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  "documentTitle": "Lumen Technologies (LUMN)",
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      "text": "As Johnson described on the earnings call, this “second tranche” of potential customers is fundamentally different from those in the $5bn. They are not large hyperscalers or cloud companies, but rather large enterprise customers...",
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      "text": "We interviewed an IT director of a Lumen customer in the healthcare space (40,000+ employees, 30+ hospitals) to better understand how $7bn in “sales opportunities” will likely (not) translate to signed contracts in the medium-term.",
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      "text": "In addition to $5bn in signed PCF contracts, management indicated it is in discussion with customers covering $7bn in sales opportunities. On the earnings call, management clarified that they are still very much in an “early phase” of those talks...",
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      "text": "None of the preceding applies to the opportunity set Lumen described as existing from large healthcare companies and financial institutions. Based on our research, these companies are predominantly using a handful of cloud-based AI use cases...",
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