's mission and in the size of the opportunity in front of us. We are excited to have him on board for this next chapter.

Prince 称 Cloudflare 要成为首个智能体云，依托隔离技术获得效率优势，并预测五年内智能体数量将达人类的 1000 倍。

战略上，Cloudflare 的目标是成为首个智能体云。我们不是新云，也不是第四大公有云。我们基于隔离技术而非容器构建，在地理扩展和密度扩展上效率无与伦比。我预测五年内智能体与人类的比例将达到 1000 比 1，我押注会更早到来。

原文 (en)

Strategically: Cloudflare aims to become the first agentic cloud. (Cloud). We are not a new cloud, nor the fourth public cloud. We are built on isolation technology rather than containers, offering unmatched efficiency in geographic and density scaling. I predict that within five years, the number of agents will exceed humans by a ratio of 1,000 to 1—I’m betting it happens even sooner.

Prince 称 AI 与智能体时代已经到来，并将 Cloudflare 定位为开发者纷纷涌入的首个智能体云。

如今我们已进入 AI 与智能体的时代，Cloudflare 是首个“智能体云”，开发者正纷纷涌向我们来构建智能体 AI 的未来。

原文 (en)

Now we're in the era of AI and agents," he said, describing Cloudflare as "the first agentic cloud, and developers are flocking to us to build the agentic AI future.

Prince称Cloudflare已打造面向AI驱动互联网的开发平台，在威胁升级之际各类组织依赖其安全防护，公司将进入更高速的下一阶段增长。

我们打造了面向AI驱动互联网的开发平台——随着数字威胁不断升级，各种规模的组织仍持续依赖Cloudflare提供保护。我们的引擎全速运转，并为下一阶段的增长找到了更高的档位。

原文 (en)

We have built the development platform for the AI-powered Internet—and as digital threats escalate, organizations of every size continue to rely on Cloudflare for protection. Our engine is firing on all cylinders, and we've found an even higher gear for this next phase of growth.

Prince表示Cloudflare面临巨大的市场机遇，新任营收总裁Christian Smith认同这一判断，公司正朝50亿美元ARR规模迈进。

他认同我们公司的使命，也认同我们面前机遇的规模。我们很高兴他加入，开启下一篇章。

原文 (en)

He shares our belief in Cloudflare's mission and in the size of the opportunity in front of us. We are excited to have him on board for this next chapter.

Ullal 预计基于 ESUN 的 scale up 试验于 2027 年启动，先从 128-144 个加速器的机架级系统开始，整排可达约 1000 个。

她预计基于 ESUN 协议的 scale up 试验将于 2027 年开始，起初是机架级系统，每个机架内 128 或 144 个加速器，整排机架最多约 1000 个加速器。

原文 (en)

she expected for scale up trails based on the ESUN protocol to start in 2027, initially with rackscale systems with a radix of 128 or 144 accelerators within a rack and with as many as 1,000 accelerators across a row.

Ullal 预测到 2027 年底 Arista 将为 10 吉瓦 AI 集群提供网络并连接十余种加速器，目前已有逾百家 Etherlink 客户。

到 2026 年，Arista 已有一百多家客户使用其面向 AI 的 Etherlink 交换机，她预测到 2027 年底公司将为 10 吉瓦的 AI 集群容量提供网络，并连接十种以上不同的加速器。

原文 (en)

Here in 2026, Arista already has more than a hundred customers using its AI-centric Etherlink switches, and by the end of 2027, she is forecasting that the company will provide networking for 10 gigawatts of AI cluster capacity and will be linking ten or more different kinds of accelerators.

Jayshree Ullal 称 Arista 第三季度业绩甚至超出她本人的高预期，反映出 AI 与云网络需求强劲。

CEO Jayshree Ullal 表示，业绩甚至超出了她自己的高预期。

原文 (en)

CEO Jayshree Ullal said the results surpassed even my high expectations.

Ullal 表示，各客户领域的强劲势头表明 Arista 在生成式与智能体 AI 时代的重要性不断提升。

这种覆盖各客户领域的强劲势头，凸显了我们在生成式和智能体 AI 时代日益增长的重要性。

原文 (en)

This strong momentum across customer sectors highlights our increased relevance for the generative and agentic AI era,

Ullal认为行业正从以计算为中心转向以网络为中心的架构，Arista致力于打破计算与网络的壁垒。

我们相信，行业正从以计算为中心的垂直堆栈转向整体的以网络为中心的方法。Arista致力于打破计算与网络之间的壁垒。

原文 (en)

The industry, we believe, is shifting from compute-centric vertical stack to a holistic network-centric approach. Arista is committed to unleashing and breaking down the barriers between compute and networking.

Ullal称AI进入超级周期，Etherlink客户超百家，预计2027年底部署超10吉瓦、覆盖10种以上加速器。

2026年我们处于AI超级周期，Etherlink客户已超过100家。到2027年底，我们预计部署将超过10吉瓦，覆盖10种以上不同类型的计算加速器。短短三年发生了惊人的拐点。

原文 (en)

In 2026, we are in a super cycle of AI, having already surpassed 100 Etherlink customers. By the end of '27, we are forecasting greater than 10 gigawatts of deployment across 10 or more different types of compute accelerators. What a stark inflection in just 3 years.

Ullal认为向分布式推理迁移需要更智能的网络，网络成为token效率的基石。

我们正目睹从高度集中的训练算力向分离式、分布式推理（预填充与解码）的迁移，这需要更智能的网络以及计算、存储和KV缓存资源的协同部署，而不只是关注原始速率和算力。设计良好的网络正成为最优token效率的基石。

原文 (en)

We are witnessing the migration from highly centralized training compute to disaggregated and distributed inference, prefill and decode, demanding much more intelligent networking and colocation of compute, storage and KV cache resources rather than simply focusing on raw feeds and speeds and flops of compute. A well-designed network is becoming a foundational cornerstone for optimal token efficiency.

Ullal预计scale-up以太网2027年试验、2028年量产。

我们预计scale-up试验将于2027年开始，推动以太网在机架内达到126至144的更大基数、跨机架达到1000，并预计2028年量产。

原文 (en)

We expect scale-up trials to begin in 2027, driving Ethernet to larger radix of 126 to 144 within a rack and across 1,000 across racks, with production expected for scale-up in 2028.

Ullal给出2027年约185亿美元收入指引，AI网络翻倍至约70亿美元，园区网约20亿美元。

我们对2027年的初步指引是年增长38%至40%，约185亿美元。其中AI网络是增长最快的板块，将翻倍至约70亿美元，认知园区网增长60%，远快于市场，约20亿美元。

原文 (en)

Our first look at 2027 guidance range puts us in the 38% to 40% range for growth annually to approximately $18.5 billion. Within this envelope, we expect our AI fabrics target to be the fastest-growing segment and to double to approximately $7 billion, while our cognitive campus represents a healthy growth of 60%, much faster than the market to approximately $2 billion in 2027.

Ullal预计2027年scale-across占比将超过三分之一并继续上升。

我们认为scale-across至少占三分之一，2027年可能更高。今年大致是70-30，明年70可能下降、30上升，因为这是我们非常强的应用场景。

原文 (en)

scale-across, we think, will be at least 1/3. It will probably go higher in '27. And so the split this year is roughly 70-30. The split next year may be -- I can't venture to guess, but I think the 70 may come down and the 30 would go up when it comes to scale-across because it's a very strong use case for us.

Ullal认为可插拔光学仍将主导，开放式CPO要到2028至2030年才会出现。

我们坚信能用铜就用铜，必须用光才用光。世界将在很大程度上继续使用可插拔光模块。我们不想做专有的共封装光学，预计其在2028至2030年进入市场，并不迫近，目前可插拔光学万岁。

原文 (en)

We, first of all, strongly believe in copper when you can and optics if you must. So we think the world is going to remain in a very majority fashion on pluggable optics. We don't want to build proprietary co-packaged optics. We think they'll come on to the market in the '28 to '30 time frame. It's not imminent, but meanwhile, long live pluggable optics.

Ullal称scale-up缺少软件优势而艰难，但Arista最适合连接非NVIDIA加速器。

scale-up对我们是个艰难的市场，因为缺少我们的软件优势，但它确实需要硬件能力，而Arista最适合连接所有非NVIDIA加速器。

原文 (en)

scale-up has been a tough market for us because it doesn't have all the software advantages that we bring, but it absolutely has the hardware skills and all the non-NVIDIA accelerators that Arista is in the best position to connect to.

Ullal称EOS漏洞少，使Arista有望在未来几年将AVA变现。

其他人都在玩打地鼠，有成千上万的漏洞，任何AVA都无法跟踪。所以我们认为未来几年有很好的条件将AVA变现。

原文 (en)

Everybody else is dealing with a game of whack-a-mole where they've got thousands of vulnerabilities and no AVA can possibly keep track of it. So I think we feel in a very good position to monetize AVA in the next few years.

Ullal否认2027年指引保守，称其远高于此前预期。

当有些业务增长60%和100%，而整体增长38%至40%，显然有些业务增长没那么快。所以不要从这些数字中读出保守，它们比我们曾经的预期高得多、乐观得多。

原文 (en)

when some things are growing 60% and 100%, and then you say the overall growth is 38% to 40%, then obviously, some of the things are not growing as fast, right? So I wouldn't read any conservatism into these numbers. These are wildly higher and optimistic than we had once projected.

Ullal 表示，随着 AI 芯片选择日益多样化，行业正从以计算为中心的垂直堆栈转向以网络为中心的整体方案。

我们认为，行业正在从以计算为中心的垂直堆栈，转向整体的、以网络为中心的方法。

原文 (en)

"The industry, we believe, is shifting from compute-centric vertical stack to a holistic network-centric approach,"

Ullal 认为，设计良好的网络正成为实现最优 token 效率的基础基石。

设计良好的网络正成为实现最优 token 效率的基础基石。

原文 (en)

"A well designed network is becoming a foundational cornerstone for optimal token efficiency,"

Jayshree Ullal表示，Arista创纪录的增长和盈利以及各客户板块的强劲势头，显示其在生成式和智能体AI时代的重要性不断提升。

“Arista又迎来了意义非凡的一个季度，同比收入增速为上市以来最高，盈利能力创纪录，甚至超出了我的高预期。”“各客户板块的强劲势头凸显了我们在生成式和智能体AI时代日益提升的重要性。”

原文 (en)

“Arista registered another momentous quarter with the highest year-over-year revenue growth since our IPO and record profitability, surpassing even my high expectations,” stated Jayshree Ullal, Chairperson and CEO of Arista Networks. “This strong momentum across customer sectors highlights our increased relevance for the generative and agentic AI era.“

Ullal 称客户把网络视为基础设施运行的核心。

首席执行官 Jayshree Ullal 表示，客户将网络视为其基础设施运转的核心。

原文 (en)

Chief executive Jayshree Ullal said customers see networking as the center of how their infrastructure runs.