Lumen Technologies (NYSE: LUMN) Stock moves higher on AI Revenue Boost

August 6, 2024 (Investorideas.com Newswire) Investorideas.com, a go-to platform for big investing ideas, including AI and tech stocks reports on trading for tech stock, Lumen Technologies (NYSE: LUMN).

The stock is trading at $4.8701, gaining $2.280, up 88.0348% on volume of over 208 Million shares. The stock had a morning high of $5.18.

Yesterday after the market close Lumen announced it had secured $5 billion in new business driven by major demand for connectivity fueled by AI. Large companies across industry sectors are seeking to secure fiber capacity quickly, as this resource becomes increasingly valuable and potentially limited, due to booming AI needs. In addition, Lumen is in active discussions with customers to secure another $7 billion in sales opportunities to meet the increased customer demand.

To address this tremendous demand, which includes the recent Microsoft announcement, Lumen will more than double its intercity network miles over the next five years, while also providing access to a significant amount of installed dark fiber. In addition, Lumen has secured an agreement with Corning to be its preferred partner for its next-generation fiber-dense cable, which will help accommodate the increased data processing that AI requires.

"The AI economy is changing business operations, and companies are recognizing they need powerful network infrastructure to manage the unprecedented data flows today and the demand in the future," said Kate Johnson, president and CEO, Lumen Technologies. "Our partners are turning to us because of our AI-ready infrastructure and expansive network. This is just the beginning of a significant opportunity for Lumen, one that will lead to one of the largest expansions of the internet ever."

Lumen has created a new Custom Networks division to manage its portfolio of Private Connectivity Fabric℠ solutions and address additional interest from hyperscalers and other large organizations. The division will provide customized network solutions that include dark fiber, custom fiber routes, and digital services that securely connect companies' data centers to protect data and support AI-intensive workloads. Lumen may also operate and maintain the network as part of its services.

Recent news

https://finance.yahoo.com/news/ai-demand-drives-5-billion-201000035.html

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