Lumen Technologies shares fell 12.9% on Thursday despite a bottom-line beat in Q3 results. Revenue declined 12% to $2.72 billion, missing estimates, while strategic revenue grew 10% and rose to 55% of the revenue base. The article attributes the broader selloff in AI-linked names, including networking and fiber, to fears that comments from some newly elected Democratic politicians against data centers and AI could slow the build-out. Gross debt of $13.2 billion and net debt of $11.3 billion remain about 3.5 times this year's adjusted EBITDA guidance. The author views Lumen as a value turnaround rather than a growth story.
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