Why Lumen Technologies, Inc. (LUMN) Crashed On Wednesday

We recently published a list of Investors Are Dumping These 10 Stocks. In this article, we are going to take a look at where Lumen Technologies, Inc. (NYSE:LUMN) stands against other worst-performing stocks on Wednesday.

Lumen Technologies dropped its share prices by 4.87 percent on Wednesday to close at $3.91 apiece after falling 33 spots in Fortune 500 rankings.

Fortune 500 companies are the 500 largest revenue-generating companies in the US in terms of total revenues. Cumulatively, they bring about $19.91 trillion in revenues and employ more than 31 million individuals.

Why Lumen Technologies, Inc. (LUMN) Crashed On Wednesday

Close-up of a technician’s hands adjusting a communication router.

Last year, Lumen Technologies, Inc. (NYSE:LUMN) recorded $13.1 billion in revenues, lower by 9.6 percent than the $14.5 billion registered in 2013.

Also on Wednesday, Lumen Technologies, Inc. (NYSE:LUMN) announced plans to provide the terrestrial backhaul connectivity for the JUNO Trans-Pacific Cable System, the highest-capacity trans-Pacific cable linking Japan and the United States.

“Our critical fiber backbone enables the seamless high-capacity transport from Asia into the heart of the U.S. digital economy. This level of control, scale, and performance is exactly what global enterprises and cloud providers need to support the next generation of AI and data-driven innovation,” said Chief Revenue Officer Ashley Haynes-Gaspar.

Overall, LUMN ranks 8th on our list of worst-performing stocks on Wednesday. While we acknowledge the potential of LUMN, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than LUMN and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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