Lumen Technologies, Inc. ( LUMN ) shares are trading higher on Monday after the company announced it is partnering with Meta Platforms, Inc. ( META ) to significantly increase Meta’s network capacity and help drive its AI ambitions.

Lumen’s partnership offers Meta enhanced flexibility with secure, on-demand bandwidth, supporting its complex computing requirements and enabling it to serve billions daily.

Ashley Haynes-Gaspar, Lumen’s EVP and chief revenue officer, said, “We’ve transformed our company to meet this demand. As Meta’s customers use more AI services across its platforms, we’re helping provide Meta with a seamless, effortless, and flexible network that will meet its growing needs.” 

Lumen Technologies ( LUMN ) said its Private Connectivity Fabric enables long-term network capacity for Meta’s AI.

Alex-Handrah Aimé, director of Meta’s Network Investments stated, “Our AI tools are performing increasingly more complex tasks including enabling conversations in a variety of languages and translating text to images in real time, while helping people interact with the world around them in new, immersive ways.”

Read: Chinese Hackers Breach AT&T, Verizon Networks In Major Wiretap Data Theft Putting US National Security At Risk: Report

Lumen will report third quarter 2024 results on November 5, 2024.

Investors can gain exposure to the stock via Invesco S&P SmallCap Utilities & Communication Services ETF and First Trust Cloud Computing ETF ( SKYY ) .

Price Action: LUMN shares are up 9.50% at $7.38 at the last check Monday.

Image via Shutterstock

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