HOLD ANET
0 shares at $140.39 on 2026-05-18
Reasoning
ANET position (1.40 shares, $198.67 market value, 2.5% of portfolio) held through NVDA earnings. ANET is highest-beta play to AI networking validation; bull case (NVDA beat) suggests 5-10% re-rate; bear case (NVDA miss) risks test of $130 invalidation area. Recent outcome on 2026-05-05 buy was -14.4% 7d alpha, but that reflects pre-NVDA positioning into the binary. No playbook action available. ANET's small position size (2.5%) and high upside optionality justify hold through earnings rather than de-risk preemptively. Thesis: AI networking supply-chain bottleneck. NVDA earnings will validate or invalidate this narrative.