Here’s How Arista Networks Is a Major Beneficiary of Big Tech’s Push to Break Nvidia’s Grip

In the second quarter of 2026, Arista Networks (ANET) gained nearly 32% on the back of increasing demand for networking products and a raise in annual revenue guidance. With a market cap of $201.5 billion, ANET is not a small company. However, networking companies tend to operate under the shadows of the semiconductor and data center giants they serve. Therefore, they can fly under the radar while slowly delivering incredible shareholder returns. ANET is exactly that type of company.

Wall Street has also been slowly nudging its target prices on the stock higher throughout the quarter, with the latest update coming on June 18. KeyBanc Capital maintained an "Overweight" rating and also raised its price target on the stock from $178 to $200. The raised price target reflects the company’s potential in the cloud networking market. Following meetings with the company, KeyBanc sees strong demand and growing opportunities from both XPU deployments and AI inference workloads. This will also serve as an important driver for the company’s future growth and support its long-term revenue outlook.