Why Lumen Technologies Stock Is Soaring Today
Lumen Technologies (NYSE: LUMN) stock is seeing strong bullish momentum in Wednesday's trading. The telecommunications company's share price was up 6.3% as of 3:20 p.m. ET. Meanwhile, the S 500 index was up 0.7%, and the Nasdaq Composite index was up 1.3%. The stock had been up as much as 11.3% earlier in the session.
Lumen's valuation is climbing on the heels of a new artificial intelligence (AI) infrastructure investment announced at the White House yesterday. OpenAI, Oracle, and Softbank are teaming up to invest as much as $500 billion in U.S. data centers over the next four years, and Lumen could wind up benefiting.
President Donald Trump hosted OpenAI CEO Sam Altman, Softbank CEO Masayoshi Son, and Oracle chairman Larry Ellison at the White House yesterday to announce Stargate, a new joint venture from the three companies that will invest in AI infrastructure. The trio of partners will kick off the project with a $100 billion investment to build domestic data centers, and spending in the infrastructure space could grow to $500 billion within Trump's term.
Source Fool.com
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