Has Arista Networks Stock Quietly Become A Different Bet?

Investors pay 64 times earnings for Arista Networks (ANET). The S&P 500 trades at 22.5 times. They pay more because they expect fast growth to last, and for that to make sense, two things must both hold. Arista must get enough parts to ship its orders, and buying those parts must not squeeze its margins. The way management talks about its supply chain has changed. So what did it use to say.