Helsinki, June 2, 2026, 11:17 EEST
- Nokia traded up 5.24% at €14.26 on Nasdaq Helsinki at 10:37 EEST, after its New York-listed stock closed 9.50% higher at $16.25 overnight.
- The OMX Helsinki 25 was up 1.37% at 6,550.74, giving Nokia’s move weight in the wider Finnish market.
- The rally remains tied to Nokia’s AI and cloud push: first-quarter sales to AI and cloud customers rose 49%, and the company kept its 2026 comparable operating-profit outlook at €2.0 billion to €2.5 billion.
Nokia Oyj shares rose sharply in Helsinki on Tuesday, extending a strong U.S. move as investors kept marking up the Finnish network-equipment maker’s exposure to artificial intelligence infrastructure.
The stock was up 5.24% at €14.26 on Nasdaq Helsinki at 10:37 EEST. Nokia’s New York-listed American depositary receipt, or ADR — a U.S.-traded certificate representing foreign shares — closed Monday at $16.25, up 9.50%. Nokia trades under NOKIA in Helsinki and NOK in New York.
That matters now because Nokia is no longer being priced only as a telecom-equipment supplier waiting for operators to restart 5G spending. The market is also treating it as a play on optical networks, IP routing and data-center traffic, all tied to AI workloads.
The wider Finnish market helped the tape. Nasdaq data showed the OMX Helsinki 25, a capitalization-weighted price index of the 25 most actively traded Helsinki stocks, up 1.37% at 6,550.74. Capitalization-weighted means larger companies have more sway over the index.
In the United States, MarketWatch said Nokia’s ADR rise on Monday outpaced the Nasdaq Composite’s 0.42% gain and the Dow Jones Industrial Average’s 0.09% rise. Trading volume reached 170.8 million shares, above a 50-day average of 99.7 million, it reported.
Fresh company news was thin. Nokia’s latest stock-exchange filing in the past two days was a managers’ transaction notice for Victoria Hanrahan, identified as an “other senior manager,” showing acquisitions of 44,682 NYSE-listed Nokia shares on May 26 and May 28 at a volume-weighted average price of $15.8117. A managers’ transaction is an insider dealing disclosure required under EU market-abuse rules, not an earnings release. Nokia Corporation | Nokia
The larger driver is still the first-quarter reset. Nokia said in April that sales to AI and cloud customers rose 49% and accounted for 8% of group sales, while orders from those customers reached €1 billion in the quarter. Optical Networks sales grew 20%, and Network Infrastructure sales rose 6% on a constant-currency and portfolio basis.
Chief Executive Justin Hotard said Nokia was “investing to capture accelerating demand from AI & Cloud customers.” He also said demand had accelerated since Nokia’s November capital markets day and that lead times were extending across the supply chain. Nokia Corporation | Nokia
Nokia now expects the addressable AI and cloud market to grow at a 27% CAGR from 2025 to 2028, up from an earlier 16% estimate. CAGR means compound annual growth rate, or the smoothed yearly growth pace over several years. The company also expects Network Infrastructure sales to grow 12% to 14% in 2026, with Optical Networks and IP Networks combined up 18% to 20%.
The Nvidia link remains part of the story, even though it is older background. Nokia and Nvidia announced in October a strategic partnership under which Nvidia would invest $1 billion in Nokia and work with the company on AI-RAN, short for artificial-intelligence radio access network — mobile-network gear that uses AI computing to run radio functions and new services. T-Mobile U.S. is expected to test the technology in 2026.
Peer context is mixed. Ericsson remains Nokia’s closest European rival in mobile networks, while Cisco is a cleaner comparison for the data-networking trade that investors are attaching to AI traffic. Ericsson’s Stockholm-listed B shares closed up 2.16% on Monday, while Cisco closed at $121.33 in New York.
But the stock’s run leaves less room for delay or disappointment. Nokia itself flagged competitive pressure, changes in customer network spending, component procurement, supply-chain disruption, tariffs, currency swings and wider macro risks as threats to its outlook; a stumble in AI-cloud orders, or slower conversion of those orders into revenue, would test the current price.
The next scheduled hard check is not far away. Nokia plans to publish second-quarter and first-half 2026 results on July 23, with third-quarter results due on October 22. Until then, the market is likely to keep watching whether the AI story shows up in margins, not just orders.
