We consider Arista Networks to be the technology leader in high-speed switching for enterprise networks. We expect Arista to maintain its core market of high-speed ports above 100 gigabits and increase its share in low-speed and campus applications where it has historically had less penetration. In our view, Arista’s software gives it a structural and sustainable competitive advantage over its competitors to win new customers, both in the cloud and in the enterprise. We believe this software-based approach gives the company a wide economic moat.