Why Lumen Stock Is Gaining Today
Lumen (NYSE: LUMN) stock is climbing higher in Wednesday's trading, thanks to favorable demand indicators and momentum for the broader market. The telecommunications technologies company's share price was up 6.8% as of 2:45 p.m. ET. At the same point in time, the S 500 (SNPINDEX: ^GSPC) was up 1.1%, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was up 1.3%.
Lumen's valuation is climbing higher thanks to signs of continued artificial intelligence (AI) investments from and Meta Platforms. The two U.S. tech giants are purchasers of Lumen's Private Connectivity Fabric networking solutions, and they've quickly become central to Lumen's turnaround story and stock rebound.
Despite recent concerns that spending on AI infrastructure and software development could begin to moderate in the not-too-distant future, Microsoft and Meta appear to be moving forward with aggressive expansion plans in the categories. That's seemingly good news for Lumen.
Source Fool.com
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