Lumen Technologies Stock Went to the Moon This Week. Here's Why
Shares of Lumen Technologies (NYSE: LUMN) jumped over 100% this week, according to data from S&P Global Market Intelligence. The fiber optic and communications services provider announced a partnership with Corning Incorporated that had investors incredibly bullish. Corning is reserving 10% of its fiber optic cable production for Lumen as Lumen tries to expand and take advantage of the artificial intelligence (AI) boom. As of market close on Thursday, Aug. 1, Lumen stock is up 87.6% this week.
Here's why Lumen Technologies rocketed higher this week.
On July 24, Lumen Technologies announced a partnership with to help connect its data centers together (among other things). The AI boom requires lots of spending, and Microsoft is at the forefront of this technology. To get these AI systems to work, Microsoft needs more network infrastructure and fiber optic cables across its Azure Cloud. That's where Lumen Technologies comes in. It's partnering with Microsoft to supply better equipment and fiber cables to help grow its AI infrastructure.
Source Fool.com
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