EVENTS:   Best Equity Short Ideas Conference Call 12 - Zach Shannon/Corto Capital Advisors & Craig Huber/Huber Research Partners & Thomas Beevers /Forensic Alpha & Ed Steele/Iron Blue Financials & Bill Campbell/Paragon Intel - 12 Nov 25   Will AI Deflate the World? Macro Lessons from Three Industrial Revolutions and China - Manoj Pradhan/Talking Heads Macro - 13 Nov 25     ROADSHOWS: Forest Products Sector Equity and Commodity Research With Expertise in Distressed Debt - Kevin Mason /ERA Research   •   London   12 - 14 Nov 25       Buyside to Buyside Forum and Expert Calls across TMT, Consumer, Healthcare and Fintech - Andrew Peters /Revelare Partners   •   London   17 - 19 Nov 25       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   17 - 19 Nov 25      

Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Tech: AI innovations, market disruptions and emerging opportunities

Technology

Sales Pulse Research

The themes SPR will be focusing on in 2025 include 1) AI related: (a) AI applications move to the edge - benefitting the likes of Ciena, Arista and Crown Castle. (b) AI networking transition to ethernet vs. InfiniBand, benefitting Arista, Cisco, Juniper and Extreme. (c) AI use cases that are delivering strong ROI vs. others that are not, despite strong sales efforts by vendors - impacting renewals for Salesforce, ServiceNow, and others. 2) In cyber security, areas of growing priority include SOC automation and Next Generation SIEM. 3) More vendors bypass distribution and sell via the CSP marketplace or direct, negatively impacting large distributors. 4) BEAD - despite delays, this program will drive meaningful revenue. 5) Vendors benefitting from the rapid growth in DevOps / DevSecOp.

Edition: 202

- 10 January, 2025


IT Spending: Sentiment weaker than last quarter

Technology

Sales Pulse Research

SPR’s latest channel checks reveal disappointment that the second half pick up that many expected has not materialised. Stock specific feedback includes: ServiceNow - all very positive - probably the strongest indications for any vendor. Crowdstrike channels and end users see the vendor moving quickly past its recent crash. SPR has picked up mixed feedback re. Fortinet’s recent security breach and whether it negatively impacted Sept Qtr end deal flow. Outside of security, the vendors seeing an increase in positive comments include IBM, Oracle, Microsoft, Arista and Juniper/Mist. It has been easy to pick up comments on share loss by Cisco.

Edition: 197

- 18 October, 2024


Juniper Networks (JNPR)

Technology

Inflection Point Research, LLC

JNPR is seeing slowing service provider sales, increasing competition and has a dismal technology roadmap - IPR’s industry checks reveal a bleak picture for the company in the short, medium and long term. It is not benefiting in any way from the significant shift in cloud capex from “normal” networking spend to AI deployments. It is the only networking OEM that hasn’t bought 800G test equipment yet. Currently, the 800G tester market is taking a breather but will burst wide open by 4Q23. Unfortunately, IPR does not see how JNPR will be participating in the beginning of the largest networking upgrade cycle in decades.

Edition: 165

- 21 July, 2023


Arista (ANET), Juniper (JNPR) & Cisco (CSCO)

Technology

Sales Pulse Research

While checks on product and sales execution have been steadily improving for JNPR and ANET, they are declining for CSCO. Sales Pulse believe that investors who are looking for any improvement for CSCO are going to be disappointed. While ANET's stronger performance may be expected, JNPR's appears less well known.

Edition: 115

- 23 July, 2021