10 Stocks Hammered Harder than Wall Street

6. Arista Networks Inc (NYSE:ANET)

Arista Networks extended its losing streak to a third straight day on Tuesday, shedding 5.87 percent to finish at $138.79 apiece as investor sentiment was dampened by Nvidia Corp.’s bagging of new deals with Oracle and Meta for their Ethernet networking architectures.

In a statement on Monday, Nvidia said that it was tapped by the two companies for its NVIDIA Spectrum-X Ethernet networking switches to help boost their AI data centers.

The said partnership posed a significant threat to Arista Networks Inc. (NYSE:ANET), given Nvidia Corp.’s growing dominance in the AI infrastructure, and with Meta being among Arista’s biggest clients to date.

Both Arista Networks Inc. (NYSE:ANET) and Nvidia target an emerging market for back-end Ethernet networking technology connecting clusters of AI servers in cloud-computing data centers.

Meta’s adoption of Nvidia’s Spectrum signaled that a portion of its networking expenditures could shift away from Arista Networks Inc (NYSE:ANET).