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Technology Stocks : AMD, ARMH, INTC, NVDA

AMD 167.89

+2.3%

Oct 11 3:52 PM EDT

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From: Frank Sully	10/26/2021 12:47:21 PM
	of 59547

Nvidia, Arista rise amid enthusiasm for Facebook's spending plans Oct. 26, 2021 11:05 AM ET NVIDIA Corporation (NVDA) By: Rex Crum, SA News Editor Justin Sullivan/Getty Images News Nvidia (NASDAQ: NVDA) shares surged 8% Tuesday as Facebook's (NASDAQ: FB) plans to boost its capital spending next year were seen by Wall Street analysts as benefiting the graphics chipmaker and other semiconductor and storage companies. Bank of America analyst Vivek Arya said Nvidia ( NVDA) is "well-exposed" as Facebook ( FB) intends to increase its spending on data centers, servers, network infrastructure and more office facilities. Arya also highlighted Facebook's plans to add more artificial intelligence capabilities in its data centers as a chance for Nvidia to gain more business with the social media giant. As trading progressed, Nvidia ( NVDA) reached an all-time high of $252.59 a share. At Wells Fargo, analyst Aaron Rogers said that Facebook's ( FB) capital expense plans are likely to be seen as positive for cloud-based spending and companies providing the technology behind many cloud-based enterprise efforts. Rakers cited hard-disk drive makers Western Digital (NASDAQ: WDC) and Seagate Technology (NASDAQ: STX) as beneficiaries of Facebook's cloud expansion strategy. Meanwhile, Arista Networks (NYSE: ANET) shares climbed almost 5% after Evercore ISI analyst Amit Daryanani said the Facebook's spending comments are "very positive" for the company as Facebook is a source of a large portion of Arista's revenue. Analysts generally said they see Facebook ( FB) working its way through current challenges it is facing, including those related to advertising resulting from Apple (NASDAQ: AAPL) making changes to its iOS privacy guidelines.

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