HELSINKI, June 4, 2026, 01:01 EEST
Nokia Oyj traded higher again Wednesday, finishing up 2.39% in Helsinki at 14.805 euros. The stock is up around 18.5% over the first three trading days in June, with buyers still chasing the company’s artificial-intelligence angle. The OMX Helsinki 25 benchmark index added 0.61% to close at 6,602.84.
Nokia’s rally is now beating most sell-side targets. Nordea lifted its target to 15.7 euros from 10.5 euros on Wednesday and stuck with a buy call. But MarketScreener’s consensus stands at 9.815 euros from 23 analysts.
Nokia’s U.S. ADR traded down 13 cents at $16.73 after hitting $17.44. Volume climbed to 146.7 million shares. The 52-week high was $17.45, according to Finance.
Nokia’s rally started with April’s earnings, not any one new contract this week. Reuters said Nokia’s first-quarter comparable operating profit rose 54% to 281 million euros, ahead of analysts’ 250 million euro average, according to an Infront poll. Sales to AI and cloud customers were up 49%.
Nokia is going along with the reset. “We are increasing our growth assumption for Optical and IP Networks and we are investing to capture accelerating demand from AI & Cloud customers,” Chief Executive Justin Hotard said in the company’s first-quarter report, talking about optical networks, the fibre-based systems that move data at high speed. Nokia Corporation | Nokia
Nvidia’s $1 billion investment for a 2.9% stake in Nokia last year marked a bigger shift, with plans for both to develop AI networking. CEO Jensen Huang said the move would “bring telecommunication technology back to America.” PP Foresight’s Paolo Pescatore said it was a “strong endorsement of Nokia’s capabilities.” Reuters
Nokia laid out plans at its November capital markets day to split into network infrastructure, with a focus on AI and data centres, and a separate mobile infrastructure group centred on core telecoms. “The largest hyperscalers” are now spending more every quarter than top telecom operators put in over a whole year, Hotard said. But analyst Atte Riikola at Inderes flagged at the time that “market expectations were higher” after the stock jumped. Reuters
Ericsson, Nokia’s main Swedish competitor in network equipment, posted a mixed signal for peers. The company missed Q1 profit forecasts in April, blaming increased chip costs tied to AI demand and weaker North American sales.
But there’s an easy bear case. Nokia is still facing sluggish 5G demand, currency and tariff headwinds, and it could take time for AI-driven deals to help the bottom line. Jefferies, after January earnings, tagged the group’s 2026 operating profit target as “somewhat conservative.” Reuters
Nasdaq Helsinki was closed between sessions at press time. Regular trading runs from 10:00 to 18:20 local time, according to Nasdaq. The 2026 Helsinki holiday calendar doesn’t close for June 4, so the market’s next open on Thursday is set to test the rally.
