A lot of hyperscalers, cloud builders, and even some smaller telco service providers buy chips and have OEMs build their switching or adapter gear for them, so Mellanox sells a lot of raw parts. It is very likely that for the foreseeable future sales of chips and boards will far outstrip sales of finished switches. (But to be fair, a ConnectX adapter is a board, but it is largely a finished product. Mellanox should have a raw chips category, a finished board category, a finished switch category, and an other category to do this right.)