Shares of Fastly, Inc. (FSLY) surged 5.09% in the intraday trading session on Thursday, as the company is seen as the biggest beneficiary from the shutdown of its primary competitor, Edgio (EGIO).

According to reports, Fastly's main rival in the content delivery network (CDN) space, Edgio, has announced its decision to shut down operations. This development is expected to benefit Fastly, as it will likely gain market share and attract customers previously served by Edgio.

Oppenheimer analyst Timothy Horan, while maintaining a Hold rating on Fastly, acknowledged the positive impact of Edgio's shutdown on Fastly's prospects. With a reduced competitive landscape, Fastly may have an opportunity to strengthen its position in the CDN market.