HELSINKI, June 5, 2026, 01:06 EEST
Nokia Oyj dropped 6.15% in Helsinki on Thursday, snapping a three-day run as traders weighed how much of the company’s AI push was already priced in. Shares finished at 13.895 euros. The Finnish network-equipment stock had climbed 8.45%, 6.76%, and 2.39% over the first three sessions this month.
Nasdaq Helsinki was closed when this was published. The exchange’s regular hours are 10:00 a.m. to 6:25 p.m. EEST, Monday through Friday. Thursday’s finish is the latest available.
Nokia’s slide is catching attention because the stock has stopped trading just as an old-school telecom play. After moving into optical networking, which handles big data traffic over fiber, and linking up with Nvidia, the share price is now seen as a gauge for AI data center investment and what’s ahead with 6G mobile networks.
OMX Helsinki 25 fell 0.88% to 6,544.66, off a session low at 6,504.87. Large Helsinki names tracked the wider Finnish market lower.
Nokia shares fell Thursday, even after Nordea lifted its price target to 15.70 euros from 10.50 euros and stuck with its Buy rating, Finwire reported via MarketScreener. That new target was still higher than where the stock finished, but the drop showed sentiment can turn fast when expectations get high.
No new earnings from Nokia on Thursday. The most recent statement from the company was a notice for 2028 noteholders through Euronext Dublin, not a trading update.
AI and cloud demand is still the main bull case here. Back in April, Nokia said first-quarter comparable net sales were up 4% when adjusted for currency and portfolio changes. Sales to AI and cloud clients jumped 49%. The company kept its 2026 comparable operating profit forecast at 2.0 billion to 2.5 billion euros.
Nokia CEO Justin Hotard said in the April report, “We are increasing our growth assumption for Optical and IP Networks,” citing demand from AI and cloud customers. Nokia Corporation | Nokia
Nvidia has driven much of the market’s move on the stock. The U.S. chipmaker said in October it plans a $1 billion investment in Nokia at $6.01 a share. Nvidia will also team up with Nokia on AI-RAN—artificial-intelligence radio access networks—using AI chips and software for mobile networks and edge computing closer to users. Nvidia CEO Jensen Huang called it “a generational platform shift.” Nokia’s Hotard said the tie-up could make it possible to “put an AI data center into everyone’s pocket.” NVIDIA Investor Relations
Nvidia took a 2.9% stake in Nokia with the investment, Reuters said at the time. PP Foresight analyst Paolo Pescatore said back then, “next-generation networks, such as 6G, will play a significant role in enabling new AI-powered experiences.” Reuters
Ciena shares fell Thursday, despite topping quarterly forecasts. The U.S. optical-networking company saw its stock drop as investors looked past results and focused on its guidance, which didn’t hold up to hopes around AI spending. MarketWatch reported that other optical stocks felt the pressure too.
But there’s clear risk here. If big cloud names cut spending, if telcos wait on 5G or 6G, or AI-RAN sales slip behind schedule, Nokia’s higher valuation could face more strain. Investors have watched this pattern before. When Nokia rolled out its AI-driven long-term goals in November, Inderes analyst Atte Riikola said “market expectations were higher” after the shares rose. Reuters
Nokia’s next big deadline is July 23. That’s when the company reports Q2 and half-year 2026 results. Investors will watch for signs that AI and cloud deals are hitting the top line fast enough to back up the stock move.
