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The content delivery network (CDN) market -- dominated by Akamai (AKAM) and Limelight (LLNW), but recently flooded with a glut of upstarts -- is starting to shake out.

The latest: Velocix, formerly CacheLogic, is being acquired by Alcatel-Lucent (ALU), a telecom equipment maker. CDN industry analyst Dan Rayburn pegs the deal around $20-25 million, or about the amount of venture capital the company had raised. Not an ideal exit.

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Based on numerous sources I have spoken to, I can now confirm that Akamai (AKAM) has been selected to stream the 2010 Winter Olympics for the NBC Olympics website. While Akamai and Microsoft (MSFT) did not provide any comments for this story, Akamai is already in the planning stages to handle the broadcast. (Updated: Akamai says it can now confirm that "they are involved in streaming the event next year.")

Akamai (AKAM) has signed a deal to stream the 2010 Winter Olympics for the NBC Olympics web site, according to BusinessOfVideo blogger Dan Rayburn. Rayburn writes that Akamai has confirmed that they are involved in streaming the event. He notes that Limelight Networks (LLNW) has streamed the summer games last year.

He also points out that the Olympics, which are being held in Vancouver, will be using Microsoft’s (MSFT) Silverlight standard, and its Smooth Streaming technology, which he notes the company worked on with Akamai.

Limelight Networks (LLNW) shares are sharply higher today for no obvious reason. No significant news, analysts moves or other factors that I can find. And a spokesman for the company tells Tech Trader Daily in an email, “We don’t have a specific idea about the rally right now.”

Something’s happening here, but what it is…ain’t exactly clear.

Shares of the content delivery network operator today are up 71 cents, or 14.2%, to $5.70.