Helsinki, May 25, 2026, 17:04 (EEST)
- Nokia shares in Helsinki slipped 1.5% to around 13.06 euros, after hitting a new 52-week high earlier at 13.495 euros.
- Shares came down after Friday’s 9.55% surge and Morgan Stanley raising its price target to 14 euros.
- The OMX Helsinki 25 rose. Nokia’s U.S. ADRs didn’t trade as U.S. markets shut for Memorial Day.
Nokia Oyj pulled back in Helsinki Monday after pushing to a new 52-week high earlier in the session. Shares were up earlier on an AI-driven move but dropped back to around 13.06 euros, off 1.5%. The network-equipment maker peaked at 13.495 euros, according to data.
Nokia is getting revalued by investors, less like an old telecom gear maker and more like a vendor of optical and data-center networking used in AI infrastructure. Shares gained 9.55% Friday on strong volume, historical market data show.
Nasdaq Helsinki traded as usual on Monday, with hours from 10:00 a.m. to 6:25 p.m. EEST. In contrast, the U.S. markets stayed closed for Memorial Day, so Nokia’s ADRs in New York did not trade until Tuesday.
OMX Helsinki 25 rose 0.57% to 6,527.85, according to Nasdaq data, leaving the Finnish market stronger. Nokia’s slide looked more like investors cashing in gains after a quick rally, not a sign of wider losses.
Morgan Stanley boosted its price target on Nokia to 14 euros from 11 euros and kept the shares as a top pick for AI data-center networking, according to Investing.com. Terence Tsui and his team said possible new deals could have an “outsized effect” on revenue, since Nokia’s current AI and cloud sales start from a low base. Investing.com
The latest corporate headlines have fueled that case. Nokia on May 21 said it opened an AI Networking Innovation Lab in Sunnyvale, California, working with AMD, Keysight, Lenovo, Nscale, Supermicro, VIAVI and Weka as early tech partners. The site lets Nokia and its partners run network tests before deploying them at scale in AI data centers.
Nokia’s VP of software product management Rudy Hoebeke called the launch a “major milestone” and said the new center will let customers test networks in more real-world AI settings. Keysight’s Ram Periakaruppan said the project helped “benchmark and optimize AI networks.” Travis Karr from AMD pointed to an “open, standards-driven approach.” Nokia Corporation | Nokia
The rally goes beyond any single lab launch. Nokia said in April that comparable operating profit was up 54% in the first quarter to 281 million euros. Analysts in an Infront poll were looking for 250 million euros. Reuters said sales to AI and cloud clients jumped 49%. Nokia landed 1 billion euros in new orders from those buyers.
Nokia CEO Justin Hotard is calling the change a demand story. In its first-quarter results, Nokia raised its growth targets for Optical and IP Networks. Hotard said on the call that the company is spending to catch up with faster demand from AI and cloud customers.
Competitive heat stays on. UBS said in a Reuters note picked up by Sahm Capital this month that advances in AI are already “priced in,” and flagged rivalry from Cisco and Ciena in the data-center switching segment and the market for pluggable optics—those small optical modules for linking fast network gear. Sahm
Nokia said Monday that Konstanty Owczarek, labeled as “other senior manager,” bought 32,595 Nokia shares on May 22 on the New York Stock Exchange. The average price came in at $15.3457 per share, calculated on a volume-weighted basis. The disclosure didn’t call the deal a market catalyst. Nokia Corporation | Nokia
But a real risk now is that a slowdown in AI data-center spending, or delays from customers, could pressure Nokia’s margins. The company has put more money into optical capacity just as the stock is trading close to recent highs. Nokia cites competitive pressure, changes in network investment by customers, component prices, supply chain problems, tariffs, and currency swings as risks.
Nokia’s next earnings release isn’t due until July 23, when the company will post its Q2 and half-year numbers. Until then, investors are left watching for order flow, analyst comments, and any new AI-networking deals.
