Nokia Pushes AI Radio Gear Into a Live US Network as Analysts Weigh Cash-Flow Worries

Nokia has moved its AI-driven radio technology out of the lab and into a working commercial mobile site, completing what the Finnish vendor calls the world's first AI-RAN call of its kind at a live operator location in Bellevue, Washington, on 21 October. The trial paired Nokia's radio hardware and software with NVIDIA's platform infrastructure. Nokia framed the milestone as a shift from controlled testing to a network that actually carries traffic.

Shares were up 1.0% today, building on a rebound from a broad technology selloff the previous session. That recovery came with a caveat: media reports pointed to lingering unease over a softer free-cash-flow outlook and restructuring costs, and noted no fresh company-specific catalyst behind the bounce.

A 44% Forecast and a Fourfold Jump

Nokia's longer-range view on artificial intelligence arrived roughly a week earlier in its Global Network Traffic Report. The company projects that AI will account for 44% of worldwide network traffic by 2035. Total data volume is expected to reach nearly 3,789 exabytes per month by then — close to four times the level forecast for 2026.

Should investors sell immediately? Or is it worth buying Nokia?

The vendor's commercial pipeline is filling in alongside that forecast. Hotwire Communications picked Nokia to build an IP network in North Carolina designed to be ready for AI infrastructure, with service due to start in early 2027. Nokia and Deutsche Telekom also reported uplink throughput gains of 10–15% in early lab measurements, and more than a dozen operators are now running tests or proofs of concept. On 21 October, Nokia and NVIDIA jointly flagged further progress on AI-powered radio access networks toward commercial deployment.

Beyond telecom, Nokia and Finnish satellite firm ICEYE aim to begin production of their defense satellite system by 2028.

Third-Quarter Momentum

The company's third-quarter 2026 results, reported about three weeks ago, showed comparable operating profit up 35% to EUR 605 million, with full-year guidance left unchanged. Revenue from AI and cloud customers climbed 123%, and CEO Justin Hotard put the value of new orders tied to that growth at EUR 1.5 billion.

Treasury Shares for Staff

Nokia also transferred about 847,000 of its own shares to participants in its equity-based compensation programs yesterday, free of charge. The shares came from stock the company already held. Following the transfer, roughly 80.3 million treasury shares remain in Nokia's possession.

Ad

Nokia Stock: New Analysis - 10 November

Fresh Nokia information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

Read our updated Nokia analysis...