US telecoms firm Lumen sees shares nearly double on AI hype

Quick Summary:

The company said AI demand has driven US$5 billion of new business and that it is in talks for a further US$7 billion in potential sales.

He also added that much of the company’s boosted cash flow – some US$700 million – was due to a one-time tax refund, and not AI.

Lumen’s results come as investors are growing increasingly sceptical of the AI trade after earnings from megacap technology companies signalled increased spending with little return on investment.

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Article Details

Author / Journalist: Bloomberg

Category: Technology

Markets: Hong Kong

Topics: Tuesday Million Lumen Company Billion Cent Flow Cash Shares Intelligence Forecast

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-07 @ 13:30:10 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: scmp.com

Language: English

Article Length: 379 words

Reading Time: 3 minutes read

Sentences: 14 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © SCMP

News ID: 21966404

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