NEW YORK, August 14, 2026, 17:58 EDT — U.S. cash markets have closed
- Nokia rose 17.9% over four sessions, finishing Friday at $10.76.
- Orders for AI and cloud in the second quarter were 6.3 times higher than the unit’s sales for the same period.
- Trading volume on the Nasdaq was 2.17 times higher than its published average on Friday.
Nokia Oyj NYSE:NOK gained 1.9% to close at $10.76 on Friday, marking its fourth consecutive session of increases. Over the past four days, the ADR has risen 17.9% while the wider U.S. market declined.
The surge started on the back of positive momentum in optical networking. Nokia climbed 9.6% on Wednesday after Lumentum Holdings NASDAQ:LITE provided an upbeat outlook. The connection is relevant since Nokia has increased its sales of network equipment to AI data centers.
Nokia’s order book includes the initial investor test. AI and cloud orders for the second quarter totaled €2.8 billion, while sales to those clients amounted to €446 million. As a result, orders were 6.3 times higher than quarterly sales.
| Four-day trading range | Close | Daily change |
|---|---|---|
| Monday, Aug. 10 | $9.13 | -2.5% |
| Tuesday, Aug. 11 | $9.44 | +3.4% |
| Wednesday, Aug. 12 | $10.32 | +9.3% |
| Thursday, Aug. 13 | $10.56 | +2.3% |
| Friday, Aug. 14 | $10.76 | +1.9% |
Lumentum reported quarterly revenue of $1.01 billion, more than twice the previous figure. The company’s midpoint guidance for the following quarter reached approximately $1.25 billion, surpassing analyst forecasts. This outlook provides Nokia shareholders with an additional gauge on optical market demand. However, it does not ensure Nokia’s ability to convert that demand.
| Nokia Q2 operating test | Result | Year-on-year change |
|---|---|---|
| Group net sales | €4.82 billion | 8% higher on reported basis |
| AI-and-cloud sales | €446 million | Up 105% |
| AI-and-cloud orders | €2.8 billion | Unspecified |
| Comparable operating profit | €434 million | 18% above previous year |
| Comparable operating margin | 9.0% | Improved by 70 basis points |
Nokia’s AI-and-cloud clients accounted for 9.3% of its sales in the latest quarter. While this segment remains minor, its expansion now impacts overall group performance. Network Infrastructure revenue increased by 12% at constant exchange rates, and Optical Networks advanced 20%.
Chief Executive Justin Hotard stated, “Demand remains strong, while supply continues to be the main industry constraint.” Nokia anticipates that half of its disclosed AI orders will convert to sales within 12 months. Memory shortages and other component constraints could slow that transition. Reuters report; JPMorgan note reported by Investing.com
| Friday market test | Value | Investor reading |
|---|---|---|
| Regular finish | $10.76 | Fourth day of gains in a row |
| Shares traded | 68.3 million | 2.17 times the Nasdaq norm |
| Dollar turnover (est.) | $735 million | Substantial activity |
| 52-week span | $4.12–$17.45 | 38.3% off the peak |
| Nasdaq year-ahead target | $15.00 | 39.4% higher than the current close |
Trading volume on Friday backed the rally, though the price gained ground swiftly. Nokia’s market capitalisation hit approximately $61.84 billion. The ADR remained significantly under its June peak. This points to further upside potential, but also presents a substantial gap that needs to be protected.
| July analyst rating | Total | Percent of 11 ratings |
|---|---|---|
| Strong Buy | 4 | 36% |
| Buy | 4 | 36% |
| Hold | 2 | 18% |
| Sell | 0 | 0% |
| Strong Sell | 1 | 9% |
After the second quarter, analysts overall maintained a positive outlook. Out of 11 analysts, the consensus recommendation was Buy, and the mean price target stood at $15.02. Expected price targets spanned from $8.50 to $21, showing varied opinions regarding AI adoption and legacy telecom risks.
Risks: Lumentum’s outlook is an industry indicator and does not reflect Nokia sales figures. Orders from customers might be postponed or withdrawn. Rising memory expenses could weigh on margins, and sluggish telecom demand may balance out gains from AI.
Investors will be monitoring next week to see if trading volume remains high when markets reopen on Monday. Sustained momentum requires ongoing visible strength and consistent order conversion. If the price quickly drops below $10.32, it would negate Wednesday’s advance.
Related articles: NYSE:NOK
