HELSINKI, June 8, 2026, 11:13 EEST
Nokia stock dropped in Helsinki Monday, giving up more ground after last week’s jump as traders pulled back from AI-related tech stocks. Shares changed hands at 12.690 euros, down 2.98%. Nokia last closed at 14.805 euros on June 3, according to market data.
Nokia isn’t just a sluggish telecom gear stock anymore. After Nvidia said it would put $1 billion into the company last year for an AI-RAN deal — the tech uses artificial intelligence and faster chips inside mobile radio networks — investors started to see the Finnish firm as an AI infrastructure play.
AI stocks slid in early trading Monday, with Europe’s STOXX 600 down 0.9% as tech names dropped 2.1%. Middle East tensions lifted crude prices and drove a sell-off from Asia to Europe.
Nasdaq says Helsinki’s regular equity session runs 10:00 to 18:30 local time. The market is trading during its normal hours at this point. Finland’s Helsinki 25 index slipped 0.89% to 6,413.64. Nokia shares were one of the index’s laggards.
The U.S. action looked even weaker. Nokia’s ADR dropped 13.48% to $14.38 on Friday, according to MarketWatch. That marked a third loss in a row for the stock while the Nasdaq Composite slid 4.18%.
Nokia said on Friday it priced 500 million euros of senior unsecured notes, maturing in 2032 and carrying a fixed 3.625% coupon. The debt is not backed by collateral. The company plans to use the cash for general corporate needs and to refinance 500 million euros of notes coming due in 2028.
Optical networks and cloud customers still drive the bull case. Back in April, Nokia reported that first-quarter net sales from AI and cloud customers jumped 49%. Orders from those groups hit 1 billion euros. CEO Justin Hotard said demand “accelerated significantly.” Nokia bumped up its 2026 Network Infrastructure sales growth forecast to 12%-14%. Nokia Corporation | Nokia
Nokia shares have swung sharply both ways. S&P Global Market Intelligence’s Visible Alpha analysis called Nokia one of Europe’s telecom standouts this year as AI-related demand lifted sentiment around its network infrastructure business. Visible Alpha sees Nokia’s optical networking revenue up 31% year-on-year to 4 billion euros in 2026.
Rivalry adds another layer to the story. After Nokia’s Infinera buy, Reuters said the deal would bump Nokia up to the No. 2 spot in optical networking with a 20% slice, just behind Huawei, and could boost Nokia’s sales to tech firms building AI data centers. Ciena, which is also in optical networking, dropped last week even after posting solid results. Expectations in the space have gotten tough.
Rates and oil remain key concerns. Gary Schlossberg, a market strategist with Wells Fargo Investment Institute, said the U.S. economy’s strength “adds to inflation risk coming from the Gulf,” which makes it tougher for the Federal Reserve to move toward rate cuts. Reuters
Some investors pointed to a positioning unwind. Ohsung Kwon, chief equity strategist at Wells Fargo, called semiconductors “way overbought” but said he doesn’t believe the bull market for chips is done yet. Reuters
The risk isn’t one-sided. If Nokia’s July numbers show AI and cloud demand holding up, Monday’s slide might just be the market unwinding a crowded position. But if oil climbs, rate worries grow or spending from hyperscalers drops, investors could compress the stock’s premium even more, pushing it closer to its old telecom-equipment valuation.
Nokia’s next set of numbers drops July 23, with its Q2 and half-year 2026 report due out. Before then, the stock might move more like an AI infrastructure trade than a steady Nordic telecom, with little room for disappointment.
