This Metaverse Stock You've Probably Never Heard of Is a Top Buy
Arista Networks (NYSE: ANET) is booming this year. The data center equipment and networking design specialist is benefiting from a resurgence in spending from its "cloud titan" customers, Meta Platforms (NASDAQ: META) and Microsoft (NASDAQ: MSFT), in particular. The metaverse, a three-dimensional rendition of web-based applications and services already in use today, is being built in earnest right now.
Though you may not have heard of Arista Networks, it's an instrumental player in building future technology infrastructure. Share prices are down 14% so far in 2022, handily beating both the S&P 500 and the Nasdaq Composite indices. After an incredible third-quarter 2022 earnings update, this stock looks like a great buy right now.
Arista Networks' revenue and profits exploded higher in Q3 thanks to spending from its cloud titan clients (Meta and Microsoft, but also Amazon's cloud segment AWS and Alphabet's Google and Google Cloud). Data traveling across the internet is on the rise, especially with video and now 3D applications being pushed, so big purchases to upgrade data centers are needed. Ahead of Arista's own earnings report, the cloud titans gave a preview of what was coming.
Source Fool.com
