Helsinki, June 3, 2026, 11:59 EEST
Nokia Oyj rose again in Helsinki on Wednesday, pushing its AI-fuelled stock rally to a fresh high as the shares traded around 14.71 euros, above a previous close of 14.46 euros, with the cash session under way. The stock had touched 14.75 euros, the top of its 52-week range on Investing.com’s feed, and Nasdaq lists regular Helsinki equity trading from 10:00 to 18:30 local time.
The move matters because investors are no longer treating Nokia only as a mature telecom-equipment supplier. Demand from AI data centres has made optical transport — gear that moves large volumes of data over fibre — and high-speed data-centre networking a bigger part of the equity story.
The latest push came after Nokia’s U.S.-listed ADR, a bank-issued receipt that trades in New York as a stand-in for foreign shares, rose 3.69% to $16.85 on Tuesday. MarketWatch said the gain marked a second straight advance and a new 52-week high, with volume of 131.1 million shares above the 50-day average.
Helsinki’s wider market was firm, but less punchy. The Helsinki 25 index, a basket of the 25 most heavily traded shares on the Helsinki exchange, rose 0.46% to 6,592.74 points, while Trading Economics listed Nokia among the components higher on the day.
The rally has roots in April’s results. Nokia reported a 54% rise in first-quarter comparable operating profit to 281 million euros, beating an Infront analyst estimate of 250 million euros; comparable means adjusted for items the company does not treat as part of the underlying business. Sales to AI and cloud customers rose 49%, and CEO Justin Hotard said Nokia was “tracking somewhat above” the middle of its full-year comparable operating profit outlook. Reuters
Nokia has worked to keep that theme alive. On May 21, it launched an AI Networking Innovation Lab in Sunnyvale, California, saying the site would test data-centre network designs with partners including AMD, Lenovo, Supermicro and Keysight; Rudy Hoebeke, Nokia’s vice president of software product management, called the launch a “major milestone” for AI-native connectivity. Nokia Corporation | Nokia
That has changed the peer set. Ericsson still frames the mobile-network comparison, but traders are also looking at Ciena and Arista Networks because Nokia now has optical and data-centre assets tied to the AI infrastructure trade.
But the risk is valuation and mix. BNP Paribas analyst Jakob Bluestone told Bloomberg there may be a “mini-Arista” and a “mini-Ciena” inside Nokia, while adding that “the old Nokia has not disappeared either”; Amanda Lyons, head of research at Energy Group Capital, said “the easy re-rating is gone.” Bloomberg also reported that Nokia’s forward price-earnings ratio — share price divided by expected profit over the next year — had more than doubled to about 36 times from roughly 17 times at the start of 2026, even though AI and cloud were still only 8% of group sales in the first quarter. Moneyweb
The next scheduled test is not far off. Nokia has said it plans to publish second-quarter and first-half 2026 results on July 23, with third-quarter results due on Oct. 22.
For now, the tape says investors are giving Nokia more credit for AI-linked growth. It also raises the burden of proof. Orders need to keep coming, margins need to follow, and the older mobile-network business cannot drag too hard.
