Lumen Technologies Gets $5 Billion in New Business on AI Boom

Shares of Lumen Technologies (LUMN) skyrocketed Tuesday, a time aft nan telecom supplier announced it had secured $5 cardinal successful caller business because of soaring request for artificial intelligence (AI) connectivity products.

The institution added that nan request is truthful awesome that it's successful progressive discussions pinch customers to prime up different $7 cardinal successful AI income opportunities.

Lumen explained that ample firms successful each industries are "seeking to unafraid fibre capacity quickly, arsenic this assets becomes progressively valuable and perchance limited, owed to booming AI needs."

Lumen Strikes Deal With Corning for Cable

The institution said that it is responding to nan summation by much than doubling its intercity web miles complete nan adjacent 5 years, and providing entree to "a important magnitude of installed acheronian fiber." In addition, Lumen has struck a woody pinch Corning (GLW) to beryllium nan fibre optic giant's preferred partner for its next-generation, fiber-dense cablegram designed to grip nan accrued information convoy required by AI.  

Lumen Chief Executive Officer (CEO) Kate Johnson pointed retired that nan AI system is changing business operations, and "companies are recognizing they request powerful web infrastructure to negociate nan unprecedented information flows coming and nan request successful nan future." She called what's happening "just nan opening of a important opportunity for Lumen, 1 that will lead to 1 of nan largest description s of nan net ever."

Lumen Technologies shares soared 54% to $4.01 arsenic of 10:05 a.m. ET Tuesday and person much than doubled year-to-date.