Nokia shares up 52% YTD but face test as AI-driven growth may slow after upcoming earnings.

Nokia's stock has risen 52% this year, driven by strong demand for AI infrastructure equipment like optical gear and networking products. However, recent price declines suggest the market may be cooling on AI enthusiasm. The key test will be Nokia's Q3 earnings report on October 22, focusing on AI & Cloud sales, order intake, and optical network growth. If AI & Cloud sales fall below Q2's €446 million, the AI-driven rally could fade, potentially pushing shares back toward last year's lows. Analysts remain cautiously optimistic, with a consensus price target implying over 50% upside if growth continues.

Nokia stock trades at USD 9.60 on Pluang as of Oct 13, 2026, down 3.03% in one day. The stock's market cap stands at $58.44 billion, with a 52-week high of $16.83 and low of $5.25. Pluang data shows 68% of orders are sell orders, reflecting cautious investor sentiment ahead of Nokia's Q3 earnings report on October 22.