12 AI News and Ratings You Should Not Miss

6. Arista Networks, Inc. (NYSE:ANET)

Number of Hedge Fund Holders: 65

Arista Networks, Inc. (NYSE:ANET) is an American computer networking company that provides cloud networking solutions for data centers and computer environments. The company’s products are especially significant for hyperscalers who are ramping up their data center infrastructure to scale their cloud computing capabilities.

On November 7, Arista Networks, Inc. (NYSE:ANET) released its forecast for fourth-quarter revenue and said it expects sales to surpass Wall Street estimates due to the surge in demand for its networking equipment driven by the AI boom. The company forecasts revenue between $1.85 billion and $1.90 billion for the current quarter, while analysts’ average estimate is $1.81 billion. Companies have been fueling investments in AI technologies that require heavy computing power, driving higher demand for data centers. This demand is in turn boosting the need for Arista’s Ethernet switches and routers. Arista also highlighted that it is gaining from enterprise customers upgrading their networking systems to quickly scale up data center capacity.