AI has sent Nokia shares up 140%. Now comes the hard part

Nokia shares have jumped more than 140% this year as investors bet on its role in AI infrastructure.

The rally is driven by demand for optical equipment and data-center networking tied to AI growth.

Despite the surge, mobile networks still make up most of Nokia’s revenue, and its direct AI exposure remains limited.

The stock’s higher valuation suggests the market may be pricing in more AI upside than the business currently delivers.