A vote of confidence from AI chipmaker Nvidia is sending shares of another tech company soaring Tuesday.
The AI chip giant will have a 2.9% ownership stake in the Finnish telecom company.
NOK's Q3 results beat estimates as strength in fixed and optical networks drove solid year-over-year revenue growth.
Nokia (NOK) shares surged ~10% after Q3 profits exceeded expectations, driven by strong AI and cloud demand in its Optical Network division. NOK posted 11.5% Y/Y revenue growth, with notable gains in cloud, 5G Core, and successful Infinera integration supporting future performance. Despite lower dividend appeal, NOK's strategic partnerships and robust order backlog position it for continued growth and network modernization.
Justin Hotard, CEO of Nokia, discusses the long-term prospects from AI following the release of the company's third-quarter earnings.
Nokia's CEO Justin Hotard said artificial intelligence is driving a long-term growth trend that resembles the internet boom of the 1990s, but downplayed concerns about a potential bubble.
Nokia Corporation NOK recently announced that Telin, a major telecommunication company in Singapore, has opted to deploy Nokia solutions to boost data center connectivity in Singapore. The city-state has become a key epicenter of the data center expansion in the Asia-Pacific region.
Nokia remains a Buy due to its low valuation, healthy financials, and growing AI-driven partnerships, despite recent volatility and guidance cuts. NOK's collaboration with Super Micro Computer and other tech leaders expands its AI data center exposure, positioning it for potential outsized growth. Recent financials show early signs of turnaround, with strong free cash flow, manageable debt, and segment growth driven by AI and 5G demand.
NOK's optical solutions power i4Networks' agile DCI services in the Netherlands, while new global deals expand its fiber and IP reach.
NOK will upgrade Vortex Group's network across three Indian states, boosting broadband speeds and enabling scalable, future-ready connectivity.
Former Nokia CEO Pekka Lundmark will join Finnish quantum computing company QMill as an investor and a board member, the company said on Wednesday.