Why Lumen Technologies Is Soaring Today

Shares of Lumen Technologies (NYSE: LUMN) are up Friday. The stock gained 3.8% as of 1:50 p.m. ET but was up as much as 5.7% earlier in the day. The leg up comes as the S 500 and Nasdaq Composite lost 0.3% and 0.5%, respectively.

Shares of Lumen were elevated by the recent announcement of President Trump's Project Stargate.

President Trump, alongside key leaders from around Silicon Valley, announced from the White House this week that AI infrastructure was getting a major influx of cash. Dubbed Project Stargate, the initiative will involve $500 billion in private investment -- much of which will be provided by -- focused on building out American artificial intelligence (AI) infrastructure.

Source Fool.com