Lumen Technologies Enjoys Growth From Flourishing AI Business

Good Afternoon! 

Hey, everyone. It's Adam from Elite Trade Club. 

Here’s what moved the market today.

Markets 📈

U.S. indexes ended in the positives today after several days in the red. The Russell 2K slightly eked out the others, coming in 1.35% higher than yesterday.

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Market-Moving News 📈

Delta Air Lines and Microsoft Clash Over IT Outage Aftermath ✈️💻

The Incident

Delta Air Lines and Microsoft are at odds over the handling of a significant IT outage that resulted in Delta canceling thousands of flights last month.

The incident, which occurred on July 19, was triggered by a problematic software update from CrowdStrike. This update affected numerous computers running Microsoft Windows.

Financial Impact 💸

Delta's CEO, Ed Bastian, indicated that the airline, known for its reliability, incurred a loss of approximately $500 million due to the disruptions.

In response, Delta is seeking damages from both Microsoft and CrowdStrike. Bastian criticized Microsoft and CrowdStrike, stating the airline had "no choice" but to pursue compensation.

Microsoft's Response

Microsoft countered these claims by arguing that Delta's outdated IT infrastructure exacerbated the situation. Mark Cheffo, a lawyer for Microsoft, pointed out that other airlines, such as American Airlines and United Airlines, recovered more swiftly from the outage.

He suggested that Delta had not invested sufficiently in modernizing its technology, unlike its competitors.

Delta's Defense 🛡️

Delta, however, defended its track record. The airline asserted that it has invested billions in IT infrastructure since 2016. They emphasized their commitment to providing safe, reliable, and elevated service for their customers and employees.

The Dispute Intensifies

The dispute intensified when Delta accused Microsoft of gross negligence in handling the faulty update. Microsoft, on the other hand, accused Delta of making incomplete and misleading public comments that damaged Microsoft's reputation.

Microsoft also claimed that it offered assistance to Delta during the crisis, which was allegedly declined by the airline.

Other Technology Providers 🤝

Adding to the complexity, Delta has partnerships with other technology providers, such as IBM and Amazon, for its IT systems. Microsoft speculated that Delta’s refusal of their help was due to reliance on these other providers, particularly for systems like crew-tracking and scheduling.

Conclusion

As both companies continue to exchange accusations, the impact of the IT outage on Delta remains significant. This situation highlights the critical role of robust and modern IT infrastructure in the airline industry.

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Lumen Technologies [LUMN] $5.00 (+93.05%)
Lumen Technologies picked up $5 billion in new business thanks to growing AI demand.

Clene Inc [CLNN] $5.88 (+47.00%)
Clene Inc announced it submitted its new treatment for ALS to the FDA for approval.

Regencell Bioscience [RGC] $8.16 (+23.26%)
Regencell Bioscience saw big gains today from speculation surrounding new drug approaches.

Elevation Oncology [ELEV] $0.78 (-63.37%)
Elevation Oncology fell today after the release of early-stage data on its leading cancer drug.

Jumia Technologies [JMIA] $4.89 (-53.82%)
Jumia Technologies shared a lackluster earnings report today, prompting selloffs.

2U Inc [TWOU] $1.58 (-35.25%)
2U Inc stock continues to sink following a bankruptcy filing just under two weeks ago.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback!

Thanks for reading. I'll see you at the next open! 

Best Regards,
— Adam G.
Elite Trade Club

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