#lumen-technologies

#lumen-technologies

Palantir said on Thursday it had struck a partnership with Lumen Technologies that will see the telecommunications company using the data management company's AI software to build capabilities to support enterprise AI services. The companies are calling the deal "a multi-year, multi-million-dollar strategic partnership," but Bloomberg reports, citing anonymous sources, that Lumen is going to invest more than $200 million in Palantir over several years.

More recently, Lumen partnered with IBM to unlock scalable AI for businesses, as well as with Google Cloud to provide advanced cloud and network solutions to meet the growing demands of AI workloads. Lumen strengthened its financial position and freed up capital for long-term growth by refinancing its term loans, as well as selling off its fiber-to-the-home business to AT&T. CEO Kate Johnson projected the company's return to growth by 2029.

Altogether, Lumen said construction was underway coast-to-coast, and that it has delivered "significant" progress in its mission to build the backbone for the artificial intelligence (AI) economy. It added that it was moving forward with a multibillion-dollar build, with plans to add 34 million intercity fibre miles by the end of 2028, as part of the 47 million intercity fibre mile target.

Concerns about the prospects for Lumen Technologies Inc. ( NYSE: LUMN) have lingered. However, recent quarterly results suggested a positive shift in its financial health due to a focus on strengthening its balance sheet and improving liquidity by reducing debt. The global telecommunications company has also focused on improving customer satisfaction. However, it still faces challenges with declining revenue and with free cash flow.

Lumen Technologies has made major enhancements to datacentre and cloud connectivity across its US network, with a strategic expansion capable of turbocharging metro markets with high-speed datacentre connectivity.