AI stocks have seen a robust performance this week. In terms of market performance, broadband and fiber network operator Lumen Technologies soared 81% this week. Palantir ’ s shares surged over 21% on rosy profit outlook signaling AI demand.

Here are the key events that happened in the AI sector during the week:

Lumen Technologies Stock Soars Again on AI Enthusiasm

Lumen Technologies shares soared for a second straight session Wednesday after the telecom provider reported better-than-expected results and a huge jump in its full-year free cash flow guidance as it capitalizes on the artificial intelligence ( AI ) boom.

Lumen posted a second-quarter loss of $0.05 per share, smaller than consensus estimates of analysts polled by Visible Alpha. Revenue fell 10.7% to $3.27 billion, but it also beat forecasts.

AI was also behind Lumen's stock jump Tuesday, when it said that it had picked up $5 billion in new business for its AI connectivity products, and was in active talks with customers for an additional $7 billion in AI sales opportunities.

Palantir Shares Surge on Rosy Profit Outlook Signaling AI Demand

Palantir Technologies Inc. ’ s stock jumped in Tuesday trading after the company raised its annual outlook, citing continuing demand for its artificial intelligence software.

Palantir increased its 2024 revenue guidance to a range of $2.74 to $2.75 billion. Analysts had expected $2.7 billion, according to data compiled by Bloomberg. The company also raised its outlook for adjusted operating income to a range of $966 million to $974 million for the year. Analysts had expected $882.9 million.

TSMC Sales Soared 45% in July on Strong AI Demand

TSMC ’ s revenue rose 45% in July, accelerating its pace of growth from the June quarter and bolstering hopes for sustained strong demand for artificial intelligence chips from the likes of Nvidia Corp.

Sales for the month reached NT$256.95 billion ( $7.9 billion ) . For the third quarter, analysts project TSMC revenue should grow 37% to NT$747.4 billion, with the July result suggesting TSMC may surpass those expectations.

Belgium's Imec Reports Breakthroughs with New ASML Chip Printing Machine

Belgium's imec, one of the world's top semiconductor R&D firms, on Wednesday reported several computer chip-making breakthroughs at a joint laboratory it operates with ASML, using the Dutch company's newest 350 million euro ( $382 million ) chip printing machine.

imec said it had successfully printed circuitry as small or smaller than the best currently in commercial production, for both logic and memory chips, in a single pass under ASML's new "High NA" tool.

Bernstein Upgrades ARM Holdings to Market Perform, Raises Price Target to $100

Bernstein analyst Sara Russo upgrades ARM Holdings from Underperform to Market Perform and raises the price target from $92 to $100.