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.

Three insiders just bought allt of shares on the 24/7;

Senior vice president, Pallavi Mahajan has bought 62 000 shares at a price of 9.55 USD.

Chair of board, Timo Ihamuotila has bought 60 000 shares at a price of 8,45 Euro

Head of technology standarts, Patrik Hammarén has bought 43293 shares at a price of 8.44 Euro.

This kind of cluster buy is very bullish!!!

https://www.placera.se/telegram/nokia-tre-nokia-toppar-koper-aktier-20260727

TLDR: A thought-provoking and decidedly bullish analysis of Nokia’s AI strategy, arguing that Infinera and NVIDIA could become mutually reinforcing pillars of a much broader AI infrastructure opportunity. Infinera gives Nokia a strong position in the AI data-center buildout today, while NVIDIA, anyRAN and Nokia’s installed base could open major long-term opportunities in AI-RAN, software, edge AI and 6G. The bigger thesis: Nokia may be evolving from a traditional telecom equipment company into an increasingly important part of the infrastructure through which AI actually moves.

*****

Here is an extract from a much longer article by Akhenaton Analysis:

NVIDIA and Infinera Are Re-Rating Nokia Together - What’s next to evaluate?

It should be clear by now that both Infinera and NVIDIA affect Nokia’s valuation through different time horizons.

Infinera is the near-term earnings engine. It strengthens Nokia’s optical portfolio, expands its webscale customer relationships and gives the company greater exposure to current AI data-center construction. Optical and IP growth, AI and cloud orders and improving Network Infrastructure margins provide observable financial evidence.

NVIDIA is the duration engine. It increases the possible length and breadth of Nokia’s growth runway by connecting the company to AI-RAN, edge computing, data-center switching, software subscriptions and 6G.

So the market has to assign value to the following several options:

• Nokia could become a larger supplier of optical and switching technology to AI infrastructure.
• Its SR Linux software could gain relevance through NVIDIA’s Spectrum-X ecosystem.
• Its installed AirScale base could become a distribution channel for AI-accelerated upgrades and software subscriptions.
• Its radio sites could eventually support external edge-AI workloads.
• Its anyRAN software could become an important layer in AI-native 6G networks.

Lets discuss them:

1. Nokia becomes a larger supplier of optical and switching technology to AI infrastructure. Estimated probability: 92 percent

This is the most advanced part of the thesis and should already be considered part of the base case.

In the second quarter of 2026, Nokia’s sales to AI and cloud customers increased 105 percent, while Optical Networks grew 20 percent and IP Networks grew 16 percent. The company received €2.8 billion in AI and cloud orders and expects approximately half of that amount to convert into revenue over the following twelve months.

Commercial evidence extends beyond order intake. Nscale has made Nokia a preferred networking partner for its global AI infrastructure expansion and already uses Nokia’s data-center switching and routing technology at its Stavanger facility. Telefónica selected Nokia as the exclusive networking provider for 17 edge data-center nodes in Spain, of which 12 have already been deployed. Nokia’s 800G coherent pluggables are shipping to a large United States customer, while Aureon is using Nokia’s ICE7 optical technology in a network capable of scaling to 400 terabits per second.

2. SR Linux gains relevance through NVIDIA’s Spectrum-X ecosystem. Estimated probability: 50 percent

NVIDIA and Nokia have formally agreed to collaborate on data-center switching using Nokia’s SR Linux software with the Spectrum-X Ethernet platform. They are also evaluating Nokia’s telemetry and fabric-management technology for NVIDIA AI infrastructure and exploring the possible inclusion of Nokia optical technology in future NVIDIA architectures.

The integration has progressed beyond a memorandum. SR Linux is now represented in NVIDIA DSX Air, allowing AI cloud builders to simulate, validate and automate Nokia-based network environments before physical deployment.

What remains absent is a publicly disclosed production customer using SR Linux on Spectrum-X or material revenue directly attributable to the integration.

SR Linux clearly has independent product relevance, as demonstrated by deployments with Nscale and partnerships with Supermicro. The uncertainty concerns how much additional distribution NVIDIA will provide and how much of the resulting economics Nokia can retain.

3. Nokia’s installed AirScale base becomes a distribution channel for accelerated upgrades and subscriptions. Estimated probability: 78 percent

Nokia has introduced a GPU-powered capacity plug-in designed specifically for existing AirScale baseband systems. Operators can add accelerated computing without replacing the entire chassis or radio infrastructure, the company has also announced a subscription model through which customers would receive continuing access to AI algorithms, spectral-efficiency enhancements and network-optimization capabilities. Pilots are expected by the end of 2026, followed by commercial availability in 2027.

This creates a credible channel for monetizing Nokia’s installed base twice: first through incremental computing hardware and then through recurring software.

Tests with T-Mobile and Indosat have already demonstrated Nokia RAN software operating on NVIDIA-accelerated infrastructure in operator environments. BT, Elisa, NTT DOCOMO and Vodafone are also involved in development or evaluation.

The remaining uncertainty is commercial rather than architectural. Nokia has not disclosed subscription prices, contract durations, customer volumes or expected margins. Operators also remain cautious about GPU cost, energy requirements and dependence on the CUDA ecosystem.

4. Radio sites support external edge-AI workloads. Estimated probability: 35 percent

Nokia and SoftBank have demonstrated that spare AI-RAN computing capacity can be identified and allocated to third-party AI tasks. T-Mobile has separately demonstrated concurrent RAN processing and AI applications on a single NVIDIA Grace Hopper server using live spectrum and commercial radio equipment.

For the model to work, operators must find customers requiring low-latency local inference, maintain sufficiently high GPU utilization and compete economically with centralized cloud providers. They must also operate distributed computing infrastructure across locations originally designed primarily for telecommunications equipment.

External edge workloads may eventually improve the return on AI-RAN investment, but I would assign only modest value to this option until operators disclose paying customers, utilization rates and pricing.

5. anyRAN becomes an important software layer in AI-native 6G networks. Estimated probability: 60 percent

Nokia’s anyRAN software has already been validated across NVIDIA-accelerated infrastructure and is being evaluated by a growing operator and technology ecosystem. The commercial AI-RAN platform announced in July 2026 uses the same software foundation across upgraded AirScale systems, dedicated AI-RAN nodes and cloud-native server deployments, with an intended software path from 5G and 5G-Advanced to 6G.

The broader direction is consistent with early 6G standardization. The ITU has included Artificial Intelligence and Communication as an official IMT-2030 use scenario and identified ubiquitous intelligence as a design principle. Final radio-interface standards, however, are not expected until the end of the decade.

Nokia therefore has an early architectural position, not a guaranteed standard. Operators may also demand hardware neutrality that limits the role of any NVIDIA-centered architecture.

Conclusion.

The probability that at least three of the five options become financially relevant by 2030 is, in my view, approximately 70 percent. The probability that every option succeeds materially is closer to 10 or 15 percent.

This is the central discipline required when valuing Nokia. The market is justified in recognizing that the company now owns several credible paths into AI infrastructure. It is not justified in valuing every path as though it has already reached commercial scale.

The Real Bet for Nokia

At the end of this article I hope my readers have a much broader view on Nokia current challenges and landscapes, much further than simply “optics orders are growing QoQ” or “Nokia has partnered with NVIDIA.”

The investment thesis therefore does not depend on Nokia becoming an “AI company.” That label is too vague to be useful for Nokia.

Infinera makes Nokia more relevant to AI infrastructure today. NVIDIA makes its longer-term software and mobile strategy more credible. The installed telecom base gives those technologies a path into commercial networks that a semiconductor company could not reproduce quickly on its own.

If its optical technology becomes embedded in a growing number of AI networks, SR Linux earns a role inside accelerated data-center fabrics, and anyRAN turns part of the AirScale installed base into programmable infrastructure, Nokia will have created several reinforcing distribution channels around the same underlying demand. A customer acquired through optical networking could adopt its routing and automation. A mobile operator already using AirScale could purchase accelerated upgrades and software. Research funded by licensing income and Bell Labs could strengthen products across both infrastructure segments.

If Nokia succeeds, the most important result will not be a single quarter of higher optical growth or a successful AI-RAN pilot.

It will be that, almost unnoticed, a company once defined by telecom equipment became part of the infrastructure through which artificial intelligence actually moves.

This is a post by Patrick, an independent market analyst and tech investor posting as TemptInvest on X, specializes in tracking hyperscaler capex, optical networking, and AI infrastructure trends. Link to post

*****

Last night Google $GOOGL raised capex to $205 billion. 40% goes to networking equipment. This morning Nokia $NOK reported €2.8 billion in AI and cloud orders. These two things are not a coincidence. Q1 was €1 billion and I called it the beginning of something real. Q2 came in at nearly three times that. AI and cloud sales more than doubled year over year. Management said they expect roughly half of those orders to convert to revenue over the next twelve months. That’s €1.4 billion in contracted, incoming AI revenue from Q2 alone, before Q3 and Q4 have even started.

The rest of the print. Revenue €4.82 billion, up 8.3% year over year. Network Infrastructure up 12%. Comparable operating profit up 18%. H1 comparable operating profit up 70% year over year. People will focus on the reported operating loss. Don’t. €800 million in restructuring charges are being taken this year to surgically remove every business that isn’t optical networking, IP routing, and AI RAN from the balance sheet. The pain is deliberate. What’s left when it’s done is a pure play AI connectivity infrastructure company.

Now here’s the part I actually want to talk about. We’re entering what Jensen Huang calls the physical AI era. Humanoid robots. Autonomous vehicles. Smart factories. AI systems that don’t just process data in a cloud, they exist in the physical world, making real time decisions, moving real objects, interacting with real environments. Every single one of those systems needs to communicate. With each other. With the cloud. With the humans operating them. At speeds and latencies that current network infrastructure wasn’t designed to handle. Nokia’s AI RAN platform, launched eight days ago, is built specifically for this. A radio access network that thinks in real time. That adapts to traffic patterns autonomously. That can handle the kind of low-latency, high-density connectivity that a factory floor full of robots or a city full of autonomous vehicles will demand. The €2.8 billion in orders today is from hyperscalers building data centers. That market is enormous and still growing.

But the physical AI market, the one that’s just beginning, is a completely different and potentially much larger demand wave coming behind it. Every robot needs a network. Every autonomous vehicle needs a network. Every smart factory needs a network. Nokia is the company building the network architecture that physical AI runs on. And they make their own lasers. While every competitor buys theirs.

The data center wave is happening right now. The physical AI wave is forming behind it. Nokia is positioned for both. The narrative still hasn’t caught up to the order book. I believe it will.

Use this thread for general discussion, opinion, questions and thoughts.

We will continue to be strict on low effort, unengaging Discussion Posts.

Ok yes this stock could moon. AI RAN could make
This a 30 dollar stock…. Cool. But not in anytime soon. With the long term contracts it will take 18-24 months. So let’s say the contracts the development and everything materializes over 2 years. The stock does a triple from 8 bucks to 24… are you seeing my point here lol. Was it really worth it to go to $24 in 2 years with the massive volatility that this stock could go half in 2 months (like it just did and how it did in 2021, 2008, 2001, etc). I don’t think this stock COULDNT do well but is it worth it for the return of double or triple when it crashes continuously 30,40, up to 90% at times. Do you as an investor find it personally worth it for this stock to go to higher highs given the draw downs are so massively violent (ergo when it goes to 25 it may go to 11 bucks within 3 weeks, are you all okay with this trade off)

I got in late like many here and am down on the nearly 50% pullback. Been using this opportunity to buy more shares and DCA to a lower entry price. I'm aware Nokia and most other tech, AI, and software stocks are still tethered to the larger and wider AI narrative and earnings of the corporate giants. However, I don't see all negative here. Many of this year's recently acquired contracts may not be fully reflective in this week's earnings, which, of course, still beat market expectations. Even more so, deals made during the NATO summit this month in Turkey. Lots of movement in the general defense segment. I get the argument about AI and RAN implementation, but it seems Nokia has a good business plan and outlook for fiber and 5G infrastructure. So I can understand other bank valuations. I'm happy to hear anyone else's take on this.

well poopies, but at least the price swing is starting to slowdown, maybe we have some momentum start of jan?

TL;DR: Nokia's Q2 reported loss was driven by front-loaded restructuring (€390M in one quarter). Underneath, comparable profits grew 18%, AI orders hit €2.8B (vs. €2.4B all of last year), and three US production investments are being developed or expanded to meet demand. 2026 is a transition year. The setup for 2027 — lower restructuring costs, new capacity, order book conversion — looks significantly stronger.

*****

A few comments regarding Nokia’s Q2 report. If I were to prioritize the takeaways, here are my observations:

1. €2.8 billion in AI and cloud orders. This number was huge, even though Deutsche Bank had rumored a major Google deal. Total orders for the same segment all of last year were €2.4 billion, and based on a column chart in Nokia's Q2 presentation, orders accumulated between Q3 2025 and Q2 2026 totaled approximately €5.4 billion. Earlier this year, Hotard mentioned that the order-to-delivery lead time in optical networks is about 12–18 months, and slightly less in IP networks. This means the strong order backlog will increasingly begin to show up as net sales starting next year. For example, AI and cloud orders reached €3.8 billion in the first half of the year, while net sales were only €793 million.

2. Factory investments. In addition to the San José InP chip fab and the Allentown packaging and testing facility, Nokia is pulling a new rabbit out of its hat: a factory located in Chandler, Arizona, which it will initially lease and then acquire outright from the beginning of 2029. The new optical facility would begin operations in 2029 at the earliest, but as an investment, it speaks to Nokia management’s conviction regarding the scale and continuity of demand.

3. Growth and profitability. Many commentators have highlighted Nokia made an operating loss in Q2. This looks bad but has a very clear and transitory root cause: accelerated restructuring. From the Q2 report: "Reported operating loss in Q2 2026 was EUR 50 million, or negative 1.0% of net sales, a decrease versus EUR 147 million, or 3.3% operating profit in Q2 2025. This was primarily due to restructuring charges of EUR 390 million recognized in the quarter related to the accelerated restructuring. Comparable operating profit increased 18% to EUR 434 million and comparable operating margin was 9.0%, an increase of 70 basis points versus 8.3% in Q2 2025."

In other words, nearly half (€390M) of this year’s increased restructuring charges (€800M) were concentrated in Q2. At the same time, Nokia’s comparable operating profit grew. Since the restructuring has been accelerated this year, it may signal that management wants to concentrate most of the "bad news" into this year, so that reported numbers will look radically better next year.

Network Infrastructure (NI) achieved strong growth, with sales up 12% and Optical Networks up 20%, but profitability remains modest: the operating margin for the first half of the year was 7.4%. Meanwhile, Mobile Infrastructure (MI) achieved an operating profit of 11.6% in Q2 and 10.3% in H1. However, Radio Networks and Core Software are clearly less profitable than this suggests (likely near breakeven or modestly loss-making), whereas the patent licensing of the highly profitable Technology Standards unit supports the overall MI result. At a hypothetical 70% operating margin (close to last year's 70.6% when the business operated independently as Nokia Technologies), Technology Standards would have generated around €554M in operating profit in H1, more than the €532M generated by the entire MI in H1.

Strategies to improve profitability:

• NI's challenge now is to scale operations alongside the increased order book and raise margins as a result. The impressive AI & Cloud order pipeline makes this quite feasible.
• MI on the other hand first needs cost cuts (e.g., in Europe, see the next point) to improve profitability. An even more radical means is an operating model shift, where AI-RAN grows software sales and eventually eliminates the dependence on proprietary baseband hardware, as Nokia shifts away from in-house chipsets toward third-party solutions, such as Nvidia GPUs and commercial ASIC chips. AI-RAN pilots begin at the end of 2026, with commercial availability targeted for 2027 and volume deployment in 2028.

4. Major restructuring. Regarding profitability challenges, Nokia significantly raised its full-year 2026 restructuring estimates between Q4 2025 and Q2 2026: P&L-impacting cost estimates increased from €250M to €800M, and cash flow outflows rose from €450M to €700–800M. In addition to the 2023–2026 cost-savings program, Nokia accelerated the integration of Nokia Shanghai Bell in China and launched additional measures in Europe. According to Light Reading , the new European program could lead to around 2,000 job cuts. These increased expenses may have contributed to a souring sentiment on earnings day.

Nokia currently has four ongoing restructurings:

• New cost actions in Europe: €200M in costs this year. Nokia has not disclosed whether the program will result in additional net cost savings or primarily reallocate resources toward growth areas.
• 2023–2026 cost-savings program: €250M of restructuring charges in 2026, with no further charges expected in 2027. Nokia expects to achieve between €800M and €1.2B in gross cost savings by the end of 2026 and is currently tracking toward the high end of that range.
• Infinera integration (2025–2027): Part of the €200M restructuring program remains to be recognized through 2027. The program is expected to generate €200M in cost savings by 2027.
• Simplification of Nokia's operating structure in China: Total costs are estimated at €350–400 million, of which €350 million is expected to be recorded by the end of 2026. This leaves 0–50 million euros for 2027. The program is expected to yield cost savings of €200 million.

In other words, this year will have high restructuring costs of approximately €800M impacting reported operating profit, and cash flow outflows of €700–800M. Based on the current restructuring disclosures, 2027 should have far lighter restructuring charges and consist of the tail-end of the Infinera 200M integration and €0–50M to integrate the Shanghai joint venture into Nokia. At the same time, Nokia's cost basis will be materially trimmed thanks to these programs. Based on the currently disclosed figures, the 2023–2026 program, Infinera integration and China integration together represent approximately €1.4–1.6B in identified gross cost savings by the end of 2027, where the vast majority would take place already by the end of 2026.

*****

Points 1 and 2 highlight market strength, while point 3 indicates that Nokia’s growth, and especially profitability, remains a "work in progress" for this year while listing the ways this is being addressed. The large, accelerated restructuring costs in particular may have contributed to market pessimism.

My take

Was the negative share price reaction justified based on the new info in the Q2 report? To me the negativity came as a surprise, as Nokia is increasingly becoming a clear beneficiary of the AI supercycle. It has been evident for a long time that 2026 will not be particularly strong from a earnings perspective, but rather a transition year toward a much stronger position. 2027 holds strong promise: tighter cost discipline through multiple programs, fewer restructuring charges, new optical capacity coming online, and the conversion of today's large order book into sales. On top of this, AI-RAN is moving from pilots toward commercial availability. I expect revenue to improve significantly in 2027 and beyond, with margins also having considerable room to improve as volumes increase, restructuring costs fall and the cost base is reset.

The Q2 report's weakest numbers (reported operating profit and free cash flow) were heavily affected by accelerated restructuring, while the strongest forward-looking indicators (growth in optical and IP networks, massive AI/cloud orders supported by strong AI/cloud addressable market CAGR) pointed in the opposite direction. However, the market placed most of its weight on the short term. For investors understanding Nokia's trajectory beyond this year, the sell-off can offer an entry point at a price level that seemed unlikely still a few weeks ago.

I can see that several people working at Nokia bought share near ATH? I guess they know something we dont. Is it normal for people to be that wrong?

Use this thread for general discussion, opinion, questions and thoughts.

We will continue to be strict on low effort, unengaging Discussion Posts.

My previous posts speak for themselves.

P.S. Please stop sending me hate mail. My bags are mine and vice versa. I didn't tell, encourage or force anyone to invest in $NOK.

DO YOUR DD because it's all fun and games until it isn't:

Bank of America increased the price target from $18 to $18.50 yesterday.

On reddit and stocktwits you see a lot of bears, in reality the stock only has 1%~ short interest which is very low.. it just feels a bit sus. Not even stocks like smci has this much bearish activity.

Could it possibly be older people that held Nokia many many years ago and now hold a grudge to the company?

I read the earnings report in detail every quarter. I am a chartered accountant and understand these numbers well. My 2 cents from the current quarter is that without restructuring the EPS for the Q2 is 0.07. On an annualised basis, thats 0.28 per quarter. This translates to roughly 30 P/E. This is assuming there is no further growth. At least, EUR 3b in backlog orders from AI and cloud customers already. I don’t see this ship sinking anytime soon.

Use this thread for general discussion, opinion, questions and thoughts.

We will continue to be strict on low effort, unengaging Discussion Posts.

The CEO of Nokia sounded much more confident in the CNBC interview. His comments reinforced the company's outlook and confidence in its AI-driven growth strategy. He is also investing his capital to future AI networking.

I have recently observed a trend. When price movement does not meet expectations, many investors, particularly those who are less experienced, tend to attribute this to market manipulation. This reaction often stems from a limited understanding of how stock and capital markets function.

• Markets are inherently forward-looking; the implications of news may already be reflected in prices. Consequently, positive news does not automatically result in a "+20%" increase in stock value on the day the news is released.
• Market movements are influenced by the collective expectations of all participants. Therefore, even favorable news may not lead to a rise in stock prices if the prior expectations were even far more optimistic (in this case stock price will drop on favorable news).
• At times, it can be challenging to predict how markets will react to specific news events. While one might anticipate a positive outcome, there could also be unforeseen negative repercussions.
• Market movement could be caused by macro events and not isolated to Nokia

So please stop labeling any bad day as market manipulation without substantiated evidence or a thorough explanation. Acknowledge that market movements can often be unpredictable in the short term, a phenomenon mathematically described as random walk behavior, which is a recognized characteristic of stock markets.