NEW YORK, June 10, 2026, 19:01 (EDT)
- Nokia’s U.S.-traded ADR dropped 3.25% to $13.40 on Wednesday, adding to its 5.07% slide from Tuesday. It’s the second day in a row the stock has fallen.
- AI-related tech stocks fell, and traders pointed to fresh pressure on Nokia and Ericsson after a Reuters story said both firms were under scrutiny as Nvidia moved into future mobile-network tech.
- Nokia faces a big question in July: will the results finally turn the AI and cloud buzz into real earnings growth, or will it stay a story for the market?
Nokia shares fell again Wednesday. Investors are rethinking one of the recent AI-networking trades—this time not because of a fresh profit warning from Nokia, but on a new read of the old story that sent the stock higher. The question now is whether Nvidia’s expanding role in telecom networks puts Nokia in a stronger spot for AI infrastructure, or just makes it compete for margins inside a Nvidia-led tech stack.
Nokia Corp. ADR (NOK) ended Wednesday at $13.40, off 3.25%. That followed a 5.07% drop Tuesday to $13.85. The ADR finished 23.21% under its 52-week high of $17.45 from June 3, according to .
Nokia shares traded at €11.740 in Helsinki, down 1.92% in the last 24 hours, according to Investing.com. The range on the day was between €11.525 and €12.105, with a 52-week range of €3.458 to €14.995. TradingView showed the same €11.740 price. The stock is off 19.59% over the past week but still trades well above where it was a year ago.
Telecom stocks took a hit Tuesday in Europe. Reuters said the sector dropped 2%, with Ericsson and Nokia among the biggest drops on the STOXX 600, after a trader-cited report warned about possible risks if Nvidia builds tech for future mobile networks. Nvidia is more than an AI supplier here; it’s also a key Nokia partner and shareholder.
Selling picked up after the U.S. markets weakened. Reuters reported Wednesday that major U.S. indexes closed down more than 1%. The semiconductor index slid 3.6%. Big names like Nvidia and Broadcom pulled the S&P 500 lower, with valuation concerns weighing on investors. Nokia’s recent gains are linked to AI data centers and AI radio access networks, but with the AI sector cooling, it was harder for the market to price in company-specific good news.
Nokia had new operating news. The company said June 9 it would work with Indosat Ooredoo Hutchison to upgrade the Indonesian carrier’s mobile network with advanced 5G radio access tech. AI-RAN—artificial-intelligence radio access network—puts AI hardware next to mobile network gear so operators can push AI and connectivity tasks closer to users. Nokia said with Indosat and Nvidia, it is aiming for field trials in Indonesia by the end of 2026.
Chief Executive Justin Hotard called the Indosat deal a move toward networks focused on “connectivity, intelligence and scale.” In its release, Nokia said it will bring in Habrok and Pandion radios, Levante basebands, centralized RAN and automation platforms. Nokia also said mid-band 5G should reach about 80% of Indosat’s network over the next three and a half years. Nokia Corporation | Nokia
Investors seemed unimpressed, looking for more than a nod to strategy. Indosat’s update detailed some of the tech and when trials would happen, but Nokia didn’t update its 2026 earnings targets. On June 9, Nokia also filed a stock exchange notice about a transfer of 216,896 treasury shares to people in equity plans, at no cost. The company now holds 132,136,437 own shares.
Nokia’s June 9 launch brings another AI-era tool but doesn’t touch guidance. The company rolled out Deepfield Genome Shield, an automated security system aimed at blocking DDoS attacks — large volumes of malicious traffic sent to crash sites or networks. Nokia said Reddot Technologies was one of the first to use it. The product is designed to fight off botnet attacks coming from compromised home devices.
Nokia’s April quarter is still in focus for investors. Comparable operating profit was up 54% at €281 million in Q1, beating the €250 million analyst average reported by Reuters. The company said net sales to AI-and-cloud customers jumped 49% and it booked €1 billion in orders from those customers for the quarter.
Nokia is pushing to capitalize on faster AI and cloud demand, Hotard said in April. The company stuck to its 2026 comparable operating profit goal of €2.0 billion to €2.5 billion. For Network Infrastructure, Nokia now sees net-sales rising 12% to 14%. It expects Optical and IP Networks together to grow 18% to 20%.
Nvidia is behind the high side case now in focus. Reuters said in October 2025 that Nvidia planned to put $1 billion into Nokia for a 2.9% stake tied to an AI and data center agreement; Nokia shares jumped 20.86% after the news, and Hotard said revenue from the new equipment should start in 2027.
AI hype could get ahead of what the business brings in. Nokia flags a list of risks: stiffening competition, swings in customer network spending as AI and data-center demand shifts, heavier R&D and product-roadmap pressure, chip supply issues, tariffs, inflation, rising rates, and geopolitical hits. Nvidia’s move into telecom might affect who holds power in the supply chain. Or telecoms might hold back on AI-RAN orders. Either way, Nokia’s rally could get shaky, even if it sticks to its technology plans.
Nokia’s Q2 and half-year results land July 23, marking the next big event for the stock. Investors want to see if AI and cloud orders, optical-network demand, and the Nvidia-related mobile-network plan are hitting margins and sending free cash flow higher. The bar is high after shares traded as an AI infrastructure play.
