Why Arista Networks Stock Soared Today
Arista Networks (NYSE: ANET) stock surged in Wednesday's trading. The networking hardware company's share price ended the daily session up 6.8% and had been up as much as 8% earlier in trading. Meanwhile, the S 500 index closed out the day up 0.6%, and the Nasdaq Composite index ended the session up 1.2%.
At the White House yesterday, leaders from OpenAI, , and Softbank announced they had formed a new joint company that will invest up to $500 billion in U.S. artificial intelligence (AI) infrastructure. As a provider of hardware including switches and routers, Arista could wind up landing sales through the new investment project.
OpenAI, Oracle, and Softbank have come together to form Stargate -- a joint venture aimed at strengthening domestic AI infrastructure. At Stargate's announcement event yesterday, Oracle CEO Larry Ellison said that the company's first data center is already being constructed in Texas and will span one-million square feet upon completion.
Source Fool.com
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