Lumen Technologies (LUMN) stock is soaring, up 24.16% during intraday trading on Friday. This significant surge follows a period of sharp declines earlier in the week after the company's earnings report.

The rally is attributed to CEO Kate Johnson's recent purchase of approximately $500,000 worth of company shares, signaling her strong confidence in Lumen's long-term strategy and transformation. Investors are taking note of Johnson's track record, as her past insider purchases have been very well-timed, including a purchase in November 2023 that preceded a 670% rally. Furthermore, the company's strategic pivot toward serving artificial-intelligence use cases is positioning it as an AI play in the digital networking services market, contributing to renewed investor optimism.