Why Lumen Technologies Sank Today

Shares of Lumen Technologies (NASDAQ:LUMN) plunged 12.9% on Thursday, as of 1:35 p.m. EDT.

Lumen reported earnings today, but its mixed results were almost beside the point. The entire AI sector, including semiconductors, networking, and the "pipes" on which AI runs, including Lumen's fiber network, sold off hard today amid fears that Democrats will stop or slow the progression of AI innovation and the data center build-out.

In the third quarter, Lumen saw revenue decline by 12% to $2.72 billion, missing estimates, while adjusted (non-GAAP) earnings per share improved to a loss of ($0.14), up from ($0.20) a year ago. That profit figure actually beat analyst estimates.

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