10 AI Stocks on Analysts’ Radar As AI Spending Grows

7. Lumen Technologies, Inc. (NYSE:LUMN)

Number of Hedge Fund Holders: 44

Lumen Technologies, Inc. (NYSE:LUMN) is a communication services company that offers integrated products and services to businesses and residential customers. The company also helps businesses leverage artificial intelligence by providing networking edge cloud security and other services that support AI processing. On February 21, Erick Luebchow of Wells Fargo upgraded the stock from an “Underweight” rating to an “Equal Weight” with a $5 price target.

Wells Fargo upgraded the stock, citing several positives for the telecom giant, including private connectivity fabric-related sales and potential for its quantum fibre unit. Growth in the fibre unit comes as the company strives to enhance network connectivity and utilization to meet the growing demand for artificial intelligence. Lumen Technologies, Inc. (NYSE:LUMN) has already inked deals worth $8.5 billion with tech giants, including Microsoft, Amazon Web Services, Meta Platforms and Google, for providing long-haul fibre to connect data centers.