I have learned that earnings season is where perfectly rational adults stare at a company growing revenue by more than 30% and ask why management has not also discovered cold fusion. That is the atmosphere surrounding Arista Networks as it prepares to report second-quarter 2026 results after the market closes on August 4. The company enters this report with enormous momentum, outstanding profitability, powerful exposure to artificial intelligence infrastructure, and a stock price that already assumes Arista will continue executing like a company whose executives have somehow negotiated an exemption from ordinary business problems. Arista is expected to report approximately $2.83 billion in second-quarter revenue and adjusted earnings of roughly $0.89 per share, although estimates vary slightly by source. Those numbers would represent another quarter of substantial growth. Under normal circumstances, that would be enough to make investors happy. These are not normal circumstances. Arist...