The article presents a bullish thesis for Nokia's Optical and IP businesses driven by AI data center buildout, citing strong Q1 orders (€1B AI/Cloud), raised growth guidance (18-20% vs prior 10-12%),
The article presents a bullish thesis for Nokia's Optical and IP businesses driven by AI data center buildout, citing strong Q1 orders (€1B AI/Cloud), raised growth guidance (18-20% vs prior 10-12%), and author's view that consensus is too conservative. However, no personal position or explicit recommendation is disclosed.
Risk: The thesis depends on sustained AI infrastructure spending; if AI capex slows or competition intensifies, growth could disappoint. Stock has already run, as noted by Handelsbanken's valuation call.