Lumen Technologies (LUMN) Soars 17% on Multi-Million Dollar Palantir Deal

We recently published 10 of Wall Street’s Outperformers. Lumen Technologies Inc. (NYSE:LUMN) is one of the top-performing stocks last week.

Lumen Technologies jumped by 17.25 percent week-on-week, as investors gobbled up shares after bagging a multi-million-dollar partnership with Palantir Technologies Inc.

Bulk of the rally was observed on Friday, with the company hitting an 11-month high after breaking past the $8 territory—a level it last touched in November last year.

Lumen Technologies (LUMN) Soars 17% on Multi-Million Dollar Palantir Deal

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In a joint statement on Friday, Lumen Technologies Inc. (NYSE:LUMN) said that it would join forces with Palantir to integrate Lumen Connectivity Fabric—a next-generation digital networking solution—into the latter’s Foundry and Artificial Intelligence Platform (AIP).

The partnership was aimed at supporting enterprises with their AI adoption by allowing them to move and manage data securely and quickly across multi-cloud and hybrid environments, and enhancing AI applications with reduced latency and cost, while simplifying IT complexity, among others.

“Palantir frees data, while Lumen moves it. Together, we’re uniquely positioned to enable enterprises to unlock their AI ambitions with unprecedented scale and speed,” said Lumen Technologies Inc. (NYSE:LUMN) CEO Kate Johnson.

“We share the same disruptive DNA—reimagining the foundations of our industries to help others do the same. By bringing AI into real-world operations through a connected ecosystem, we’re empowering businesses to reinvent how they operate, compete, and grow,” she added.

While we acknowledge the risk and potential of LUMN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than LUMN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.