Shares of data center equipment designer Arista Networks (NYSE: ANET) have been on fire, more than doubling since the start of 2023. The fourth-quarter 2023 earnings update justified this company's dominant position in the market as the realization settles in that artificial intelligence (AI) -- or maybe just accelerated computing -- is more than just a passing fad.

But as Arista is ultimately a hardware-based business, periods of rapid growth can quickly come to an end. In fact, growth is expected to slow a bit for Arista in 2024. Is this still a top stock to bet on the future of data center and AI computing?

2023 was an epic rebound for Arista. After several years of building to its AI supercomputing crescendo, the company put up incredible growth numbers -- with "Cloud Titan" customers Meta (NASDAQ: META) (21% of total revenue last year) and (18% of revenue) leading the charge. A flurry of big tech businesses have been building out new data center infrastructure in support of accelerated computing, and Arista is a key partner in helping them put all the pieces together.

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Source Fool.com