HELSINKI, June 5, 2026, 17:03 (EEST)
Nokia Oyj shares slipped in late Friday trading in Helsinki, taking some steam out of the stock’s recent AI-driven gains. The Finnish network gear maker was also in the bond market, raising new debt.
Nokia stock dropped 3.27% to €13.44 on Nasdaq Helsinki as of 16:32 EEST. The company’s U.S.-traded shares, or American depositary receipts, were at $15.63, down 5.96% at 16:45 EEST, according to Nokia’s investor page.
Nokia has gotten a new look from investors, who now see it less as a mobile-network hardware name and more as a bet on AI data-center spending. That angle is sticking around, though it’s gotten volatile.
Finnish shares traded lower across the board. The OMX Helsinki 25 index dropped 1.06% to 6,475.13, hitting a session low of 6,472.77, according to Nasdaq data.
It was a regular trading day. Nasdaq schedules Helsinki main-listed stocks from 10:00 to 18:30 local time, and June 5 is not marked as a holiday in its 2026 Helsinki closures.
Nokia announced Friday it priced €500 million in senior unsecured notes maturing June 5, 2032, at a 3.625% annual coupon. Senior unsecured debt does not have collateral tied to it, but it ranks above junior debt if a default happens. Nokia plans to spend the money on general corporate needs and pay back €500 million in 3.125% notes set to mature in May 2028.
Nokia shares gave up some of a big jump from earlier in the week. Investing.com data showed the Helsinki-listed stock at €14.805 on June 3, slipping to €13.895 on June 4, with recent sessions seeing swings of over 6%.
AI and cloud demand keep driving the bull story. Reuters said Nokia’s first-quarter comparable operating profit climbed 54% to €281 million, beating the Infront consensus of €250 million. Sales to AI and cloud customers jumped 49%, with €1 billion in new orders from those groups. The peer set, Reuters added, now goes beyond Ericsson and includes optical and networking firms like Ciena, Cisco and Arista.
Nokia CEO Justin Hotard said with the Q1 release: “We are increasing our growth assumption for Optical and IP Networks and we are investing to capture accelerating demand from AI & Cloud customers.” The company flagged risks such as tougher competition, shifts in customer network spending, higher component costs, supply chain issues, currency moves, tariffs and rising rates. Nokia Corporation | Nokia
That’s the catch. If AI data-center orders slip, or if higher spending in optical and IP networks is slow to boost margin, investors won’t settle for soft guidance. The debt sale leaves the strategy untouched, but pushes financing costs and refinancing discipline back on the radar.
Nokia’s next big test arrives with its Q2 and half-year report on July 23. Until then, the shares look set to trade around one issue: if the AI network build is large and quick enough to back up the rerating.
