Lumen Technologies, Inc.

Q3 2025 filing introduces 'PCF' as an abbreviation ('Private Connectivity Fabric SM ("PCF")'), indicating the product has become significant enough to warrant shorthand. The filing now references AI demand as driven 'largely by the growth of artificial intelligence (AI) applications and workloads' — the word 'largely' is new and notable, attributing the bulk of incremental network demand to AI. Total quarterly revenue was $3,087M. The Mass Markets FTTH divestiture to AT&T is proceeding (expected early 2026 close). I estimate approximately $108M in Q3 2025 AI-attributable revenue from PCF and dark fiber/conduit serving AI data centers, as the $5B+ pipeline continues to convert to recognized revenue. $108M / $3,087M = 3.5%. This remains 'estimated' because Lumen does not break out AI-specific revenue in its financials.