Goldman Sachs Report: AI Network Demand Underestimated, Buy Ratings for ANET and CLS

Goldman Sachs has updated its networking equipment industry model, raising its forecast for the AI data center switching market. According to a report released on September 28, 2026, 650 Group projects that spending in the AI Ethernet data center switching market will reach approximately $100 billion by 2030, with a compound annual growth rate of 65% from 2025 to 2030. Goldman Sachs maintains buy ratings for Arista Networks (ANET) and Celestica (CLS) due to strong demand from hyperscalers and cloud providers, while maintaining a neutral rating for F5 (FFIV).