Nokia Oyj Stock Today (26 November 2025): New 5G Deal With Telefónica Germany Keeps AI Story in Focus

Helsinki – 26 November 2025 – Nokia Oyj (HEL: NOKIA, NYSE: NOK) spent today’s session digesting another major 5G contract win in Germany while investors continued to weigh its aggressive push into artificial intelligence (AI), defense and U.S. expansion.

The headline of the day is a fresh five‑year radio access network (RAN) deal with Telefónica Germany that runs to 2030 and deepens Nokia’s role in the operator’s 5G rollout. The announcement lands just days after Nokia set out an AI‑centric strategy, confirmed a $4 billion U.S. investment plan and detailed how Nvidia’s recent $1 billion equity stake will support AI‑native networks. ^[1]

Alongside the big‑ticket network news, Nokia’s ecosystem positioning was also in the spotlight: a Nokia Foundation award to a leading Finnish space scientist and fresh coverage of its NestAI defense AI partnership underlined the company’s broader innovation and defense ambitions. ^[2]

Nokia stock price today: NOKIA.HE and NOK snapshot

Helsinki listing (HEL: NOKIA)
According to Nokia’s own investor relations data, the shares on Nasdaq Helsinki closed this evening at around €5.22, down roughly 0.1% on the day. ^[3]

Key stats for 26 November 2025 on the Helsinki line: ^[4]

Close: €5.22
Intraday range: approx. €5.15 – €5.26
Previous close: €5.23
Market cap: about €29.2 billion
1‑year performance: roughly +30%
52‑week range:€3.42 – €6.65

That puts the stock still well above its 52‑week low, but below the highs reached in late October after Nvidia’s investment was announced.

U.S. ADR (NYSE: NOK)
On the New York Stock Exchange, Nokia’s American Depositary Receipts (ADR) ended the session around $6.09, up roughly 0.4% versus the previous close, based on company IR and end‑of‑day data aggregators. ^[5]

Trading in New York continues to shadow the Helsinki line closely, with the ADR up sharply over the past month thanks to the Nvidia deal and a string of AI‑focused announcements.

The big news today: Nokia’s new 5‑year 5G RAN deal with Telefónica Germany

The main corporate development dated 26 November 2025 is Nokia’s new five‑year RAN contract extension with Telefónica Germany (O2 Telefónica). ^[6]

From Nokia’s press release and operator‑side commentary, the deal includes:

Contract horizon to 2030 – a five‑year extension of the long‑standing partnership in Germany. ^[7]
Modernization and upgrade of the nationwide RAN, using Nokia’s latest AirScale portfolio, including energy‑efficient radios, Massive MIMO for the key 3.5 GHz (n78) band and small cells for improved indoor coverage. ^[8]
Deployment of advanced Cloud RAN solutions as Telefónica shifts more of its 5G network to cloud‑native architectures. ^[9]
Ongoing use of Nokia’s MantaRay network management platform and AI‑powered tools to push the network toward higher automation levels over the coming years. ^[10]

Specialist telecom outlets such as TelcoTitans and Mobile Europe highlighted that the extension keeps Nokia embedded in one of Germany’s largest mobile networks at a time when Telefónica is also working with other vendors on cloud RAN, underlining a competitive but multi‑vendor landscape. ^[11]

Financially, Nokia hasn’t disclosed deal value, but a nationwide multi‑year RAN program typically translates into steady, contract‑like revenue and can support margins through scale and a high mix of software and services. The contract also reinforces Nokia’s narrative that 5G modernization is far from over in Europe, even as operators are cautious with capex.

Equity news wires such as Seeking Alpha flagged the agreement today as a positive, thesis‑confirming data point for Nokia’s 5G and Cloud RAN strategy rather than a surprise catalyst – which may explain the relatively muted share‑price reaction. ^[12]

AI “supercycle” backdrop: Nvidia stake, new strategy and U.S. expansion

Today’s move in Nokia’s stock cannot be separated from the AI story that has dominated the last month.

1. Nvidia’s $1 billion, 2.9% stake in Nokia

On 28 October, Nokia and Nvidia announced a wide‑ranging partnership to build AI‑powered RAN and data‑center networking products, alongside a $1.0 billion equity investment by Nvidia. Nokia is issuing roughly 166 million new shares at $6.01 each, giving Nvidia about 2.9% of the company once the deal closes. ^[13]

Nvidia’s chips will underpin new AI‑RAN products intended to help operators deploy 5G‑Advanced and prepare for 6G networks, with Nokia presenting itself as the “trusted Western” vendor of AI‑ready telecom infrastructure. ^[14]

The news sent Nokia’s shares to their highest level in almost a decade and triggered a double‑digit percentage surge in the stock in late October, with retail and institutional enthusiasm still evident in November trading volumes. ^[15]

2. New AI‑centric strategy and segment reorganization

At its Capital Markets Day on 19 November 2025, Nokia unveiled a new long‑term strategy focused squarely on the “AI supercycle” in networks. ^[16]

Key points from Nokia’s own stock‑exchange release and Reuters’ coverage:

Nokia will simplify into two main operating segments from 2026:
- Network Infrastructure (optical, IP and fixed networks), which it sees as a growth engine for AI data‑center connectivity.
- Mobile Infrastructure, combining radio, core and technology standards, focused on AI‑native mobile networks and 6G. ^[17]
It is targeting comparable operating profit of €2.7–3.2 billion by 2028, up from about €2.0 billion currently – effectively aiming for up to a 60% profit increase over three years. ^[18]
Several non‑core units – such as fixed wireless access CPE and some implementation services – are being placed into a separate Portfolio Businesses segment while Nokia evaluates options. ^[19]
A new Nokia Defense incubation unit is being launched to coordinate defense‑grade solutions across allied markets. ^[20]

Initial market reaction to the strategy was mixed: Reuters noted that despite the AI focus and strong share‑price gains into the event, Nokia’s stock fell around 6% on the day as investors digested the heavy investment required and the longer‑dated nature of the targets. ^[21]

3. $4 billion AI investment plan in the United States

On 21 November, Nokia added another major pillar to the story, announcing plans to invest $4 billion in the U.S. to strengthen AI‑driven network R&D and local manufacturing. ^[22]

According to Nokia and Reuters:

Around $3.5 billion will be devoted to research and development.
Roughly $500 million will support manufacturing and capex in states including Texas, New Jersey and Pennsylvania. ^[23]
The plan is framed as both an AI play and a geopolitical move, positioning Nokia as a key Western supplier at a time when the U.S. lacks a large domestic telecom equipment vendor. ^[24]

This U.S. push, layered on top of the Nvidia deal and today’s Telefónica contract, reinforces an investment narrative of Nokia as a levered play on AI data‑center infrastructure, 5G/6G and secure Western networks rather than a pure‑play legacy telco vendor.

Defense and “physical AI”: NestAI partnership in the spotlight

Today also brought renewed attention to Nokia’s defense ambitions via fresh coverage of its partnership with NestAI, a Finnish “physical AI” startup focused on unmanned systems and command‑and‑control platforms.

A 26 November feature on defense‑technology outlet Military AI highlighted that NestAI has raised €100 million from Nokia and Finland’s sovereign wealth fund Tesi to build “Europe’s leading physical AI lab” and develop AI for unmanned vehicles, autonomous operations and C2 systems. ^[25]

Under the partnership:

Nokia contributes secure, AI‑native connectivity, sensing and multimedia technologies, while NestAI brings defense‑oriented AI platforms. ^[26]
The collaboration fits directly into the new Nokia Defense incubation unit described at Capital Markets Day, which is meant to serve allied defense markets using Nokia’s network expertise. ^[27]

For investors, the defense angle matters because:

Defense budgets in NATO and allied countries are structurally rising, with growing emphasis on AI, secure communications and resilient battlefield networks. ^[28]
Nokia’s move could diversify revenue away from cyclic telecom capex, but it also introduces new execution and regulatory risks.

Nokia Foundation award: soft‑power signal from the ecosystem

On the softer side of today’s news flow, the Nokia Foundation announced a recognition award for Professor Minna Palmroth, a leading Finnish scientist in computational space physics, alongside a new teaching recognition award for Dr. Arto Hellas of Aalto University. ^[29]

The Foundation – established by Nokia in 1995 – has awarded more than 2,000 grants worth over €11.5 million, and expects to distribute about €480,000 in scholarships and awards this year. ^[30]

While such news does not move the stock directly, it reinforces:

Nokia’s positioning as a science‑ and education‑driven company in Finland.
The depth of its local ecosystem across space, ICT and AI education, which can help attract talent and support long‑term innovation.

Fundamentals check: earnings, valuation and dividend

With today’s price action relatively calm, many investors are anchoring their view of Nokia on the latest fundamental data:

In Q3 2025, Nokia beat market expectations, reporting comparable operating profit of €435 million versus a consensus of €342 million, as strong demand for optical networks and cloud services offset weaker mobile markets. Net sales rose 12% to €4.83 billion. ^[31]
AI and cloud customers accounted for a growing slice of revenue, particularly in network infrastructure, according to company commentary. ^[32]
On current figures, Nokia trades at about 33x trailing earnings and ~17x forward earnings, with a dividend yield near 2.7%, reflecting its step‑up in valuation after the Nvidia deal and AI announcements. ^[33]

From a technical standpoint, the Helsinki stock is roughly one‑third above its 52‑week low but below its recent spike toward the upper end of the €6+ range, suggesting much of the AI optimism is now baked into the price while volatility remains elevated. ^[34]

How analysts see Nokia after today’s news

Analyst sentiment has shifted materially in recent weeks, and today’s Telefónica deal tends to be read as supportive of the emerging consensus:

Jefferies recently upgraded Nokia to “Buy”, citing improving gross margins, exposure to AI data‑center growth and stronger optical networking after the Infinera acquisition. ^[35]
Deutsche Bank has also raised its price target while maintaining a positive stance, often pointing to a more attractive risk‑reward profile now that Nokia has secured a major AI partner and clarified its long‑term targets. ^[36]
At the same time, outlets like The Motley Fool and others have warned that Nokia’s AI pivot is capital‑intensive and competitive, with execution risk if AI demand normalizes or if margins disappoint. ^[37]

Overall, the analyst picture is evolving from “deep value turnaround” to a higher‑beta AI infrastructure play, with both upside and disappointment risk amplified versus the pre‑Nvidia era.

Key opportunities and risks NOK investors are watching

Opportunities

AI data‑center build‑out: Nokia’s optical and IP networks are already benefiting from hyperscaler demand, and the Nvidia tie‑up could cement its role in AI fabric and 6G‑ready RAN. ^[38]
Western network sovereignty: With U.S. policymakers looking for trusted, non‑Chinese suppliers, Nokia’s $4 billion U.S. plan and AI investments position it well alongside Ericsson and Samsung. ^[39]
Defense and security: The NestAI partnership and creation of Nokia Defense tap into structurally rising defense budgets focused on secure, AI‑enabled communications. ^[40]
Long‑term 5G and 6G upgrades: Today’s Telefónica Germany extension is a reminder that European 5G modernization and future 6G deployments can support multi‑year revenue visibility. ^[41]

Risks

Telecom capex cycles: Reuters has flagged setbacks such as AT&T’s switch to Ericsson in the U.S., which show Nokia remains exposed to operator spending swings. ^[42]
Execution on AI pivot: Hitting the 2028 profit target requires delivering both growth and cost savings while integrating Infinera, rolling out AI‑RAN and scaling new businesses like defense. ^[43]
Valuation risk: After the Nvidia‑driven rerating, multiples are richer than in recent years; any stumble at Capital Markets updates, or macro slowdown in AI capex, could trigger sharp corrections. ^[44]
Geopolitical and regulatory factors: Operating at the intersection of telecoms, AI and defense brings added scrutiny, export‑control issues and potential political risk – especially given Nokia’s strategic role in Western infrastructure. ^[45]

Bottom line for 26 November 2025

For today’s session, Nokia’s share price move was modest, but the news flow was anything but:

A five‑year RAN extension with Telefónica Germany underlines Nokia’s staying power in European 5G and Cloud RAN. ^[46]
AI‑driven initiatives – from the Nvidia partnership to a $4 billion U.S. investment program and a dedicated defense incubation unit – continue to reshape how the market values the company. ^[47]
Today’s Nokia Foundation award and renewed attention on the NestAI defense AI partnership showcase the depth of the Finnish ecosystem around Nokia, from space science to military technology. ^[48]

For traders and longer‑term investors alike, Nokia has shifted decisively from low‑growth telecom equipment story to a higher‑stakes AI, cloud and defense infrastructure play. Whether that transformation ultimately justifies today’s richer valuation will depend on how effectively Nokia converts bold strategy and high‑profile partnerships into durable earnings growth.

Disclaimer: This article is for informational and news purposes only and does not constitute financial or investment advice. Always do your own research or consult a licensed financial adviser before making investment decisions.

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