Nokia has emerged as one of the standout performers in European telecoms this year, with its shares rising more than 140% year-to-date to about $16 as of May 26. The inflection point came in October 2025, when Nvidia invested $1 billion in Nokia at $6.01 per share, taking roughly a 3% stake. Optical network infrastructure revenues rose 56.4% year-on-year to €821 million, driven by hyperscaler demand for data center connectivity as companies scale AI capacity.