Live from OCP 2026 - Day 2 (Networking and Connectivity)

ALL YOU NEED TO KNOW: We are wrapping up day 2 at OCP, with networking, connectivity, and power at the center of the discussion. Key takeaways: 1) Watts and Rack Space for XPUs: Networking efficiency is increasingly focused on freeing up power and space for compute, not just reducing OpEx. Multiple vendors highlighted that switches are not revenue generating, making denser switch trays and retimer-free interfaces increasingly important. META's LPO work similarly targets the recurring power/heat burden of module DSPs, with reliability at deployment scale remaining critical. 2) Networking Gaining Share of CapEx: Connectivity requirements are growing faster than overall CapEx as larger AI clusters require more endpoints and bandwidth across scale-up, scale-out and scale-across. We think this supports networking taking a larger share of infrastructure spend, with ANET seeing traction across all three scales and continued demand for leaf/spine architectures. 3) Copper for Longer: Customers