FSLY new partnership

What happened: On April 10, Fastly's (FSLY) stock plummeted 21.7% intraday, following a 10.1% drop on April 9. This was triggered by AI company Anthropic announcing its Claude Managed Agents, which compete with Fastly's edge-cloud platform. Despite this, Fastly soared to a four-year high on April 11, driven by a renewed partnership with a Dublin-based data platform company.

Market impact: The AI announcement and subsequent sell-off affected edge-cloud platform stocks, with FSLY experiencing a significant drop. The renewed partnership, however, boosted Fastly's stock, highlighting investors' confidence in the company's growth prospects. The stock had gained 345% over the past year before the recent drop.

What to watch next: Upcoming catalysts include Fastly's Q1 2023 earnings release on May 10, which will provide insights into the company's financial health post the recent volatility. Additionally, further developments in the AI and edge-cloud computing space could drive the narrative, as well as any changes in analyst ratings, such as the recent outperform rating from Evercore and the hold rating from Craig-Hallum.