Sumitomo Electric Industries is trading at $6.93, up 4.21%, after Meta, NEC, and Sumitomo Electric announced the Petal transoceanic submarine-cable collaboration.
- Sumitomo Electric will supply two-core optical fiber for the approximately 7,000-kilometer U.S.-France cable, planned for 2029.
- The project targets growing AI and data-center connectivity demand, providing a company-specific catalyst despite weaker broader U.S. markets.