Overview
- The stock has risen roughly 140% year-to-date to highs not seen since 2008, lifting Nokia’s 12-month forward price-to-earnings ratio to about 36 from roughly 17 earlier this year.
- Nvidia invested $1 billion in October 2025 for about a 3% stake and began a collaboration on AI‑RAN that tied Nokia’s networking gear to AI workloads.
- Nokia reported Q1 2026 revenue of about €4.5 billion with AI and cloud sales up 49% but still making up only about 8% of group revenue.
- In April–May 2026 Nokia opened an AI Networking Innovation Lab in Sunnyvale and named partners including AMD, Lenovo, Supermicro and Keysight to co‑develop data‑center networking for AI.
- Analysts warn the rerating now hinges on execution: Nokia must scale optical production, integrate Infinera, and deliver proof from Q2 results and planned AI‑RAN field trials for the valuation to hold.