Lumen Technologies, Inc. ( LUMN ) shares are moving higher Tuesday after the company announced it secured $5 billion in new business.

What Happened: The company stated that the $5 billion in new business was mostly driven by companies seeking to secure fiber capacity swiftly.

Fiber capacity is a resource that has become more valuable due to artificial intelligence. In order to meet this demand, the company said it will more than double its intercity network miles over the next five years and it secured an agreement with Corning be its preferred partner for its next-generation fiber-dense cable.

Lumen has already taken steps to meet this demand through its recent deal with Microsoft Corporation ( MSFT ) . The company said it is working to secure an additional $7 billion in protentional sales opportunities.

“The AI economy is changing business operations, and companies are recognizing they need powerful network infrastructure to manage the unprecedented data flows today and the demand in the future,” said Kate Johnson, president and CEO, Lumen Technologies ( LUMN ).

“Our partners are turning to us because of our AI-ready infrastructure and expansive network. This is just the beginning of a significant opportunity for Lumen, one that will lead to one of the largest expansions of the internet ever.”

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LUMN Price Action: At the time of writing, Lumen shares are trading 88.4% higher at $4.88, according to data from Benzinga Pro.

Image: 7997618 from Pixabay.