Opinion:

I like this move overall. Makes sense in more ways than one as Nokia continues its transformation.

Pekka was originally having some success in China but I think this will help Nokia long term save money, stream line their business, and focus on North America and Europe.

Article Summary:

Nokia reportedly plans to close nearly all its mainland China sites in stages by the end of 2026 and eliminate most of its local workforce.

Nokia confirmed it is shrinking its Chinese footprint because the business there has steadily declined, but it did not disclose exact locations or job numbers.

The retreat follows earlier cuts: Nokia reportedly eliminated about 2,000 Greater China jobs in 2024 as Chinese telecom operators increasingly favored domestic suppliers.

The broader takeaway is that Nokia is treating mainland China as a structurally diminished market—not merely making a temporary cost cut.

This further concentrates China’s telecom-equipment market around domestic vendors such as Huawei and ZTE while reducing Nokia’s exposure and operating costs.

The three purchases were Timo Ihamuotila, Nokia’s board chairman, buying 60,000 shares for roughly $595,000; Patrik Hammarén, President of Technology Standards, buying 43,293 shares for roughly $430,000; and Pallavi Mahajan, Chief Technology and AI Officer, buying 62,000 shares for $592,100. Combined, they purchased 165,293 shares worth about $1.62 million.

Nokia Major Insider Stock Holdings:

Raghav Sahgal — 1,046,312 shares
Justin Hotard — 1,015,578 shares
David Heard — 685,106 shares
Marco Wirén — 516,813 shares
Timo Ihamuotila — 345,394 shares
Esa Niinimäki — 193,591 shares
Thomas Dannenfeldt — 141,273 shares
Louise Fisk — 101,598 shares
Patrik Hammarén — 100,037 shares
Kai Öistämö — 85,715 shares
Lisa Hook — 85,568 shares
Thomas Saueressig — 81,600 shares
Elizabeth Crain — 75,092 shares
Timo Ahopelto — 71,360 shares
Konstanty Owczarek — 70,000 shares
Pallavi Mahajan — 62,000 shares
Mike McNamara — 49,942 shares
Victoria Hanrahan — 47,082 shares
Mikko Hautala — 28,201 shares
Pernille Erenbjerg — 25,638 shares
Meredith Whittaker — 6,758 shares
Kristen Pressner — 0 disclosed

Total — approximately 4.83 million shares

Nokia expects about $912 million in restructuring costs in 2026. That includes finishing its existing cost-cutting program, simplifying operations in China, and additional cuts mainly in Europe.

Nokia says its existing program is on track to deliver roughly $1.37 billion in annual cost savings.

The restructuring is a major reason Nokia’s reported Q2 profit looked so weak. Underneath those one-time costs, the business actually performed pretty well, particularly in Network Infrastructure.

The most encouraging part continues to be AI. AI & Cloud sales grew 105%, and Nokia booked approximately $3.2 billion in AI & Cloud orders during the quarter.

Overall, I view this as positive for Nokia long term. They’re accepting roughly $900 million of costs now while cutting expenses and shifting resources toward faster-growing AI, data-center, optical and IP networking businesses.

If growth continues, 2027 could look considerably cleaner and more profitable once these restructuring expenses decline.

Nokia said it continues to capitalize on surging demand from artificial intelligence and data-center customers, as supply constraints are pushing some clients to place longer-term orders.

The Finnish company has expanded its portfolio to supply key data-center infrastructure for the AI rollout, while continuing to serve its traditional telecom equipment market.

The company said Thursday that second-quarter sales in its network infrastructure business–the unit that houses AI and data-center networking technology–rose 12% on year, driven by demand from AI and cloud customers in the Americas.

It booked 2.8 billion euros ($3.2 billion) of orders from AI and cloud customers in the quarter and still sees overall sales in the network infrastructure business growing 12%-14% this year.

Sales of the company’s mobile infrastructure equipment–its traditional mobile-communication technology and services–rose 6% on year, with Asia Pacific and Europe, Middle East and Africa showing the strongest growth.

For the year ahead, the company is still tracking somewhat above the midpoint of its full-year group comparable operating profit guidance, which now stands at between 2.1 billion and 2.6 billion euros from 2 billion and 2.5 billion euros previously. The increase is due to a change in the presentation of two businesses, so operationally, the outlook is unchanged, it said.

However, the AI boom is creating shortages of key components such as semiconductors and increasing costs, with Nokia Chief Executive Justin Hotard previously noting lengthening lead times as the company looks at ways to secure supply and limit costs.

“Supply continues to be the main industry constraint, prompting our customers to place longer-term orders,” he said Thursday.

As the company works to pivot more toward high-growth opportunities, it said it has launched additional restructuring actions that mainly impact Europe. The programs are a further step in simplifying the operating model and reallocating resources and are expected to lead to restructuring charges of 200 million euros this year.

These costs come on top of an existing 250 million euros of charges from a previous cost-saving plan that will complete this year and yield savings at the high end of an 800 million to 1.2 billion euro range, while integration of a Chinese joint venture will see around 350 million euros of costs in 2026.

In total, restructuring charges are expected at 800 million euros this year, up from a previously guided 250 million euros.

Nokia posted an 18% rise in second-quarter group comparable operating profit to 434 million euros, beating the 384 million euros expected in a FactSet poll.

Sales rose to 4.82 billion euros against the 4.84 billion-euro FactSet estimate.

The company said it assumes third-quarter sales will increase between 3% and 7% on the quarter with largely flat comparable operating profit due to the timing of some software revenue recognition before a “meaningful” increase in the fourth quarter.

Sounds like Nokia doesn’t fully take over until 2029 but I LOVE this. Keep the US manufacturing sites growing!

Big fan of Hotard, he speaks well and has a strong vision in my opinion.

Nokia reported one of its strongest quarters in years, beating expectations on both revenue and profit while raising its full-year outlook.

Comparable operating profit increased 18% to about $507 million, above analyst estimates of roughly $446 million, while revenue came in at approximately $5.63 billion.

AI continues to be the biggest growth driver. Sales to AI and cloud customers doubled to about $521 million, and Nokia booked approximately $3.27 billion in new AI and cloud orders during the quarter, showing demand remains very strong.

CEO Justin Hotard said demand from hyperscalers building AI infrastructure continues to accelerate. While higher memory chip costs are creating some pressure, Nokia expects to offset much of the impact through pricing and product improvements.

The company also raised its 2026 comparable operating profit guidance from approximately $2.45–3.04 billion to $2.45–3.16 billion, reflecting growing confidence that AI networking demand will continue supporting the business alongside its traditional telecom operations.

Use this thread for general discussion on the earnings results.

It is okay to still post artciles from prominent news sites regarding the results.

But low quality discussion posts regarding the results or the stock price will be removed.

Nokia has come a long way from its 1990s-era candy-bar-shaped cellphones.

The Finnish company doesn’t even make phones anymore. It has pivoted instead to providing some of the crucial infrastructure inside data centers that support the artificial-intelligence boom. And that shift has put its stock on a tear.

Nokia sells equipment and software that acts as a kind of logistics and delivery service for AI, including switches that connect servers and routers that direct data traffic between servers. If a data center’s thousands of miles of fiber cables are the roads that the data travels, then Nokia’s products are the trucks and sorting centers that get the data where it needs to go.

In a statement, Chief Executive Justin Hotard called Nokia’s offerings “the backbone of the AI economy.” 

The company is riding the wave as hyperscalers like OpenAI, Meta Platforms and Google parent Alphabet race to build data centers. Nokia’s stock price has risen roughly 90% so far this year as investors embrace its new identity as an AI infrastructure company with a stagnant legacy mobile business attached.

But its strategy also exposes it to the risks of a volatile sector and the supply-chain constraints of a crowded market.

Nokia’s stock is “basking in the glow of the AI halo,” said Daryl Schoolar, analyst and director at telecom research firm Recon Analytics. However, he said, its momentum “relies on the success of AI itself—which is not 100% guaranteed.”

Nokia’s former CEO Pekka Lundmark shaped the AI infrastructure strategy. Last year, under his leadership Nokia bought Infinera, a maker of optical networking technology—the lasers, receivers and chips that haul data around—in a deal worth $2.3 billion.

Nokia’s share of the North American optical network market grew to 27.3% in 2025 from 6.3% in 2024, according to Ian Redpath, a research director at advisory firm Omdia. That put Nokia solidly in the market’s second place. Ciena leads with 50.1% market share, according to Redpath. 

Corporate metamorphoses aren’t new for Nokia. Founded as a ground wood pulp mill on the banks of Finland’s Nokianvirta River in 1865, the company evolved through rubber and cables before it became known for mobile handsets. Its market cap peaked at more than $250 billion during the dot-com bubble in 2000.

Nokia sold its handset business to Microsoft in 2014, and still licenses the name to a phone maker. It leaned in to mobile infrastructure, selling telecom service providers equipment that sits on cell towers and software for mobile networks.

That mobile infrastructure business still makes up a little more than half of Nokia’s revenue, but the unit’s revenue has been declining since mobile carriers largely completed their fifth-generation network deployments. 

Last year, Nokia got a new CEO who was eager to accelerate the AI push: Hotard, who had previously run Intel’s data center and AI business. He brought other Silicon Valley veterans into Nokia’s C-suite to scale the AI infrastructure business.

Nokia’s efforts got a major boost when chip maker Nvidia bought a 2.9% stake in the company for $1 billion in October, as part of an agreement for the two to collaborate on their products.

After a strong first fiscal quarter for the Nokia unit that includes optical networks Nokia nearly doubled its guidance for its full-year growth rate, to between 18% and 20%.

But capitalizing on the AI rush comes with its own challenges. Competitors are vying for the same parts as Nokia, so some are in short supply. 

Nokia faces long lead times for some components, Hotard said in April, and is considering ways to secure supply and limit costs as it expects higher prices for semiconductors.

“Long lead times are a risk. If those lead times get unpredictable, then their revenue gets unpredictable,” said Omdia’s Redpath.

And Nokia now has to ride the same roller coaster as other AI-related stocks, which have fluctuated as investors fret over companies’ skyrocketing spending, murky monetization prospects and the impact higher interest rates may have on the debt-fueled data center build-out.

Though Nokia is now being valued like an AI company, it hasn’t yet proven it can operate with the margins expected of one, said Amanda Lyons, head of research at Energy Group Capital. “The market is now waiting for the earnings to catch up to the story,” she said.

Nokia gone 4/4 this year on getting ASUS, Acer, Lenovo, and Hisense to sign these licenses for video coding.

They also have deals with Snapchat, Amazon, Samsung, Technicolor, 7 unnamed streaming platforms, Stellantis, Mercedes Benz, and 12 Chinese automakers.

Won’t move the stock price, but I like to see this personally. Sustainability was a big part of former CEO Pekka Lundmark’s pay package, so promising to see his efforts paying off.

Many may argue this is a useless waste of time, effort, and even money, but I believe there are several potential benefits.

I think it will help attract talent especially in the younger generations. Sustainability is something that matters a lot them and I believe that trend will continue.

Data Centers also have a negative sentiment toward them regarding their impact on the environment so for Nokia to be a player in data centers while also sustainable is good IMO.

Another nice win for Nokia Technologies patent team!

This deal today, Lenovo yesterday, and Hisense easlier this year are all good news.

ASUS should be next and signs point to Nokia winning that one too.

If you are new to $NOK and want an easily digestible recap of the last couple of years, I think this video hits all the major points.

My Post a few weeks ago got some good traction so figured I would share another. Posted this earlier, but mods deleted. Added a picture of my position so hopefully this one stays up.

• My thesis for Nokia has always been that it's Big Tech not priced like Big Tech. So promising to see all of the re-rating happening lately. Let's hope it continues.

In the meantime, wanted to share a few areas in which I believe Nokia can really grow in the coming years. Nokia is a large well diversified company with a lot going on.

• If anyone accuses this of being AI slop, per my last post - this is from the dome.

Data Centers

Wanted to start with the big boy. Nokia aquiring Infinera created a powerhouse in optical networks, with the scale to power the data center revolution

• What it really did was help Nokia finally get better ins with many hyperscalers.

Nokia is not in the business of building data centers, but it is involved in providing the equipment that goes inside them like routers and switching products.

• Nokia has Data Center deals with Microsoft, Apple, Corresite, Coreweave, Telefónica, and Nscale (whom they are invested in).
• They are also partnered with Nvidia, Supermicro, Lenovo, Dell, Kyndryl, and Fabrinet.

Nvidia buying $1B of $NOK really got the party started. If you could not tell by the partners and customers above, Nokia is part of the Nvidia ecosytem now.

• Marvell and Nokia have been partners for years
• T-Mobile and Nokia helping physical AI applications at the edge

These partnerships are leading to real results too.

• AI & Cloud: grew 49% YOY and are now over 8% of total sales.
• Hyperscalers: booked over $1B billion in new optical orders.
• Optical Networks: surged 20% due to data center demand.

Lastly I will leave you with this video of Elon Musk. Say what you want about Elon, but the man is elite at predicting where tech goes.

• He says "What we call a phone will be an edge node for AI inference with radios to connect. You’ll have AI on the server side communicating with AI on your device."

Space

Alledgedy by 2035, the Space Economy will be worth over $1T. Seeing as SpaceX just IPOed with a valuation over $2T, I'd say there is money to be made in space.

It was common during the meme stock craze, for degens to use "to the moon" when talking about Nokia because NASA chose Nokia to Build First Mobile Network on the Moon.

• Even though Intuitive Machines (LUNR) messed up and tipped over, Nokia did power up their Lunar Surface Communications System and send data back to Earth.

Nokia is also working with Axiom Space to equip space suits with 4G LTE connectivity for the Artemis III mission in 2027.

Nokia is spinning off its space division to become Modul8, which I believe is a great move. Nokia will be majority owner and Modul8 can eventually be valued as a space company.

In the past, Nokia has listed satellite telecoms like Starlink as a risk to their legacy telecom business. They have also stated that terrestrial networks will always be superior.

• I agree with this thinking and believe the 2 above examples show just that. The space economy is in its infancy and yet there are already a need for terrestrial networks.

Anyway, I bring this up as a segue to discuss AST SpaceMobile, (ASTS), a WSB darling.

If satellite telecoms do really take off, it appears like they are posied to be the leader. Well good new for Nokia as ASTS is an excellent customer and collaborator of Nokia.

• Essentially ASTS does not exist or thrive without Nokia as Nokia supplies the RAN and the network core so ASTS can process data and route signals.
• In 2023, Nokia and ASTS completed the first-ever 5G cell call from space directly to a smartphone using AT&T spectrum and Nokia's core network. More on AT&T later.

Nokia has been advocating that satellite connectivity is a big part of 6G for a while now which I believe is a smart choice.

They recently invested in ICEYE a Finnish microsatellite manufacturer and operator who is now the world's largest synthetic aperture imaging radar constellation.

• Synthetic Aperture Radar satellites use microwave pulses to map the Earth's surface and have the ability to penetrate clouds, smoke, rain, and darkness. These satellites provide high-resolution terrain and environmental data that can be useful in the defense sector.

Defense

In 2024, Nokia aquired Fenix Group, a US tactical communications company. This helped create what today is Nokia Federal Solutions, their US defense segment based in VA.

They are doing some interesting stuff.

• Earlier this year, they were awarded a SHIELD IDIQ contract by U.S. Missile Defense Agency. This contract has a ceiling of $151B.
• They also work with Lockheed Martin, the largest defense contractor in the world. Last month they rolled out a mission-critical 5G solution for U.S. Department of War.

Drones

This likely goes hand in hand with Defense, but since Trump has been all about Drones lately, felt like it deserved its own section.

In March, Nokia partnered with Anduril the company that is arguably poised to be the US leader in drone and anti-drone defense for the foreseable future.

• That partnership already seems to be bearing fruit, as Anduril has Added Nokia 5G Comms to Sentry Family of Systems.

At the end of 2024, Nokia and Motorola Announced a Drone Technology Integration for a Drone in a Box aimed at public safety and industrial operations.

• Interested to see if Nokia Drone Networks does anything with their offering soon.

Quantum

I am not going to pretend like I understand what the hell Quantum Computing is, but I do know that Nokia Bell Labs is trying to make topological qubits needed for Quantum.

• The practical uses of Quantum Nokia has stated so far are related to quantum security for Networks and Data Centers which add to the push of sovereign needs for both.

If you want to read up more on this, visit Nokia's Website. With Trump recently buying stakes in Quantum companies, it is good to see Nokia taking Quantum seriously.

Broadband

I saved the most boring one for last, even though broadband is still a big deal in the US.

The US government recently spent $42B on the Broadband Equity, Access, and Deployment (BEAD), the largest broadband infrastructure investment in U.S. history

AT&T famously Booted Nokia RAN out in Favor of Ericsson, back in 2023 giving Ericsson a $14B 5-year deal. This was a dark time in Nokia investor history.

• However, my opinion on that deal was that Ericsson needed it BAD and gave away the farm to get it. In the long run, I have a feeling that will be a good thing for Nokia.
• It showed that Nokia was willing to evolve. Instead of sticking with legacy telecom business, it walked away from a low margin, high labor deal.

Less than a year later, Nokia signed a Fiber Broadband Deal with AT&T to "provide fiber solutions in support of AT&T's future network footprint expansion and upgrades."

A few months later, Nokia Signed a 5G IMS Voice Core and Digital Operations software with AT&T. I am not a tech guy, but my general understanding is:

• Radio Access Network RAN (Ericsson provides AT&T) is the wireless connection between your device and the network
• IMS Core (Nokia provides AT&T) serves as the software engine that processes and routes IP-based services like voice calls and messaging over that connection.

All that said, then back in March, AT&T Announced a $250B US Investment to Improve Connectivity. Fiber and Infrastructure was mentioned several times in the release.

• I am sure both Nokia and Ericsson will benefit from this. ASTS was also mentioned in the release which we learned above is a strong Nokia customer.

Conclusion

Never know how to wrap these things up, but obviously still bullish on $NOK. If I missed any other growth segments for the company, please share them below.

I am sure I missed something. Smart Cities and Smart Grids might find legs eventually.

Position:

Did not share last time, but my position is below. No options for this guy.

• 50,000 shares at $4.91

https://preview.redd.it/c93kpgwzjb7h1.png?width=1547&format=png&auto=webp&s=fc32f68206eaabcdc305a6914e7e78d08fba2ce0

The upgrades just won’t stop!

Nokia is continuing to expand beyond its traditional telecom business and position itself as a major player in AI infrastructure. The company is focusing on data center networking, fiber, optical transport, IP routing, and AI-driven network technology that support large-scale AI systems.

Its partnership with NVIDIA has increased investor attention and strengthened Nokia’s credibility in the AI market. Rather than competing directly in AI chips, Nokia benefits from the massive amount of networking and connectivity required to power AI training and cloud infrastructure.

This gives Nokia exposure to long-term AI growth while potentially offering more stability than some higher-volatility AI companies that depend primarily on GPU demand or AI spending cycles.

Nokia launched its AI Networking Innovation Lab to help build and test faster, more reliable data center networks for large-scale AI workloads.

The lab works with major AI and cloud partners to validate real-world AI networking designs and develop next-generation infrastructure for AI.

Early partners include AMD, Keysight Technologies, Lenovo, Supermicro, and WEKA.

It has been a while since I have posted a Due Dilligence post here so buckle in because this is going to be a long one. No AI in this one either, this is all from the dome.

Here is my Original DD Post from 5 years ago and boy do I feel lucky that I have been able to build my position over time. A lot has changed since then, but some of it is still relevant.

So why has the share price increased and where is it going the rest of the year?

X users have been tracking recent $NOK options activity.

• Dec 2026 $24 calls worth $4.15M
• Jan 2027 $27 calls worth $1.5M
• Sep 2026 $19 calls worth $3.4M
• June 2026 $17 calls worth $700K

Calls have always been a dangerous game with $NOK, but these definitely caught my attention. There have been numerous examples of "unusual" options activity in the last 5 years, but I cannot remember a time when it was this big and this bullish.

These buyers could all be wrong. But big money players tends to know what they are doing.

So why are these calls being purchased? To frame this post, I wanted to address 5 rumors that have been circling Nokia recently and share my opinions.

Nvidia is Going to Buy More

If you are on this sub, you likely know that Nvidia bought $1B worth of Nokia shares in October of 2025. This is nearly a 3% stake in the company.

However, there are 2 things about this that have always struck me as odd.

First is that all of Nvidia's recent investments/partnerships (Marvell, Coherent, CoreWeave, Synopsys, Lumentum, and Nebius) have been $2B stakes. Why is Nokia's only $1b?

• There could be geopolitical reseasons (more on this later). Perhaps Nokia or the Finnish Government/Solidium wanted to limit outside control/ownership.

If you watch this Interview of Jensen Huang and Justin Hotard, you will notice it starts mid-interview now as do all of the other clips I can now find it.

Originally in this interview, Jensen started by saying that "no body knows communications better than Nokia" and that "he wishes the investment could have been $2B."

• If anyone can find the video let me know, but I think it has been scrubbed from the internet. Only proof I have is this Comment of mine referencing it 7 months ago.

So maybe Nokia negotiated a staggered buy in. This would not be out of character for the organization. They have treated buybacks similarly in the last few years.

• Instead of buying back shares all at once as many organizations do, they have bough back small tranches of shares over time.

Conclusion: These calls could be coming from Nvidia insiders.

The US Federal Goverment is Going to Buy a Stake

This may sound ridiculous at first, but this has been a rumor since early 2020.

Attorney General William Barr Publically Stated This years ago and it was a big part of why I originally entered a position in Nokia. This is why the Rip and Replace program exisits.

• The current administration has been hot on foreign tech in US telecommunications since their first term in power and nothing has changed.

If you watch the Interview of Jensen Huang above, he is asked about the current administration and he reiterates that current US telecom is built on "foreign tech."

• That phrase is somewhat funny to me because even though the CEO is now an American, Nokia of course is a foreign company based out of Finalnd.

This is also the reason why most think the US gov will never buy a stake in Nokia. They will not buy a stake in a non-US company.

• I do tend to agree. It could be a way to better align with the EU whichFinland is now a part of, but this administration does not seem too keen on the EU.

It has also been rumored that Nokia may move their HQ to the US. Not sure that is likely, but Nokia Pledging $4B in US Investment and Nokia Bell Labs Opening New HQ in New Jersey in 2028 could both be signs that this may eventually happen.

• Nokia owns what used to be Lucent Technologies which was a a massive spin-off of AT&T’s systems and Bell Labs in order to to sell hardware to telecom carriers.

This could also explain why Nvidia did not buy all $2B at once. They are waiting for the US gov to buy their shares before investing the other $1B.

• Nvidia Purchased their $5B stake in Intel a month after Trump bought $9B.

The thesis behind this rumor is that Nvidia + Nokia create a true competitor to Huawei in the aggregate. This timing of these calls with Trump's trip to China intrigue me.

Trump has a strong relationship with Finnish Prime Minister Alexander Stubb. This Article calls Stubb Trump's closest European confidant.

• Nokia was also a hot topic during Stubb's 2025 October visit to the White House. That visit led to a deal in which the US agreed to buy 11 icebreaker ships from Finland.

Conclusion: These calls could be coming from US Government insiders.

Nokia is Closing a Massive Deal with Google

If you missed u/Mustathmir post in r/NOK from a couple days ago, he referenced Here that Deutsche Bank raised their Price Target on Nokia and referenced the "strong likelihood that this development has been driven by a significant deal with Google."

• In their recent earnings call, Google did say that thei Capital Expenditures will hit $190B in 2026 and Expects even more in 2027.

That money has to go somewhere, perhaps it is going to Nokia. Nokia has a solid history with the hyperscaler. They First Partnered with Google Cloud in 2020.

• They have expanded that partnership many times over the years including partnering on AI-Powered Network Automation in 2025 and APIs earlier this year.

Conclusion: These calls could be coming from Google insiders.

Nokia is Closing a Massive Deal with Microsoft

This is a post about rumors, so this one is pretty light on details.

This post on X stating that Microsoft is investing $100B in Infrastructure and Hosting Services has gained some traction.

• I have seen a few users post they believe Nokia could be a benefactor of this. Again, not a ton to back this one up. Obviously Nokia is a big Infrastructure player.

Nokia and Microsoft obviously have a long history with Microsoft buying Nokia's phone division back in 2014.

• A lot has changed since then, but Nokia is still working with the hyperscaler. In 2021, they partnered on Cloud Solutions for Enterprises.

Conclusion: These calls could be coming from Microsoft insiders.

Leopold Aschenbrenner is Buying a Stake

And finally the rumor I care least about and think matters the least short & long term.

Aschenbrenner is a German AI researcher and investor. He was part of OpenAI's "Superalignment" team before he was fired in April 2024 over an alleged information leak.

He then founded Situational Awareness LP, a hedge fund investing in companies involved in the development of AI technology and turned $225M into $5.5B.

• His 13F was supposed to come out last week, but never did. Some think he either got permission to file late or confidentiality, but not sure either way.
• His holdings over the last year have performed well (Intel, Sandisk, Bloom Energy, Lumentum, CoreWeave, Coherent, Applied Digital).

Conclusion: These calls could be coming from Leopold Aschenbrenner.

All in all, exciting times currently and ahead with Nokia. Whether multiple or none of these rumors come to fruition, I am excited to see where the company goes in the coming years.

It has been quite the roller-coaster these last 5 years and I am sure there will be more highs and lows in the next 5. I look forward to experiencing them.

My general thesis from 5 years ago still remains accurate in my eyes - Nokia is undervalued and "one of the most captivating investment opportunities in the market today."