Arista Networks CEO Jayshree Ullal dropped a bombshell on her earnings call, revealing a sharp pivot in AI deployments that sent Nvidia shares tumbling nearly 3% to $182.88 on Friday, February 13, 2026, while AMD surged 1.7% to $209.38.
“A year ago, it was pretty much 99% Nvidia, right?”
Ullal said on Arista’s earnings call late Thursday, when asked by an analyst about the company’s work with AMD.
“Today, when we look at our deployments, we see about 20%, maybe a little more, 20% to 25%, where AMD is becoming the preferred accelerator of choice.”
Shifting Alliances
Arista thrives as the Ethernet switch kingpin linking AI chips in massive data centers, but necessity drives this diversification. NVIDIA, with its $4.5 trillion market cap AI accelerator dominance, now builds in-house networking via the Spectrum-X platform launched in 2023. Meta and Oracle adopted it last October, sparking a 10% Arista plunge then.
Expert Take
It’s “not the end of the world but obviously being designed in with Nvidia helps, and they are being designed out, if not fully, to a degree,” Ben Bajarin, an analyst covering chips at Creative Strategies.
Road Ahead
The Zacks Consensus Estimate for NVIDIA’s fiscal 2026 and 2027 earnings is approximately 55.9% and 57% higher year on year, respectively. Estimates for fiscal 2026 have been raised by 3 cents to $4.66 per share in the last 60 days. Earnings estimates for fiscal 2027 have been raised by two cents to $7.32 per share in the last seven days.
AMD pushes MI300 GPUs for under 10% share growth. Arista targets $10 billion revenue early. Competition heats up, but Nvidia’s ecosystem most likely sustains leadership watch AMD for value plays as AI clusters scale.