Nokia's AI-RAN Trials Go Global as Jefferies Backs the Optical Chip Story

Nokia widens AI-RAN field trials to North America, Europe, Asia-Pacific and the Middle East, while Jefferies reiterates Buy with a EUR 13.80 target.

Nokia has widened the reach of its artificial-intelligence radio access network program, disclosing on 16 September that both its proof-of-concept work and live field trials for AI-RAN now span North America, Europe, Asia-Pacific and the Middle East. The Finnish equipment vendor is running the tests on Nvidia's Aerial RAN Computer platform, aiming to embed AI directly inside carriers' radio access networks and sharpen the performance of their infrastructure.

A broad slate of international operators has signed on, among them the A1 Group, Chunghwa Telecom, du, e&, Mobily, stc, TPG Telecom and Zain Saudi. Working across that group gives Nokia exposure to a range of network architectures and regional quirks, while the live trials are meant to show how AI compute can be paired with conventional radio functions in day-to-day operation.

The initiative sits alongside other tie-ups through which Nokia is deepening its footprint in data-driven networking. Roughly a week earlier the company broadened its partnership with Microsoft, combining the Nokia Data Suite with Microsoft Fabric to hand mobile operators an agent-based, unified data foundation. Autonomous VoNR safeguards and RAN geo-experience solutions were named as the first areas of use. Since that announcement, the share price has eased 0.7%.

Optical chips draw Jefferies' eye

Analysts, meanwhile, are focusing on a different corner of Nokia's technology stack: optical data transmission. After expert discussions at the ECOC industry conference, Jefferies reiterated its buy rating on the stock yesterday, keeping its price target at EUR 13.80. Central to that call is the integration of indium phosphide chips into the company's optical communications systems, a field where the analysts expect a marked expansion of production capacity over the next three years. Demand for high-performance optical components keeps climbing as modern network applications and data-hungry data-center architectures proliferate.

That endorsement followed a string of significant moves in recent days. On Monday, Nokia returned to the EURO STOXX 50 after a year's absence, taking the slot vacated by automaker Volkswagen. Rejoining Europe's blue-chip benchmark typically draws demand from index-tracking funds and institutional investors. The company is also expanding its collaborations and technology initiatives: beyond the Microsoft data platform work, it is pushing ahead with AI-RAN trials alongside multiple international carriers and has secured a letter of intent with C3IA to support secure communications networks for the UK Ministry of Defence.

Two analysts turn more positive

Market watchers have greeted the technological push warmly. On 15 September, according to media reports, Rosenblatt Securities upgraded the stock to "Strong Buy," signaling an optimistic view of the company's business trajectory. B. Riley Securities added a second bullish voice on 17 September, launching coverage of Nokia with a Buy recommendation and a price target of $15. Together, the two assessments underline sustained market interest in the group's strategic direction in the mobile sector.

Trading and the quarter ahead

After a strong run this year, the stock has been consolidating. Nokia closed yesterday's European session down 2.1% at EUR 9.19, yet still holds a gain of 64% since the start of the year; in today's trading the shares are changing hands at EUR 9.28. A clearer read on operating profitability should arrive with the upcoming earnings report — Nokia has slated publication of its third-quarter 2026 results for 22 October. On average, market observers expect quarterly revenue of EUR 5.06 billion and GAAP earnings per share of EUR 0.044. Those figures will show how far the optical networking and network automation initiatives have already fed through to margins.