It is an indeterminate form and as such cannot be assigned any value.
It is better expressed as $\lim_\limits{{x\to \infty}\\,\\{y\to 0}}x^y$.
As commented by Did, it is true that $x^y$ has no limit when $x\to \infty$ and $y\to 0$.
And $\infty^0$ has no definite meaning in mathematics. It is basically some kind of a meaningless statement where the notation of infinity has been wrongly used since infinity is not a number, it is a concept. To speak of infinity, I must add the following:
In standard real analysis, the symbol $\infty$ is simply used to
denote an unbounded limit. Whenever the symbol is used, in series and
integrals, for example, it has a precise definition with
epsilon/delta. Similarly, in set theory, it also has a precise
definition; we say a set $S$ is infinite if there is no bijection from
$S$ to a bounded subset of $\mathbb{N}$.