HELSINKI, March 16, 2026, 15:12 EET
Nokia Oyj added roughly 1% in Helsinki on Monday, last changing hands near 7.3 euros by the afternoon. Shares have now climbed about 31% so far this year. The rally pushes the Finnish telecom gear maker’s 2026 rerating even further.
This is coming up fast: Nokia’s annual meeting lands April 9, and first-quarter 2026 numbers hit on April 23. That puts the pressure on—investors won’t tolerate much of a stumble if Nokia hopes to keep pitching its AI and cloud ambitions.
Last week’s trading saw opinions split. On March 12, Morgan Stanley bumped its price target for Nokia up to 8.50 euros from 6.50, saying AI and cloud infrastructure demand justified the move. Not everyone’s convinced: Arete Research downgraded Nokia to neutral the following day, signaling the rally may have already run its course for some.
For the bulls, it comes down to Nokia’s ability to convert the AI boom into ongoing sales. On March 2, Reuters said Nokia extended deals with TIM Brasil and Deutsche Telekom, following a multi-year data center agreement with Telefonica in Spain. According to the report, AI-driven network upgrades are unlocking fresh revenue streams for vendors like Nokia and Ericsson.
Nokia is cutting straight to the point these days. In a March 1 statement, Chief Executive Justin Hotard called AI “the new workload reshaping networks.” Then, just three days later, Chief Technology and AI Officer Pallavi Mahajan urged operators to prepare for an “AI Supercycle.” Nokia Corporation | Nokia
Nokia isn’t sticking to just telecom operators. On March 3, the company said it now has over 75 partners on board with its Network as Code platform, which lets software developers plug directly into network features. Google Cloud is set to integrate AI agent tools into the mix. Shkumbin Hamiti, who heads network monetization for Nokia, called this a “major step” toward more advanced connectivity. Nokia Corporation | Nokia
This stock hasn’t moved in just one direction. Back in January, Nokia’s fourth-quarter numbers landed, and shares dropped 6% at the open in Helsinki. Reuters pointed to a profit warning—U.S. import tariffs and a soft dollar squeezed margins—even with the company meeting expectations for the quarter. Comparable operating profit, Nokia’s preferred metric, leaves out certain one-offs.
Competition is sticking around. Back in January, Reuters noted that both Nokia and Sweden’s Ericsson made their case to be the secure Western alternative, as governments take a harder look at Chinese equipment. That leaves U.S. carriers mostly turning to Nokia, Ericsson, and Samsung. Investors now have a more pointed dilemma: Will demand for AI-driven optical and network gear keep up the pace, or will growth stall before April’s numbers hit?
