Nokia's AI-RAN Field Trials and Euro Stoxx 50 Return Fuel a 59% Rally

Nokia shares rise 3.8% to EUR 8.96 as AI-RAN field trials with eight operators advance and the stock prepares to rejoin the EURO STOXX 50 on September 21.

Nokia's stock has been on a tear this year, and this week delivered fresh evidence of why. Shares in the Finnish network equipment maker climbed 3.8% on Wednesday to EUR 8.96, extending a year-to-date advance of roughly 59%. The gains rest on a pair of developments that, taken together, mark a shift in how the market views the company: a concrete technological milestone in AI-driven radio networks and a looming return to Europe's blue-chip index.

From Feasibility Studies to Live Field Trials

Nokia confirmed that its AI-RAN platform — a system designed to weave artificial intelligence directly into radio access networks — has moved beyond early feasibility work. The technology is now entering laboratory and real-world field trials with eight global mobile operators. The testing runs on Nvidia's Aerial RAN Computer and spans North America, Europe, Asia-Pacific, and the Middle East.

Among the carriers participating are the A1 Group, Chunghwa Telecom, du, e&, Mobily, stc, TPG Telecom, and Zain Saudi. The integration of AI into radio architecture is intended to boost network capacity and automate operational tasks. For Nokia, the broad trial program represents a step toward preparing cloud-native mobile networks for commercial deployment under real traffic conditions. Media reports suggest this trial phase was precisely what triggered the noticeable buying interest among market participants.

The company's ambitions extend beyond mobile access. Nokia also unveiled an AI and edge platform aimed at industrial and security applications, and signed a defense-sector cooperation with C3IA for the UK market. On the optical side, infrastructure operator Telxius confirmed the deployment of Nokia's pluggable coherent 800G optics across its terrestrial transport networks in Europe, the US, and Latin America — a move meant to lift data throughput on heavily trafficked routes.

Index Reentry Forces Passive Fund Flows

A powerful technical catalyst arrives on September 21, when Nokia rejoins the EURO STOXX 50, displacing automaker Volkswagen. The reentry, first reported by Reuters, compels index-tracking passive funds to rebalance their holdings, which should lend short-term support to demand for the shares.

Analyst sentiment has shifted in tandem. Rosenblatt Securities initiated coverage of Nokia with a Buy rating and a price target of $15.00, implying substantial revaluation potential from current levels.

Rating agencies are taking note of the company's growing exposure to data-center and network infrastructure as well. S&P Global Ratings raised its outlook on Nokia's creditworthiness from stable to positive, citing robust demand from AI and cloud infrastructure customers. The agency sees a possible one-notch upgrade within 24 months, provided Nokia maintains operational discipline and secures additional hyperscaler orders.

The regional backdrop received its own boost on September 9, when Google announced a EUR 13 billion expansion of its cloud and AI infrastructure in Finland.

A Revaluation With Risks Attached

Not everything points in one direction. After a gain of roughly 59% since the start of the year, the shares have already priced in considerable optimism. Field trials, after all, are not signed billion-euro contracts, and the technology sector has repeatedly celebrated pilot projects whose financial returns arrived with substantial delay.

The next fundamental reality check comes on October 22, when Nokia reports its third-quarter results. Until then, the combination of index-driven fund flows and genuine product momentum suggests the revaluation may have room to run — though investors would be wise to keep the gap between testing and revenue firmly in view.