The stock market has performed exceptionally well this year, with FTSE100 delivering a total return of 16.3% and the S&P500 generating 33% over the last 12 months. However, with uncertainty surrounding the new UK government budget and the new US government, pessimistic investors are calling for another stock market crash.

Despite the arguments made, the stock market has largely proven resilient in the face of the changing political landscape. In the short term, volatility increased during major political events. But as the market digests and adapts, these “mini-crashes” often reverse within a few weeks.

So personally, I remain optimistic. However, there is no denying that another stock market crash will eventually occur. So let’s assume the worst case scenario and say that stock prices are about to fall. What stock am I about to buy to take advantage of falling prices?

Double down on winners

When deciding where to invest capital during market downturns, I start by looking at my own portfolio. And one stock I’d like to buy more of at a better price right now is Arista Networks (NYSE:ANET).

Arista is not a commonly known name in most households. But its Ethernet switches power data centers across the planet, creating the bandwidth needed for reliable, low-latency network performance.

Over the past decade, management has evolved the company to become a critical part of the world’s IT infrastructure, disrupting previous industry leaders such as Cisco Systems. And with AI driving demand for ultra-fast networking technologies, it’s no surprise that the company just launched its Etherlink artificial intelligence (AI) platform to capitalize on this tailwind.

Subsequently, its latest results far exceeded expectations, surpassing both income and earnings forecasts. Delivering better than expected results seems to be a recurring theme for this company. So it’s no surprise that shares have soared more than 700% over the past five years.

Every investment carries risks

Even though it has systematically stolen market share from Cisco over the past decade, Arista continues to face extremely fierce competition. Beyond Cisco, management has Nvidia to defend themselves, as well as Microsoft, which is reportedly developing its own proprietary networking hardware for AI. This last point is particularly troubling, since 39% of Arista’s revenue in 2023 came from Microsoft.

Then there is the question of valuation, because Arista is not cheap. The stock price/sales ratio is currently at just under 20. And its forward price/earnings ratio is closer to 42! In other words, the company’s explosive long-term growth potential already appears priced into the stock, making it an expensive investment right now, especially given revenue concentration risk .

However, if a stock market crash occurs and Arista’s stock falls, then acquiring more shares of this great company seems like a no-brainer for my portfolio.