The stock of Lumen Technologies (NYSE: LUMN) is posting explosive gains in Tuesday’s trading. The company’s share price was up 87.3% as of 3:15 p.m. ET today, according to data from S&P Global Market Intelligence.
In a press release yesterday, Lumen showed that it’s benefiting from demand for fiber networks to support artificial intelligence (AI) services. Following the news, the stock received a ratings upgrade and price-target increase from Citigroup.
Lumen is scoring wins thanks to AI
The company announced yesterday that it had secured $5 billion in new business thanks to AI-related demand. It also said that it was in talks with existing customers about additional deals that could lead to another $7 billion in sales.
The company recently forged a deal to provide fiber infrastructure to support Microsoft‘s data centers, and it looks like AI and related cloud services are emerging as a…
