By Jasmine Li
Shares of Lumen Technologies rose after it said it would partner with Meta to power the tech company's artificial intelligence network.
The telecommunications company's stock climbed 9% to $7.35 Monday morning. Shares have more than quadrupled year to date, thanks to AI-related contracts.
Denver-based Lumen said Monday morning it would partner with Meta to increase the social media company's AI network capacity. Meta will have dedicated access to existing fiber routes in Lumen's Private Connectivity FabricSM network, as well as new routes between data centers, Lumen said.
Lumen announced a similar partnership with Microsoft in July. The company said in August that it had secured AI contracts worth $5 billion, and was in discussions for another $7 billion in sales.
"We're enabling one of the biggest expansions of network capacity in our lifetime," said Lumen's Chief Revenue Officer Ashley Haynes-Gaspar.
Write to Jasmine Li at jasmine.li@wsj.com
(END) Dow Jones Newswires
10-21-24 1040ET