As of 1:37 a.m. in New York (ET) on Saturday, December 27, 2025, U.S. markets are closed for the weekend—so the latest Nokia quote reflects Friday’s regular session and after-hours trading, not live weekend price discovery. [1]
That timing matters because Nokia Oyj (NYSE: NOK) is ending the year in a very “2025” kind of setup: thin holiday liquidity, broad indexes hovering near highs, and investors still trying to separate real AI infrastructure winners from “AI vibes” stocks. [2]
Nokia stock price right now: where NOK stands heading into the next session
Nokia’s U.S.-listed ADR (NOK) was last quoted around $6.62, with an intraday range of roughly $6.58 to $6.72 and volume around 11.7 million shares in the latest reported session data.
With the NYSE core session running 9:30 a.m. to 4:00 p.m. ET, the next full opportunity for price discovery will be the next regular weekday session (Monday after the weekend). [3]
The market backdrop: “Santa Claus rally” conditions, light volume, and an AI-heavy tape
Nokia investors are operating in a year-end environment where U.S. stocks just came off a quiet, low-volume post-Christmas session and remain positioned for strong annual gains across major indexes. Reuters described the market as “light-volume” and noted the seasonal “Santa Claus rally” window that traders watch into early January. [4]
Why does that matter for Nokia?
Because in thin liquidity, narrative-led trades can get louder. Nokia’s narrative heading into 2026 is increasingly about AI-era network infrastructure—and it now has a very prominent stamp of approval.
The big Nokia catalyst: a high-profile Nvidia partnership and $1B equity investment
One of the most market-moving Nokia developments of late 2025 is the strategic partnership with NVIDIA tied to AI-RAN (AI for Radio Access Networks) and the transition path from 5G-Advanced to 6G—plus a headline $1 billion Nvidia investment in Nokia at a stated subscription price of $6.01 per share (per Nvidia’s release). [5]
Nokia’s own “inside information” release spelled out the mechanics: Nvidia would subscribe for new shares at $6.01 (EUR 5.16) per share, equating to an effective capital contribution of about $1.0 billion (EUR 0.86 billion), subject to customary closing conditions, and the companies would collaborate on AI networking solutions (including data-center switching and optical technologies) alongside AI-RAN work. [6]
Nvidia framed the partnership as a platform shift toward AI-native wireless. Nokia CEO Justin Hotard also positioned it as a redesign of the network around AI, while Nvidia CEO Jensen Huang argued AI-RAN could reshape telecom infrastructure. [7]
Markets clearly cared: Investopedia reported Nokia shares surged on the Nvidia investment news and described Nvidia’s stake as roughly 2.9% based on the transaction structure. [8]
Nokia’s strategic reset: two operating segments, new 2028 profit target, and explicit AI & cloud growth goals
Nokia is not subtly hinting at a pivot—it’s putting it in slide-deck concrete.
In November, Nokia announced it will simplify into two primary operating segments effective January 1, 2026: Network Infrastructure (positioned as a growth segment tied to the AI and data-center buildout) and Mobile Infrastructure (bringing together core, radio, and technology standards/IP licensing). [9]
Alongside that reorganization, Nokia introduced a new long-term target: annual comparable operating profit of EUR 2.7–3.2 billion by 2028, up from about EUR 2.0 billion over the last 12 months (Q4’24–Q3’25) as described in Nokia’s announcement. [10]
More importantly for investors trying to model a story into numbers, Nokia also published strategic KPIs, including:
- Network Infrastructure net sales growth target: 6–8% CAGR (2025–2028), including 10–12% for combined Optical + IP Networks
- Network Infrastructure operating margin: 13–17% by 2028
- Free cash flow conversion target: 65–75%
- Group Common & Other opex targeted down to EUR 150 million run-rate by 2028 (from ~EUR 350 million) [11]
Reuters reported market skepticism alongside the optimism: Inderes analyst Atte Riikola said the stock reaction reflected elevated expectations after a strong run-up, and analyst Paolo Pescatore flagged concerns around the scale of AI investment and uncertain returns. [12]
That mix—ambitious targets plus debate about execution—tends to keep a stock “in play.”
Infinera: the earlier deal that helps Nokia sell into the AI data-center buildout
Nokia’s AI infrastructure narrative is not just words; it’s also M&A and product footprint.
Nokia completed its acquisition of Infinera in February 2025, describing it as creating an “optical networks powerhouse” and explicitly linking the combined capabilities to data centers and the “AI era.” [13]
Separately, Reuters reported the EU approved Nokia’s takeover of Infinera without conditions and described the deal as strengthening Nokia’s position in optical networking as hyperscalers expand data-center capacity for AI workloads. [14]
Contract momentum: 5G upgrades still pay the bills while AI infrastructure becomes the growth engine
Even with the “AI era” branding, Nokia still needs classic telco execution—real operator contracts, real deployments, real renewals.
Recent examples Nokia has publicized include:
- A three-year deal with Telecom Italia (TIM) to expand and modernize 5G coverage/capacity after a competitive tender [15]
- A five-year contract extension with Telefónica Germany to modernize its nationwide RAN through 2030, including Cloud RAN solutions and an “AI-ready” AirScale portfolio [16]
These deals matter because they anchor Nokia’s revenue base while the company attempts to scale higher-growth segments tied to cloud providers, AI networking, optical transport, and data-center switching.
What Nokia said in the latest quarterly results: AI & cloud contribution, Optical growth, and 2025 guidance
Nokia’s Q3 2025 reporting offered a useful snapshot of how real the AI angle is becoming inside the numbers.
In its Q3 report, Nokia said:
- AI & Cloud customers accounted for ~6% of group net sales and ~14% of Network Infrastructure sales in the quarter [17]
- Network Infrastructure delivered 11% net sales growth, with Optical Networks up 19% (on a constant currency/portfolio basis), “coming largely from AI & Cloud customers” [18]
- Nokia also noted it continues to expand in private wireless, citing 960 customers [19]
On the outlook side, Nokia’s Q3 materials showed full-year 2025 comparable operating profit guidance of EUR 1.7–2.2 billion, described as a “technical revision” linked to venture fund reporting, with free cash flow conversion targeted at 50%–80% of comparable operating profit. The guidance also referenced an assumption of EUR:USD 1.17 for the remainder of the year. [20]
Dividends and shareholder returns: what income investors should know
Nokia’s Q3 2025 report also included a concrete dividend update: on October 23, 2025, the board resolved to distribute a EUR 0.03 per share dividend, with a record date of October 28, 2025 and payment date November 6, 2025. It also stated that, after this distribution, the board’s remaining distribution authorization was a maximum of EUR 0.03 per share. [21]
On buybacks, Nokia’s investor materials document substantial repurchases completed earlier in 2025:
- Between Nov. 25, 2024 and Apr. 2, 2025, Nokia repurchased 150,000,000 shares at an average price of about EUR 4.69, and the repurchased shares were canceled in April 2025. [22]
For stock-focused investors, those capital return actions can matter as much as topline growth—especially in a sector where valuation often compresses and expands with telecom capex cycles.
Analyst forecasts and price targets: what Wall Street is modeling for NOK
Analyst “forecasts” for individual stocks are not laws of physics—they’re consensus estimates that can shift quickly with guidance changes, big contract wins/losses, or macro shocks. Still, they set expectations, and expectations move stocks.
A few widely followed aggregations show a fairly wide distribution for Nokia:
- TipRanks shows an average 12‑month price target around $6.80, with a high of $8.50 and a low of $3.40, and a consensus rating characterized as Moderate Buy based on recent analyst inputs. [23]
- MarketWatch’s analyst-estimates page (snippet view) lists targets spanning roughly $3.83 (low) to $8.50 (high) with a median around $7.00. [24]
- A Nasdaq.com item referencing Fintel data showed an average one-year target around $6.60, with a wide range up to $8.73 on the high end. [25]
On individual calls, multiple outlets reported JPMorgan raised its Nokia price target to $8 and maintained an Overweight stance in early December. [26]
The key investor takeaway from the dispersion: the Street isn’t debating whether Nokia is “a company”; it’s debating how successfully Nokia can translate AI-era positioning into durable margins and growth while the legacy telecom investment cycle remains uneven.
A real debate in the background: what’s happening with private 5G and enterprise focus?
One nuance: “AI & Cloud” growth and “enterprise/private networks” growth are not automatically the same thing.
Trade publications have been parsing Nokia’s positioning in private 5G and enterprise networking late in 2025, with some commentary suggesting Nokia is adjusting where and how it competes in private networks rather than simply flooring the accelerator everywhere. [27]
GSMA Intelligence, for example, described Nokia’s Capital Markets Day messaging as including an enterprise/private networks pivot, and discussed market growth assumptions and Nokia’s implied trajectory. [28]
This matters because “enterprise AI networking” is a huge umbrella term. Investors should watch whether Nokia’s go-to-market becomes sharper (good) or more fragmented (not good).
What investors should know before the next market session
Because the exchange is closed right now, the weekend investor’s job is less about clicking buttons and more about loading the mental spreadsheet for Monday.
Here are the practical, near-term items to keep on the radar:
1) Next earnings catalyst is already dated
Nokia’s financial calendar says Q4 and full-year 2025 results are planned for January 29, 2026. That’s the next major “numbers + guidance” moment for NOK. [29]
2) Watch for follow-through headlines on the Nvidia partnership
Investors will be looking for tangible next steps: product timelines, operator pilots, and how Nokia positions AI-RAN commercialization into 2026. Nvidia’s release also referenced ecosystem partners (including T-Mobile and Dell) and trials expected to begin in 2026. [30]
3) Keep an eye on FX and policy risk—because Nokia itself does
Nokia’s own outlook assumptions include a specific EUR:USD rate reference, which is a quiet reminder that currency moves can affect reported results. [31]
Earlier in 2025, The Wall Street Journal reported Nokia cut its outlook citing currency and tariff headwinds—a theme that can reappear quickly if the macro backdrop shifts. [32]
4) Expect year-end flows and thin liquidity to exaggerate moves
Markets have been trading in lighter year-end conditions, with Reuters and AP both emphasizing the low-volume, post-holiday environment. That can amplify both rallies and pullbacks in single names. [33]
5) Know what “success” looks like in 2026, per Nokia’s own scorecard
Nokia has effectively told investors which dials it wants to turn: Network Infrastructure CAGR (6–8%), margin expansion targets, reduced overhead, and improved cash conversion. If Monday’s tape rewards “AI infrastructure,” Nokia can ride that. If the market rotates to defensives or demands near-term proof, NOK may be judged more harshly. [34]
Bottom line: Nokia stock is no longer just a telecom equipment story
Nokia Oyj (NOK) is entering 2026 with three pillars that keep it on investors’ screens:
- A very public AI-era endorsement via Nvidia’s $1B investment and AI-RAN partnership [35]
- A restructured operating model and explicit 2028 profit targets (EUR 2.7–3.2B comparable operating profit) [36]
- Evidence in reported results that AI & Cloud and Optical are contributing—but still from a relatively small base, meaning execution and scaling are the whole game [37]
When the NYSE reopens, Nokia’s near-term direction will likely be set by a familiar cocktail: AI infrastructure sentiment, any incremental partnership news, and investors positioning for the January 2026 earnings report—while keeping one eye on currency/policy turbulence that has already shown it can bite. [38]
References
1. www.nyse.com, 2. www.reuters.com, 3. www.nyse.com, 4. www.reuters.com, 5. investor.nvidia.com, 6. www.nokia.com, 7. investor.nvidia.com, 8. www.investopedia.com, 9. www.nokia.com, 10. www.nokia.com, 11. www.nokia.com, 12. www.reuters.com, 13. www.nokia.com, 14. www.reuters.com, 15. www.nokia.com, 16. www.nokia.com, 17. www.nokia.com, 18. www.nokia.com, 19. www.nokia.com, 20. www.nokia.com, 21. www.nokia.com, 22. www.nokia.com, 23. www.tipranks.com, 24. www.marketwatch.com, 25. www.nasdaq.com, 26. www.marketbeat.com, 27. www.lightreading.com, 28. www.gsmaintelligence.com, 29. www.nokia.com, 30. investor.nvidia.com, 31. www.nokia.com, 32. www.wsj.com, 33. www.reuters.com, 34. www.nokia.com, 35. investor.nvidia.com, 36. www.nokia.com, 37. www.nokia.com, 38. www.nokia.com
