Lumen Technologies, Inc. (NYSE:LUMN) shares are trading higher on Monday after the company announced it is entering into a partnership Meta Platforms, Inc. (NASDAQ:META) to significantly increase Meta's network capacity and advance its AI ambitions.

The partnership with Lumen provides Meta greater flexibility with secure on-demand bandwidth, supporting the company's complex computing needs and enabling it to serve billions of people every day.

Ashley Haynes-Gaspar, EVP and Chief Revenue Officer of Lumen, said: “We have transformed our business to meet this demand. As Meta’s customers leverage more AI services on their platforms, we are helping to provide Meta with a seamless, effortless and flexible network to meet its growing needs.”

Lumen Technologies said its Private Connectivity Fabric enables long-term network capacity for Meta AI.

Alex-Handrah Aimé, Director of Meta's Network Investments, explained: “Our AI tools are performing increasingly complex tasks, including enabling conversations in different languages ​​and translating text into images in real time, while also helping people to interact with the world around them in new ways, immersive ways.”

Read: Chinese hackers breach AT&T and Verizon Networks in major wiretapping data theft, endangering U.S. national security: report

Lumen will report third quarter 2024 results on November 5, 2024.

Investors can invest in the stock through the following Invesco S&P SmallCap Utilities & Communication Services ETF (NASDAQ:PSCU) and First Trust Cloud Computing ETF (NASDAQ:SKYY).

Price action: LUMN shares were up 9.50% at $7.38 at last check on Monday.

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This article Lumen and Meta Join Forces to Boost AI with Flexible On-Demand Networking Solutions originally appeared on Benzinga.com

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