HELSINKI, August 7, 2026, 16:08 EEST — Nasdaq Helsinki trading hours underway. The main equity trading session continues until 18:30 local time.
- Nokia shares were at €8.35, rising 0.34%, as of 16:01 EEST.
- Zankore aims for 200 MW in the first half of 2027, with plans to reach 1 GW afterwards.
- The launch announcements did not disclose any figures for Nokia’s contract value or its margins.
Nokia Oyj HEL:NOKIA made slight gains after it became part of Zankore, a major artificial intelligence initiative in Indonesia. The platform’s significant scale is evident, while Nokia’s financial involvement remains unclear.
Nokia’s €0.028 increase on Friday lifted shares to €8.35, raising its equity value by about €161 million based on the 5.74 billion shares outstanding. The stock was still trading 44% under its 52-week high of €15.00.
Zankore unites Indosat Ooredoo Hutchison IDX:ISAT, Ooredoo Q.P.S.C. (DSM:ORDS), Nokia, and NVIDIA Corp. NASDAQ:NVDA. The project anticipates around 200 MW in the first half of 2027. Its longer-term goal is to reach a capacity five times greater.
| Zankore metric | Initial disclosure | Longer-term measure |
|---|---|---|
| AI capacity | Roughly 200 MW | 1 GW goal |
| Capacity multiple | 1.0x | 5.0x |
| Ooredoo ownership | 49% | Main investor |
| Ooredoo capital commitment | Roughly $800 million | Development phase |
| Ooredoo cumulative EBITDA | Roughly $600 million | First five years |
| Nokia contract economics | Not disclosed | No margin specified |
| Compute efficiency | As much as 40% higher | For same power |
Ooredoo’s present company estimate, not official earnings. The capacity multiple is derived based on disclosed data.
Ooredoo’s EBITDA projection relates to its own ownership returns, not to Nokia’s supplier revenue. This difference is significant. Investors are still unable to convert a gigawatt directly into Nokia’s earnings.
Chief Executive Justin Hotard stated that Nokia will supply the project’s “trusted connectivity fabric.” This outlines Nokia’s technology responsibilities, though it does not specify any revenue details. Nokia Corporation | Nokia
Zankore joins as Nokia’s current AI operations show rapid growth. AI and cloud customer sales in the second quarter climbed to €446 million, marking a 105% increase. Comparable operating profit was up 18%, surpassing analysts’ forecasts.
| Nokia Q2 measure | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| Net sales | €4.815 billion | €4.443 billion | +8% |
| Comparable gross margin | 46.0% | 45.3% | +0.7 points |
| Comparable operating profit | €434 million | €367 million | +18% |
| Comparable operating margin | 9.0% | 8.3% | +0.7 points |
| Comparable diluted EPS | €0.07 | €0.04 | +75% |
| AI and cloud customer sales | €446 million | Nearly €218 million | +105% |
Initial implied figure, derived from €446 million and 105% increase.
The subsequent indicator will be order activity. In the second quarter, Nokia logged €2.8 billion in business from AI and cloud clients. Executives anticipate approximately 50% converting to revenue over the next 12 months, suggesting an initial estimate of €1.4 billion.
Supply constraints may hinder that shift. According to Hotard, elevated demand is leading customers to make longer-term commitments. Competitor Ericsson STO:ERIC-B has cautioned about higher memory expenses due to AI. Ericsson stock was largely unchanged on Friday.
Nokia’s latest tape from Helsinki also suggests caution against drawing strong conclusions from a single session.
| Date | Close/latest | Daily move | Volume |
|---|---|---|---|
| Aug. 7, 16:01 EEST | €8.350 | +0.34% | 3.54 million |
| Aug. 6 | €8.326 | -1.49% | 11.03 million |
| Aug. 5 | €8.452 | -2.02% | 15.39 million |
| Aug. 4 | €8.626 | +6.49% | 25.62 million |
| Aug. 3 | €8.100 | +1.78% | 13.27 million |
| July 31 | €7.958 | +0.33% | 27.35 million |
Real-time price and trading volume on Friday can fluctuate before markets close.
After climbing 6.5% on Tuesday, Nokia saw two days of losses. The shares ended Friday roughly 4.9% higher than their July 31 close. The figure is still subject to change as trading in Helsinki is ongoing.
Analysts hold differing views. The consensus 12-month price target stands at €10.325, representing a roughly 24% premium to Friday’s closing price. Price forecasts range from €4.65 to €18.00, marking a 3.9-fold difference.
| Analyst | Recommendation | Target | Move from €8.35 | Date |
|---|---|---|---|---|
| Consensus, 22 analysts | Neutral | €10.325 | +24% | Current snapshot |
| Deutsche Bank AG ETR:DBK | Buy | €11.50 | +38% | July 27 |
| Barclays PLC LON:BARC | Sell | €8.00 | -4% | July 27 |
| JPMorgan Chase & Co. NYSE:JPM | Buy | €18.00 | +116% | July 23 |
| Kepler Cheuvreux | Buy | €14.00 | +68% | July 6 |
Based on Nokia’s current Helsinki price of €8.35. Recommendations and price targets remain the same unless noted.
Nokia maintains its operational forecast, anticipating comparable operating profit between €2.1 billion and €2.6 billion by 2026. The €0.1 billion rise reflects a technical adjustment related to discontinued operations. The next key indicator will be recorded AI-networking revenue.
Risks: Zankore may expand at a slower pace than anticipated, and Nokia has not revealed contract financial details. Supply of semiconductors, memory expenses, tariffs, exchange rates, and end-user demand may further impact shipments or profitability.
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