Lumen Technologies (LUMN) stock price has gone vertical in the past few days as the company emerged as a top player in the artificial intelligence (AI) industry. The stock has soared in the past two straight days, reaching a high of $6.78, its highest point since November 2022. It has jumped by more than 742% from its lowest point this year, giving it a market cap of over $5 billion. Artificial intelligence demandLumen Technology is a top company in the telecom and internet solutions, especially in rural America. It operates across three brands, including its eponymous Lumen brand, Quantum Fiber, and CenturyLink.  Start Trading Today With The World’s Most Trusted Broker! Artificial intelligence bandwagonThe Lumen stock price is rising because the company has now entered the popular artificial intelligence (AI) industry. In a statement, the management noted that it had secured $5 billion in new business as companies are seeking fast internet speeds. It is also working with other companies to secure $7 billion in total sales. One of the top partners in this endeavor was Microsoft, the biggest company in the world. To address this new business, the firm has committed to doubling its intercity network and has partnered with Corning, which will provide its fiber-dense cable. It has also created a new Custom Networks division to handle these solutions.Therefore, the Lumen stock is surging as investors anticipate more demand for its solutions since the AI industry is still in its infancy.  Start Trading Today With The World’s Most Trusted Broker! Lumen earnings downloadThe Lumen Technology stock price surged after the company published mixed financial results. Its revenue came in at $3.26 billion, down from $3.6 billion in the same quarter in 2023. Revenue dropped across most of its segments except the public sector where revenue rose to $448 million. Its business segment revenue fell from $2.98 billion to over $2.57 billion.On the positive side, the company narrowed its loss from over $8.7 billion to $49 million in the last quarter. The latter results were mostly because of an impairment charge of over $8 billion. Lumen provides solutions to enterprise and wholesale markets while Quantum Fiber offers provides fiber internet to residential and small businesses. CenturyLink, on the other hand, offers internet, phone, and TV solutions. The company, which was established in 1968, has grown both organically and through acquisitions in the past few years. Lumen Technologies has not done well in the past few years as its stock has plunged from $22.26 in 2014 to below $1 earlier this year. This decline happened as its revenues dropped sharply, moving from over $21.4 billion in 2019 to $14 billion last year.Lumen Technologies has also made substantial losses as the net loss peaked at over $10.2 billion in 2023. Most of this performance was mostly because of its divestitures, including that of Level 3 Parent, its Latin American business.Additionally, Lumen Technology is a highly indebted company with over $18 billion in long-term debt. This debt comes from its past acquisitions and the fact that its business is a highly capital-intensive business.Most importantly, it is also facing substantial competition from companies like SpaceX, which are offering low-cost internet in the US and around the world.More By This Author:Oil Prices Rise A Tad, But Still Near 7-month Lows Amid Middle East Tensions, US Recession Fears Intel Stock Price Forecast: Don’t Buy When There’s Blood In The Street Warner Bros Stock Price Comeback Could Be Epic