Jim Cramer Discussed 18 Companies That Hit $100 Billion in Market Cap in 2024

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

Number of Hedge Fund Holders: 70

Cramer commented that data center-related stocks like Arista Networks, Inc. (NYSE:ANET) have run up in the year.

“There’s Arista Networks, which provides hardware and software that monitors data and provides solutions for the big data center companies. No wonder the stock rallied 83% yet it remains relatively unknown, in part because it’s invisible. It makes so-called white boxes. So what? The money’s not invisible.”

Arista Networks (NYSE:ANET) specializes in providing networking solutions for data centers, campuses, and routing, with a focus on AI-driven switches and software designed for automation, monitoring, and security. The company is known for offering cutting-edge technology that addresses the growing demands of AI workloads.

Earlier this year, the company introduced the Arista Etherlink AI platforms, which were developed to optimize network performance for AI-intensive tasks. Among its most advanced solutions is the Distributed Etherlink 7700 AI networking platform, engineered to support up to 10,000 GPU clusters, which are critical for AI processing. This platform was created in close collaboration with Meta, one of its key partners.

For the fourth quarter of fiscal 2024, Arista Networks (NYSE:ANET) expects to generate revenue between $1.85 billion and $1.90 billion, with gross margins anticipated to be slightly lower. Management emphasized the importance of continuing investments in research and development to drive innovation, ensuring the company’s products meet the evolving needs of the market.