Nokia is shifting toward AI infrastructure, with Nvidia investing $1 billion in the company last October for a 2.9% stake, and the two are collaborating on AI-RAN. According to Omdia, the AI-RAN market is expected to exceed $200 billion by 2030. In Q3, Nokia generated 5.2 billion euros in revenue, up 9% year over year on a constant-currency basis, while operating profit rose 35% to 605 million euros and EPS climbed 50% to 0.09 euros. The AI & Cloud division's revenue increased 123% to 631 million euros, order intake surged 118%, and the company secured about 1.5 billion euros in new orders during the quarter. The author argues Nokia benefits from AI infrastructure demand for networking and optical equipment, trading at around a 2.6 price-to-sales ratio.
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