Nokia Corporation (NYSE: NOK) is ending November on a quieter trading day after several weeks of high‑volatility headlines: a $1 billion Nvidia stake, a fresh AI strategy, big 5G contracts, a planned delisting from Paris and new government‑backed R&D in Canada and the U.S.
Here’s what NOK stock is doing today — and the news story behind the price.
NOK stock price today: calm after a wild month
As of late trading on Tuesday, November 25, 2025, Nokia’s American depositary receipts (ADR) were changing hands around $6.11, essentially flat on the day and up just over a penny from Monday’s close. Intraday, NOK has traded between about $6.04 and $6.13, with volume above 20 million shares.
That relatively quiet tape comes after a dramatic October–November run:
- On October 28, Nvidia’s $1 billion investment sent Nokia shares up more than 20% in a single session to around $8.19, their highest level since 2016. [1]
- Profit‑taking and concern about Nokia’s new long‑term plan then drove a pullback. By November 20, the ADR had fallen to about $5.87, roughly 28% below that late‑October high. [2]
Even after the retreat, NOK remains well above its 52‑week low near $3.91, set earlier in 2025. [3] In other words, the stock is still up strongly year‑to‑date but has handed back a chunk of its AI‑fueled gains.
Today’s headlines: Paris delisting, Canadian R&D push and new Asian wins
Several fresh corporate announcements are shaping sentiment around NOK stock on November 25.
1. Delisting from Euronext Paris, but core listings unchanged
Nokia confirmed today that Euronext Paris has approved the delisting of its shares, with the move taking effect on December 31, 2025. Trading on the Paris exchange will continue until December 30, the final trading day before delisting. [4]
Key points for investors:
- Nokia will remain listed on Nasdaq Helsinki and the New York Stock Exchange, where NOK trades as ADRs. Operations in France are unchanged. [5]
- The company cites low trading volumes, costs and administrative burden as reasons for exiting Paris. [6]
- A voluntary sales facility is being set up so French shareholders can tender their Euronext Paris shares to be sold on Nasdaq Helsinki in early 2026. Nokia will cover centralization and brokerage fees for this process, though it does not guarantee a sale price. [7]
For U.S. NOK holders, the move is largely housekeeping. But it fits a broader pattern of Nokia streamlining its corporate footprint while it refocuses on AI‑era networking.
2. Canada backs Nokia’s 5G and AI research
Also today, the Government of Canada showcased a major partnership with Nokia at a groundbreaking ceremony in Ottawa. The project will expand Nokia’s local innovation campus and is expected to create more than 340 jobs while strengthening Canada’s 5G and advanced networking ecosystem. [8]
Highlights:
- Nokia will expand R&D in advanced 5G, AI, machine learning and quantum‑safe networking at its Ottawa site. [9]
- The federal government is contributing C$40 million through its Strategic Response Fund to support the investment. [10]
- Officials framed the project as a way to anchor Nokia more deeply in Canada’s telecom cluster and drive new applications from defence and clean energy to precision agriculture and telemedicine. [11]
For NOK stock, the Canadian partnership reinforces the narrative that Nokia is tied into national‑level digital infrastructure plans, not just carrier capex cycles.
3. New network wins in Japan and Europe
Nokia has also kept up a steady drumbeat of contract news:
- NTT Docomo in Japan has chosen Nokia’s self‑organising network (SON) platform to optimize its multi‑vendor LTE and 5G radio access network — Nokia’s third major contract with a Japanese operator in four months. [12]
- In Italy, Telecom Italia (TIM) awarded Nokia a three‑year 5G deal to expand and modernize network coverage and capacity, including rural and small‑town areas. [13]
- In Denmark, Nokia extended its role as sole supplier of 5G RAN and managed services for TNN for another four years, using its AI‑powered AirScale and MantaRay portfolio. [14]
These wins underline that, despite turbulence in private 5G and some criticism of its enterprise strategy, Nokia remains a core vendor for national‑scale mobile operators.
The AI pivot: Nvidia stake and a $4 billion U.S. bet
The biggest structural driver behind NOK’s rally — and its recent volatility — is Nokia’s aggressive push into AI‑driven networks and data centers.
Nvidia’s $1 billion, 2.9% stake
On October 28, Nokia announced that Nvidia will invest $1 billion for a 2.9% equity stake via roughly 166 million new shares priced at $6.01 each. [15]
The partnership aims to:
- Integrate Nokia’s data‑center networking technology with Nvidia’s AI infrastructure stack.
- Build AI‑native 5G and future 6G “AI‑RAN” solutions that run on Nvidia GPUs and CUDA‑compatible RAN software. [16]
- Accelerate Nokia’s pivot from legacy telco hardware to cloud‑first, AI‑centric network infrastructure.
The announcement sent Nokia shares to a near 10‑year high, adding billions to its market value in a single day. [17]
$4 billion AI investment plan in the United States
Just days later, Nokia followed up with another major AI headline: a $4 billion U.S. investment plan focused on R&D and manufacturing for AI‑driven network connectivity. [18]
According to Reuters:
- About $3.5 billion will go into research and development, with the remaining $500 million earmarked for manufacturing and capex in states including Texas, New Jersey and Pennsylvania. [19]
- The investment supports Nokia’s broader strategy to be a preferred Western supplier of AI‑ready telecom and data‑center gear at a time when the U.S. lacks a large domestic network equipment champion. [20]
For investors, this pair of announcements — Nvidia’s stake plus Nokia’s own capital plan — is central to the “AI supercycle” thesis now embedded in NOK’s valuation.
Q3 2025 earnings: solid top line, mixed margins
The fundamental backdrop for all of this is Nokia’s Q3 2025 performance, released on October 23.
From Nokia’s own interim report:
- Net sales grew 12% year‑over‑year on a reported basis, and 9% on a constant‑currency and portfolio basis, with all business groups contributing. [21]
- Network Infrastructure led the way, with optical networks particularly strong; optical net sales jumped double‑digits year‑over‑year, while cloud and network services and mobile networks also delivered growth. [22]
- Despite the growth, comparable operating profit fell 10% to €435 million, and the comparable operating margin slipped to 9.0%, reflecting a tougher product mix and higher operating expenses tied in part to the Infinera acquisition. [23]
- Reported diluted EPS from continuing operations was €0.01, while comparable diluted EPS was €0.06, flat versus Q3 2024. [24]
- Free cash flow was €429 million in the quarter, lifting net cash to roughly €3.0 billion. [25]
On guidance, Nokia nudged its full‑year 2025 outlook higher:
- It now expects comparable operating profit between €1.7 and €2.2 billion, up from a previous range of €1.6–2.1 billion, mainly due to a change in how venture fund results are reported. [26]
- The company continues to forecast free cash flow equal to 50–80% of comparable operating profit. [27]
Nokia also declared a €0.03 per‑share dividend (one of several installments under a broader €0.14 authorization for the 2024 financial year), with a record date of October 28 and payment on November 6, leaving €0.03 per share of remaining distribution authorization. [28]
Taken together, Q3 shows a business with healthy top‑line momentum and strong cash generation, but one still working through margin pressure as it invests in AI, integrates acquisitions and restructures its portfolio.
Strategy shake‑up: two divisions, defence unit and private 5G questions
At its Capital Markets Day (CMD) on November 19, Nokia laid out a new structure and long‑term targets — and the market reacted with scepticism.
According to reporting from Reuters and StockInvest.us: [29]
- Nokia will reorganize into two main divisions from 2026:
- Network Infrastructure – focusing on AI‑driven data‑center, optical and IP networks.
- Mobile Infrastructure – the more traditional radio and mobile network gear business.
- The company is targeting €2.7–3.2 billion in comparable operating profit by 2028, up to roughly 60% above last year’s €2 billion level, and plans to cut group operating expenses from €350 million to €150 million over that period. [30]
- A new defence‑focused unit will be created to pursue secure connectivity contracts with Western governments. [31]
Because the CMD focused mostly on internal restructuring and targets — and offered few new blockbuster contracts beyond the Nvidia deal — Nokia’s stock sold off more than 5% in Helsinki and about 6% in U.S. pre‑market trading the next day. [32]
The strategy update also intensified debate around Nokia’s private 5G ambitions:
- Reporting from RCR Wireless suggests Nokia plans to sell its campus edge (ECE) division, including a large portion of its private 5G enterprise contracts, effectively retreating from certain on‑premise verticals. [33]
- Light Reading, however, notes that Nokia will remain active in private 5G, but with a sharper focus on large‑scale telco‑style deployments rather than vertically integrated enterprise stacks. [34]
For investors, this adds execution risk: Nokia is betting that leaner operations plus AI‑heavy network infrastructure will more than compensate for exiting some niche businesses.
How Wall Street views NOK stock right now
Despite the recent pullback, Wall Street’s tone on Nokia has generally shifted more positive over the past few weeks.
- Deutsche Bank has reiterated a Buy rating and raised its Nokia price target to €6.75, citing greater confidence in the AI‑driven strategy and Nvidia partnership. [35]
- Other brokers, including BNP Paribas Exane, JPMorgan and SEB, have issued or maintained bullish ratings with U.S.‑dollar price targets typically in the mid‑single‑digit range. [36]
- Data compiled by MarketBeat shows a “Moderate Buy” consensus from 12 covering analysts, with most rating the stock a Buy, a handful at Hold and one at Sell. The average 12‑month price target is around $5.9 per share. [37]
Notably, that consensus target sits slightly below today’s price around $6.11, reflecting how strongly NOK has already rallied in 2025 — and how much faith is now baked into the AI story.
Valuation‑wise, services like GuruFocus estimate Nokia trading at over 30 times trailing earnings, above its historical averages, even as certain long‑term financial metrics (like the Altman Z‑score) signal that investors should remain attentive to balance‑sheet and sector risks. [38]
Key things NOK investors should watch next
For traders and long‑term investors tracking NOK stock, several catalysts loom:
- Execution on AI and data‑center networking
- How quickly can Nokia turn the Nvidia partnership and the U.S. AI capex plan into tangible revenue and margin gains?
- Watch for new AI‑RAN trials and hyperscale data‑center wins.
- 5G and 6G operator capex
- Global 5G spending has slowed, which Nokia itself acknowledges. [39]
- Deals with TIM, TNN, Docomo and others help, but sustained growth depends on whether operators ramp spending again — and later on, how 6G standardization plays out.
- Impact of restructuring and private 5G changes
- The shift to two divisions and any sale of the campus‑edge/private‑5G business must be managed without disrupting relationships with major enterprise and government customers. [40]
- Cash returns and balance sheet
- Nokia’s strong net cash position and dividend capacity give it room to keep investing while returning capital — but investors will be watching how much of future free cash flow goes to R&D vs. shareholder payouts. [41]
- Next earnings milestone
- Nokia is scheduled to report Q4 2025 and full‑year results on January 29, 2026, which will offer the first full look at post‑Nvidia trajectory and progress toward 2025 guidance. [42]
Bottom line
NOK stock today is quiet on the surface, but the story underneath is anything but dull.
- The Paris delisting simplifies Nokia’s listing structure without touching its main trading venues. [43]
- New government‑backed R&D in Canada, fresh operator deals in Japan and Europe, and a massive U.S. AI investment plan all reinforce Nokia’s strategic role in next‑generation networks. [44]
- At the same time, an ambitious AI‑centric restructuring, debates over private 5G, and a rich valuation after a big Nvidia‑driven rally keep risk firmly on the table. [45]
For current and prospective investors, NOK is now very much an AI infrastructure stock as well as a telecom equipment name. Whether that transformation justifies today’s price — or more upside — will depend on how convincingly Nokia turns partnerships and headlines into sustainable earnings and free cash flow over the next few years.
Disclosure: This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell any security, or a guarantee of future performance. Always do your own research or consult a licensed financial professional before making investment decisions.
References
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