Helsinki, July 19, 2026, 01:10 EEST
Nokia Oyj HEL:NOKIA dropped 18.8% over the past week, ending Friday at €8.852. The stock declined in each session. Nasdaq Helsinki was shut for the weekend at the time of publication.
The OMX Helsinki 25 closed nearly flat, maintaining an 18.7 percentage-point difference with Nokia. Thursday’s results are now under closer examination.
The more significant comparison is outside Finland. Ciena Corp NYSE:CIEN, a peer in optical networking, dropped 18.7%. Nokia’s decline was just 0.02 percentage points different.
The nearly synchronized movement indicates that investors are viewing Nokia as a proxy for AI networking. The company’s trading pattern differed from that of a typical Finnish defensive.
| Asset | July 17 close | Friday | Week |
|---|---|---|---|
| Nokia HEL:NOKIA | €8.852 | -3.28% | -18.75% |
| Ciena NYSE:CIEN | $374.41 | -3.70% | -18.73% |
| Ericsson STO:ERIC-B | SEK 95.26 | -0.61% | -13.56% |
| OMX Helsinki 25 | 6,174.83 | +0.96% | -0.02% |
The week compares closing levels on July 17 to those on July 10.
Ericsson provided the sharpest operating update of the week. Second-quarter sales were below expectations, but adjusted operating profit came in just above forecasts.
Ericsson’s Chief Financial Officer Lars Sandström said: “The whole AI build-out is putting quite the pressure on the whole industry, including us.” The company cited increased memory prices and custom-chip expenses as contributing to the pressure. Reuters
Nokia’s AI outlook has two aspects. Increased data-centre activity may boost optical sales, while the same trend could squeeze hardware margins.
The broader decline on Friday supported that interpretation. The Philadelphia Semiconductor Index fell into bear market territory, dropping over 20% from its June peak.
Nokia posted a 49% increase in AI and cloud sales for the first quarter, securing €1 billion in new orders.
Nokia in April increased its 2026 sales growth outlook for Network Infrastructure to 12%-14%, while reiterating its comparable operating profit forecast at €2.0 billion to €2.5 billion.
This Thursday, the focus is limited. Nokia is expected to report order growth but avoid pressure on gross margins. Markets will also want insight into component expenses.
The AI-RAN rollout announced this week does not affect the existing short-term schedule. Trials will begin later this year, and commercial launch is targeted for 2027.
Omdia analyst Rémy Pascal said the launch marks “an important step in bringing AI-RAN from industry vision to commercial reality.” However, the timing means it is still a potential source of revenue in the future. Nokia Corporation | Nokia
Nokia is set to release its results around 08:00 EEST on Thursday, ahead of the start of trading in Helsinki. The company’s analyst webcast will begin at 15:00 EEST.
Risks remain balanced. A surge in AI orders or successful pricing may prompt a swift recovery. Conversely, lower intake or new cost increases could prolong the downturn.
