Bullish options flow with large blocks of April 24 $12 calls and ongoing call roll-ups across May and June strikes, alongside some profit taking in June 9 and 10 calls (rolled up to the 11s) as Nokia stock clears $11 and eyes resistance at the $12.57 2010 gap.

Optical Networks grew 17% in Q4 2025 with €2.4 B in hyperscaler orders, fuelled by strong AI center buildout demand, with projections of 17% CAGR through 2028 and 6–8% sales growth in Network Infrastructure in 2026. Nokia plans €900 M–1 B CapEx to expand optical manufacturing capacity, while select devices will remain on Android 14 with ongoing security updates.

Partnerships with Orange, Nvidia, Intel and Dell underpin AI-driven RAN and edge network deployments, while Nokia’s optical and IP networking leadership addresses a key AI data-center bottleneck. EU security bans on Huawei and ZTE bolster its market access and private wireless RAN dominance, complemented by top rankings in network API platforms. US 6G acceleration directives, implantable technology regulations, a persistent global semiconductor shortage, currency headwinds and Open RAN competition frame its external constraints.

Investor conviction is rising sharply on Bank of America and Jefferies upgrades, fueling belief that Nokia’s pivot into AI-driven optical and hyperscaler networking marks a third-act turnaround, and keeping sentiment firmly bullish even as some fair-value models suggest the rally may be running ahead of estimates.