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      "text": "$5bn in custom networks is only slightly over $1 per share of value. We estimate the recurring revenue portion is less than 1% of current EBITDA.",
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      "text": "Don't buy the AI hype. Lumen's core revenues are deteriorating and recent cash flow guidance reflects timing benefits rather than structural growth.",
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      "text": "$7bn in AI 'sales opportunities' is a pipedream. These opportunities are based on preliminary discussions with enterprises that lack the unique needs of hyperscalers.",
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      "text": "Revenue in key sales channels and categories is deteriorating. Business segment revenue fell 8.6% in 2Q24, and core services remain uncompetitive.",
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